Eutelsat

Berenberg starts coverage of Eutelsat with a 'hold' rating and a €2 price target, but sees high investment commitments for IRIS2 and the renewal of the OneWeb constellation as a significant risk. The bank warns of rising debt that could reach four times EBITDA and considers the revenue target through 2029 hard to achieve. Berenberg currently prefers rival SES and would only be more positive if execution becomes clear. » Altro su de.investing.com

Eutelsat reports 2025/26 revenues of €1.24bn (like‑for‑like +3%), driven by the OneWeb‑LEO business (+69.5% to €297m). Adjusted EBITDA fell on a like‑for‑like basis to €632.4m and the margin declined to 51.2%, while the net loss narrowed to €457.3m and net debt fell to €1.46bn. The group forecasts slight revenue growth for 2026/27, a stable EBITDA margin and capex of around €1.2bn; it also announced a CENTAURE contract with the French DGA (initial commitment €138m). Investors reacted negatively to the cautious outlook, and the share price fell by almost 5% at times. » Altro su finanzen.net

Eutelsat reported LEO revenue growth of nearly 70% for 2025/26 to €297m, while total revenue stood at €1.2359bn (reported -0.6%, like-for-like +3%). Adjusted EBITDA margin fell to 51.2% and the net loss narrowed to €457m. The stock dropped about 8% to $1.97, with investors citing margin pressure during the LEO transition and weakness in the video business. Eutelsat closed a €5bn refinancing package and plans CapEx of around €1.2bn for next year, with cumulative investments of roughly €4bn through 2029. » Altro su de.investing.com