Press release -
FULL YEAR 2023-24 RESULTS
- All Full Year 2023-24 objectives attained[1]
- Operating verticals revenues of €1,268m, within our expected range
- Adjusted EBITDA of €698m, exceeding objective
- Order backlog of €3.9bn, boosted by LEO pipeline
Paris, 9 August 2024– The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Dominique D’Hinnin, reviewed the financial results for the year ended 30 June 2024.
HIGHLIGHTS
- FY 2023-24 results in line with objectives with Operating Verticals revenues of €1,268 million and adjusted EBITDA of €698m1
- Eutelsat / OneWeb combination closed end-September 2023 creating the first LEO-GEO operator.
- Growth in Connectivity thanks to acceleration of LEO revenues as well as incremental GEO capacity.
- Robust commercial traction, notably with major, multi-application contract with Intelsat on LEO constellation.
- Operational successes including entry into service of KONNECT VHTS and EUTELSAT 10B, launch of EUTELSAT 36D, and completion of space-segment of OneWeb Constellation.
- Successful refinancing of November 2025 EUTELSAT S.A. and RCF bond completed at the end of March with issuance of €600 million of senior notes, due 2029.
[1] FY2023-24 objectives updated in January 2024 i) Pro-forma with 12 months’ OW figures; Based on a €/$ rate of 1.00; ii) Revenues in a range of €1.25bn to €1.3bn; iii) Adjusted EBITDA in a range of €650m to €680m
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About Eutelsat Group
Eutelsat Group is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. The Group was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 35 Geostationary satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. The Group addresses the needs of customers in four key verticals of Video, where it distributes more than 6,500 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat Group’s unique suite of in-orbit assets and ground infrastructure enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and the Eutelsat Group employs more than 1,700 people across more than 50 countries. The Group is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide. The Company is listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock Exchange (ticker: ETL)
Find out more at www.eutelsat.com
Media enquiries
Joanna Darlington
Tel. +33 674 521 531
jdarlington@eutelsat.com
Katie Dowd
Tel. +1 202 271 2209
kdowd@oneweb.net
Investors
Joanna Darlington
Tel. +33 674 521 531
jdarlington@eutelsat.com
Hugo Laurens Berge
Tel. +33 670 80 95 58
hlaurensberge@eutelsat.com
DISCLAIMER
The forward-looking statements included herein are for illustrative purposes only and are based on management’s views and assumptions as of the date of this document. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: risks related to the health crisis; operational risks related to satellite failures or impaired satellite performance, or failure to roll out the deployment plan as planned and within the expected timeframe; risks related to the trend in the satellite telecommunications market resulting from increased competition or technological changes affecting the market; risks related to the international dimension of the Group's customers and activities; risks related to the adoption of international rules on frequency coordination and financial risks related, inter alia, to the financial guarantee granted to the Intergovernmental Organization's closed pension fund, and foreign exchange risk. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this document to reflect any change in events, conditions, assumptions, or circumstances on which any such statements are based, unless so required by applicable law. The information contained in this document is not based on historical fact and should not be construed as a guarantee that the facts or data mentioned will occur. This information is based on data, assumptions and estimates that the Group considers as reasonable.
