Eutelsat’s Board of Directors has approved an €828m ($959.13m) equity raise through a reserved capital increase priced at €4.00 per share. The new shares will be subscribed by the French State, Bharti Space Limited, the UK Government, CMA CGM Participations and Le Fonds Stratégique de Participations (FSP), following the Extraordinary Resolutions adopted at the company’s General Shareholders’ Meeting on 30 September 2025.
Under the agreement, the French State will contribute €551m, Bharti Space Limited €30m, the UK Government €90m, CMA CGM Participations €100m, and FSP €57m. Once the transaction is completed, the French State will hold 29.65% of Eutelsat’s share capital and voting rights. Bharti Space Limited will own 17.88%, the UK Government 10.89%, CMA CGM Participations 7.46%, and FSP 4.99%. Settlement of the capital increase is expected within days.
Following completion, Jean-Baptiste Massignon and Jérémie Gué—appointed by shareholders on 30 September—will formally join the Board as representatives of the French State, bringing the Board’s total membership to 12.
As previously announced on 19 June and 10 July 2025, Eutelsat will proceed with an additional €672m equity raise through a rights issue before the end of the year, subject to market conditions and approval by France’s financial regulator, the AMF. All investors participating in the reserved capital increase have pledged to take up their full rights, providing irrevocable commitments covering more than 70% of the planned rights issue.
Together, the two capital increases form part of Eutelsat’s broader financing strategy, which also includes a targeted debt refinancing plan. The strategy is designed to reinforce the company’s financial flexibility, support investment in its existing Low Earth Orbit (LEO) assets and the forthcoming IRIS² constellation, and accelerate deleveraging toward its medium-term goal of reducing net debt to EBITDA to three times.
Including the capital raises and the expected sale of its passive ground segment in the second half of FY 2025–26, Eutelsat anticipates achieving a Net Debt to Adjusted EBITDA ratio of approximately 2.5x by the end of the fiscal year. This strengthened financial position is expected to improve access to debt capital markets and facilitate export credit financing for its medium-term investment plans.
The company reaffirmed its guidance for FY 2025–26, projecting revenue broadly in line with last year and a slightly lower adjusted EBITDA margin. LEO revenues are expected to grow by 50% year-on-year, with gross capital expenditure forecast between €1bn and €1.1bn.
Eutelsat also reiterated its long-term outlook, targeting revenues of €1.5bn to €1.7bn across its four operating segments by FY 2028–29, driven by strong LEO performance. The company expects operating leverage to lift its EBITDA margin to at least 60% by the same period. Beyond FY 2028–29, Eutelsat forecasts continued double-digit growth in the B2B connectivity market, fuelled largely by expanding demand for LEO services.
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