Goldman Sachs
May 13, 2026
Eutelsat Communications Reports In-Line 3Q26 Financials
Single Stock ReportEquitiesCommunication Services
Eutelsat reported 3Q26 results that were in-line with consensus and reiterated its FY26 and FY29 guidance.
Key Takeaways
- 1.3Q26 financial results were broadly in-line with consensus, with total revenues of €293mn versus €291mn expected.
- 2.The company reiterated all financial guidance for FY26 and its longer-term FY29 targets.
- 3.Eutelsat expects to recognize revenue from the French Ministry of Defence framework agreement starting in 4Q26.
Table of Contents
- Backlog
- FY26 guidance reiterated (on constant currency)
- FY29 guidance reiterated
- Valuation and key risks
- Disclosure Appendix
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Authors
Andrew LeeHalima Elyas
Securities
ETL.PA
Themes
Defense and Government Revenue GrowthSatellite Connectivity Transition (GEO to LEO)
Regions
EuropeFrance
