Eutelsat Communications S.A. (ETCMY) Q2 2026 Earnings Call Transcript
Seeking Alpha
February 14, 2026
AI-Generated Deep Dive Summary
Eutelsat Communications S.A. (ETCMY) reported strong financial performance in its Q2 2026 results, driven by significant growth in LEO (Low Earth Orbit) revenues, which increased nearly 60%. The company highlighted that this growth was supported by strong commercial momentum across all three connectivity verticals, including broadband internet and satellite communications. Despite challenges such as sanction-related losses in video revenue and ongoing ramp-up costs for LEO services, the adjusted EBITDA margin remained stable at over 52%, reflecting operational efficiency.
The company also confirmed its full-year financial objectives, buoyed by a successful EUR 1.5 billion capital raise in December 2025, which improved its credit ratings from Moody's and Fitch. Additionally, Eutelsat secured nearly EUR 1 billion in expert credit agency financing, further solidifying its financial position. These moves underscore the company's commitment to reducing debt and ensuring long-term stability.
Eutelsat's strategic focus on LEO technology is paying off, with revenues from this segment growing rapidly. However, the company acknowledges that LEO services are still in an early stage of development, requiring continued investment. Despite this, the strong performance in connectivity verticals and successful refinancing efforts position Eutelsat well for future growth.
For finance professionals and investors, these results highlight Eutelsat's ability to adapt to market challenges while maintaining profitability. The combination of LEO revenue growth, improved credit ratings, and strategic financing initiatives makes the company an attractive investment option in the satellite communications sector. This earnings call underscores Eutelsat's progress in executing its long-term strategy and reinforces its position as a leader in global satellite connectivity.
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Originally published on Seeking Alpha on 2/14/2026