Eutelsat's LEO business grows as new deals and satellite deliveries build
LEO revenue jumps, debt cut Full-year results showed LEO revenue up almost 70% to €297m, now a quarter of the group, while the net loss narrowed and net debt fell to €1.46bn. A €5bn refinancing eased balance-sheet worry, though video revenue kept shrinking.
The annual results are the core fundamental update on Eutelsat's shift to LEO and its finances.
New customer deals add revenue Eutelsat signed a partnership to host up to 96 thermal sensors on future LEO satellites, extended its Mexican satellite-TV contract with StarTV, and saw Thai operator NT launch a OneWeb broadband service. Each brings fresh, recurring revenue and shows demand beyond Europe.
These commercial wins are the clearest new evidence that customers are buying Eutelsat capacity.
Satellite supply chain advances Airbus finished the first 32 of 669 planned new OneWeb satellites, and supplier Clear Blue expects a three-year Eutelsat order for 1,500-2,500 units. This supports the fleet renewal that underpins future LEO service capacity.
Hardware delivery and supplier orders show the LEO build-out is physically progressing, not just promised.
Airbus jet order is background Avolon's 110-jet Airbus order mainly reflects Airbus's commercial aircraft business, not Eutelsat. It only repeats that Airbus is also building OneWeb satellites, so it adds little new for Eutelsat investors beyond the delivery news.
It flags that one widely covered story is largely irrelevant to Eutelsat's own outlook.