Eutelsat Group : Saving Private Eutelsat
The geopolitical landscape has dramatically changed since late February 2025, with 1/ press articles mentioning that access to Starlink in Ukraine could be cut off (later denied by Elon Musk) and 2/ a pause of US military aid to Ukraine. These events acted as a wake-up call for European governments that plan to increase military spending and are in need of sovereign satellite connectivity services. They are supportive for Eutelsat both in terms of future government revenues (they amounted to € 165m or 14% of total revenues in FY 2023/24, mainly from the US government) and also in terms of potential funding. Management is working on a financing plan to address c. € 4bn of funding needs over the next 7 fiscal years, including massive capex to deploy OneWeb’s Gen1 extension and IRIS², as well as the refinancing of existing debt. In this note, we have reviewed various scenarii, on top of ECA financing: 1/ a massive capital increase, 2/ project finance at the level of an entity dedicated to IRIS² and 3/ a mix of the two (capital increase of a more limited size combined with project finance).Eutelsat Communications is a private telecommunications satellite operator involved in the design, establishment, operation and maintenance of satellite telecommunications systems covering a large geographical area (extended Europe (including North Africa and the Middle East), sub-Saharan Africa, parts of America and Asia). Co. provides its customers broadcasting capacity and associated services to transmit TV programmes via satellite, cable or Internet Protocol (IP) networks. As of June 30, 2013, Co. owned and operated 31 satellites in geostationary orbit and 4 satellites in inclined orbit.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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