Eutelsat's OneWeb LEO revenue grows 69.5% in FY2025-26 results
Eutelsat
Eutelsat's full-year results show LEO connectivity revenue up 69.5% to EUR297 million, now a quarter of total revenue.
what happened
Eutelsat reported FY2025-26 total revenue of EUR1,235.9 million, down 0.6% on a reported basis but up 3.0% like-for-like, per Via Satellite and the company's own results release. LEO revenue from its OneWeb constellation rose 69.5% to EUR297 million and now accounts for 25% of total revenue, up from about 15% a year earlier. Adjusted EBITDA was EUR632.4 million, a 51.2% margin. CEO Jean-Francois Fallacher said Eutelsat believes it is undervalued relative to SpaceX's post-IPO valuation, citing the size of Eutelsat's LEO assets and SpaceX's reliance on U.S. government contracts, per Via Satellite.
why it matters
OneWeb's growth is now the clear driver of Eutelsat's business as legacy GEO video distribution keeps declining; the mix shift is the trend investors and rivals will watch as IRIS2, in which Eutelsat is a lead SpaceRISE partner, ramps toward 2029 service entry. Fallacher's SpaceX comparison shows how European operators are framing their public-market pitch against Starlink's valuation.
signal-to-noise
quick facts
- Companies
- Eutelsat
- Category
- financial
- Impact
- notable
- SNR
- 4 / 5
- Event date
- 2026-08-07
- Published
- 2026-08-07 17:35 UTC