Eutelsat's backlog jumps to 12.1 billion euros as IRIS2 enters construction
Eutelsat's backlog jumped to 12.1 billion euros as IRIS2 entered construction, adding 8.9 billion euros in backlog.
what happened
Eutelsat reported First Quarter 2026-27 revenue of 286 million euros, down 2.4% on a reported basis and 0.9% like-for-like, as its IRIS2 Low Earth Orbit constellation program completed its "First Rendez-Vous" review and moved from programme definition into its construction phase. That milestone added 8.9 billion euros of IRIS2-related future revenue to Eutelsat's backlog, lifting the Group's total backlog to 12.1 billion euros at September 30, 2026, up from 3.4 billion euros three months earlier. Eutelsat said it will invest 2.23 billion euros in shared IRIS2 infrastructure and a further 1.16 billion euros in its own commercial infrastructure between 2027 and 2034, in return for access to more than twice OneWeb's current bandwidth, and expects more than 10 billion euros in IRIS2 commercial-services revenue between 2032 and 2040; LEO revenue grew 30.1% like-for-like to 70.9 million euros for the quarter, and the company confirmed its full-year FY2026-27 financial targets.
why it matters
The backlog jump marks IRIS2's shift from a political commitment into an industrially binding one for its lead contractor, giving Eutelsat concrete multi-year revenue visibility just as it competes with Starlink and Amazon Leo for European government and enterprise connectivity customers. The confirmed FY2026-27 targets and the long-dated 2032-2040 revenue guidance give resellers, competing operators and investors a clearer read on how much of Eutelsat's future growth now depends on a single EU-backed program executing on schedule.
for who
European connectivity resellers and investors tracking Starlink and Amazon Leo's European rivals
signal-to-noise
quick facts
- Companies
- Eutelsat
- Category
- financial
- Impact
- major
- SNR
- 5 / 5
- Event date
- 2026-10-29
- Published
- 2026-10-29 17:31 UTC