Good evening, welcome and thank you for joining us today for Eutelsat third quarter 2025-2026 revenue presentation. I'm Sebastien Rouge, Chief Financial Officer, and here with me Joanna Darlington, Head of Investor Relations, and Hugo in her team.

Let's start with the highlights of the past quarter. Third quarter operating verticals revenue of €283.7 million, up 0.9% year-on-year, in line with our expectations.

Connectivity saw further double-digit growth of 15%, driven by LEO-enabled solutions, up 65% year-on-year. During the quarter, we successfully completed the closing of a €1.5 billion senior notes offering that was the final milestone in the group's comprehensive €5 billion equity and debt refinancing strategy.

Finally, based on the performance of the first nine months, we confirm our objectives of the full year. If we turn now to the Q3 performance.

As a reminder, all comments are on a like-for-like basis, which means at current scope and currency. Total revenues for the third quarter stood at €293 million, up 3.1% on a like-for-like basis.

They reflected a €20 million negative currency effect, and a €10 million positive swing in other revenue, mainly driven by the recognition of IRIS² and related to Eutelsat's involvement as consortium system development prime. Revenues of the four operating verticals were up 0.9% on a like-for-like basis.

Let's now have a look at the segmental reporting. Video, representing 45% of revenue, stood at €128 million, a decline of 13.3%.

Fixed Connectivity revenues, representing 21% of the group total, rose 10.6% to €60 million. Government Services, 18% of our revenue, stood at €50 million, a rise of 11.8%.

Finally, Mobile Connectivity, representing 16% of our group total, stood at €45 million, representing an increase of 27%. Let's start with the details of Video.

As said above, third quarter Video revenues amounted to €128 million, down 13.3% year-on-year. This reflects the impact of sanctions on Russian channels imposed at the beginning of the year, and from March '26 onwards, the termination of capacity contracts at the Express-81 and 82 satellites.

On a quarter-on-quarter basis, revenue were down 3.6%, reflecting notably the above-mentioned termination of 81 and 82 contracts. Since February '26, Eutelsat has renewed multiple capacity agreements, notably with ViewSat at the 7/8° West video neighborhood to support development of broadcast market in MENA; in Mexico with Cadena Tres, part of Grupo Imagen; and with PCTV, a leader in continued distribution of video services, using our Eutelsat 117 West A satellite.

Elsewhere, Eutelsat inked a new partnership with C&W Cable for Direct-to-Home and connectivity offering across the Caribbean, leveraging our Eutelsat 65 West A satellite. Let's now take a closer look at Connectivity, which accounts for 55% of our sales, well over half of our operating verticals revenue.

Total Connectivity revenue for the third quarter stood at €155.7 million, up 15.3% year-on-year. Once again, they were driven by the strong LEO growth, up 65%.

If we look now at each vertical in more detail. Third quarter Fixed Connectivity revenues stood at €60.3 million, up 10.6% year-on-year.

They reflected the continued momentum of LEO-enabled connectivity solutions, partially offset by more challenging conditions for GEO-enabled services. Quarter-on-quarter revenues were down 12.9%.

This was due to the one-off positive impact that we shared in Q2, coming from the upfront recognition of revenue relating to a capacity contract. On the commercial front, Eutelsat signed a multi-year agreement with MTN Côte d'Ivoire to deliver satellite connectivity services using Eutelsat's KONNECT high-throughput capacity.

Third quarter Government Services revenues stood at €50.4 million, up 11.8% year-on-year. They reflected continued growth in LEO-enabled solutions, notably through services delivered in Ukraine, alongside rising demand from non-US governments.

Quarter-on-quarter revenues were up 10%, notably due to the acceleration of LEO activities. In the fourth quarter, Eutelsat expects to recognize revenue from the NEXUS framework agreement with the French Ministry of Armed Forces.

As previously communicated, revenues will ramp over the 10-year duration of this agreement. Third quarter Mobile Connectivity revenues stood at €45 million, up 27% year-on-year, reflecting the ongoing growth in the aero segment across both GEO and LEO solutions.

Quarter-on-quarter revenues were up 8.3%. In aeromobility, a significant new connectivity agreement powered in part through our LEO network was announced for Japan Airlines, with more than 40 wide-body aircraft set to be equipped with a next generation of inflight connectivity solutions.

It adds to the significant numbers of aircraft already equipped and in the pipeline. Elsewhere, Eutelsat entered a multi-year partnership with Singapore-based Can Marine to deliver maritime connection LEO services.

Furthermore, Eutelsat and its long-standing partner, India's Station Satcom, a leader in maritime connectivity, signed an expanded multi-year, multimillion-dollar agreement to scale the deployment of LEO connectivity services across its global maritime fleet. Finally, Eutelsat continued to expand its portfolio of user terminals for rail applications, with partners including Kymeta and Hughes Network Systems developing and testing dedicated rail-certified hardware optimized for the OneWeb LEO network.

If we look at the backlog, it stood at €3.4 billion at the end of March '26, stable as compared to end of December '25. The natural erosion of the backlog was completely offset by the renewal of Polsat video contract and growth in the LEO backlog.

It was equivalent to 2.8 times our fiscal year '25 revenues, with Connectivity representing 58% of this backlog. Let's now turn to the outlook.

On the back of the performance of the first nine months, well in line with what we thought, we confirm our objective for the full year 2025-2026: revenue of the four operating verticals in line with the level of last year; LEO revenues to grow by 50% year-on-year; adjusted EBITDA margin slightly below the level of the one of fiscal year 24-25. Also, we expect gross capital expenditure to be around €900 million.

Following the successful completion of the capital increase in December '25, net debt to EBITDA is estimated at circa 2.7 times by year end. Our longer-term objectives in terms of revenue and EBITDA margin are also confirmed.

I thank you very much for your attention, and we are now ready to take some questions.

Hi, evening everyone. Thank you for the presentation.

I've got three questions, please. Sebastien, you mentioned in your presentation the government revenue pickup expected in Q4.

Now this was around the French framework agreement. Can you remind us is there a kind of nominal amount for the absolute framework and what the time period for that is, please?

Secondly, on to mobile connectivity and the aviation installation, you highlight a connectivity agreement with Japan Airlines. Is that a pure capacity agreement or does that also involve some installation revenues as well?

Within the 600 installations that you highlight, can you give us a kind of mix as to which geographies that is predominantly based, please? Lastly, just a kind of high-level question.

We've seen continued interest around the Indian market for consumer broadband. From my understanding, we're still waiting for regulatory approvals.

Can you give us just a bit of an overview as to what approvals are specifically needed and when you think you can have a service starting in that region? Thank you very much.

Thanks for your questions. If we start with the government, you remember that we are with the French government, the DGA, we have signed a global frame agreement that we announced was over 10 years and around €1 billion covering both capacity and more specific projects embedded into that.

The way it works is that actually as part of this frame agreement, gradually we sign firm commitments with specific deliverables, and one of them we are actually about to sign very soon. Then depending on the, the exact timing and the final technical setup of the contract, we'll be able to recognize revenue in Q4.

We have no real doubt on the fact that we will enter that into the agreement. The exact date and the exact fiscal year revenue recognition will depend on the very specifics.

Overall, we do not comment on the specific size of the contract. They will keep on building up, that's for sure.

We will start with revenue in Q4 that hopefully will be noticeable, but will actually, it's a little bit too early to speak about the about the amount directly. Then throughout the year is throughout the years it will it will gradually gradually increase year-on-year between now and and the next decade.

Hi Roshan. I see you snuck in three questions rather than being limited to just two.

Your second question concerns Japan Airlines. Just to be clear, we are not an integrator.

The Japan Airlines contract that we allude to is via a distributor, in this case it's SES. I think SES alluded to it on their call this morning, but SES distributes LEO capacity as do other distributors, which includes Panasonic, it includes Gogo, it includes Anuvu.

That is what that Japan Airlines contract alludes to. It's pure capacity as are all of the LEO capacity that we sell to airlines via distributors.

Of the installations, I think you know some of them. Obviously Japan Airlines is one of the latest ones.

Air Canada is another one. I don't have the exact ones off the top of my head, but it's pretty global.

There are some in North America, there are some in the Middle East, obviously with JAL now there are some in the Far East. It's a global business, it's not limited to any particular market.

On your third question, the Indian market, we're still waiting for approval from the Indian regulator, and that's the case for all of the operators who want to address or to offer LEO services. Basically, in a nutshell, the green light is from the Indian regulator to give the go-ahead for operators of LEO broadband services to operate in India.

Straightforward, and all of the operators are in the same situation, whether it's ourselves, it's Starlink, it's Jio, it's Airtel. It's the same for all of us.

That's super helpful. Thanks so much.

Any visibility on that timeframe or just wait and see?

We get asked every quarter, and we don't know. It's no secret that we're obviously pushing very hard.

We're bringing all of the influence to bear that we can, including, of course, the support of one of our major shareholders, but we can't comment. It's out of our hands.

Thank you.

I would just add that it doesn't stop us from doing business which is India-related, and particularly we have some examples where we are dealing with and supplying Indian maritime companies, but it's the fixed within India that is awaiting the approval of the regulator.

Hi there and thank you. I had two questions, please.

The first question, on the IRIS² Rendezvous 1 process. The process has been going on for a while now and I was just wondering what should we be expecting in terms of how significantly the terms of the contract could change?

Are they just negotiating the technical details, or could we see big changes to the contract with, for example, reducing your contribution? Then second question.

This again is quite a sort of generic question, but I wondered if you could talk at all about what you're seeing in the market for capacity pricing. What sort of level do you see capacity pricing at and how rapidly that pricing is declining over time, particularly given the huge amount of capacity that Starlink is putting into orbit?

Thank you.

Thanks Ben. On IRIS², it's it's a very large comprehensive program.

You have that in mind with dual-use infrastructure being put in place with several partners and and different stakeholders. We cannot enter into the all the details of all the discussions.

Indeed, it takes a little bit more time that that what anticipated, but it does not mean that our portion of the contract would be anywhere lower that what we had in mind. Eutelsat is working very actively with along with its partner with the European with the EU to make it happen.

I think there is a very large commitment and engagement towards towards the the signature of the contract itself. I think it's also well described that that the the LEO responsibility is under Eutelsat's hands.

With that many stakeholders, such a big contract, which is a little bit unique, it does take more time. We believe it's a matter of weeks before we get to to the conclusion of the Rendezvous 1.

Up until that, we cannot we cannot give more specific deadlines or or comments on on the way it will turn, again except that the scope is very large, we have multiple stakeholders that are all motivated to make that happen. On capacity pricing, we do not obviously comment on specific capacity price.

I think the big fear and and and it's it's the answer is part of the question everybody has in in mind that there will be down the road probably other players with capacity going on. The truth is, as of today, the only alternative to Starlink in terms of LEO capacity is with Eutelsat.

We have the natural advantage of of being in the in the in the first joiner to to the club. On the on the GEO capacity, I would say here, not not a lot of change changes right now as compared to the overall trend.

There is a structural abundance of of GEO capacity. When you look in the detail, it's more about making sure that we have dedicated capacity in each and every of the of the geographical location that does require and where GEO is still the best fit for purpose.

Saying that there is no pressure on price would be probably a little bit too much, but then, the the strategy is in the details of what you can supply for how long in which services and in which in which geography. I would say still, and and we have multiple examples, the combination for connectivity, our GEO and LEO capabilities is also a good asset for a fair amount of connect of mobile connectivity business in particular.

Thank you. Both clear.

Just wanted to thank you for your time for this third quarter revenues that were, I think that's the headline, in line with our expectations, and I wish you all a good evening.