Hello, welcome and thank you for joining us today in the middle of the summer for Eutelsat's full-year '25-'26 results presentation. I am Jean-François Fallacher, the CEO of Eutelsat, and I am joined today by Sébastien Rouge, our Chief Financial Officer, and Joanna Darlington, Head of Investors Relations.

Let's go directly to the meat of this meeting and the highlights of our year. I want to stress that our LEO revenues were ahead of expectations, up nearly 70% year-on-year to almost €300 million, and our LEO revenues are now representing 25% of group total revenues.

Overall, our full-year '25-'26 results are in line with objectives. CapEx are at just under €600 million, below the €900 million expectations, and Sébastien will come back to that.

In March this year, we've added the final touch to our successful €5 billion complete refinancing package with a €1.5 billion bond offering securing our mid-term CapEx needs. We also secured a major €350 million call-off contract under Nexus framework agreement with the French procurement arm of the French MOD.

We also welcomed two weeks ago the FCC, the US FCC C-band clearing order, which is expected to deliver $504 million in incentives payment in 2031. Finally, the imminent outcome of the IRIS² first rendezvous is expected to confirm Eutelsat leadership on the LEO segment.

Let's now turn to the financial highlights. Total revenues for full-year '25-'26 stood, as you can read there, at €1,235.9 million, down 0.6% on a reported basis and up 3% like-for-like.

Revenues for our four operating verticals stood at €1,197 million, up by 1.8% on a like-for-like basis. LEO revenues amounted to €297 million, up to almost 70%, and now accounting, as I was saying, for a quarter of our revenues.

This is up again by 70% versus last year. Adjusted EBITDA stood at €632 million on 30th of June, down 3%, 3.1 points like-for-like.

Adjusted EBITDA margin stood at 51.2%, 3.2 points like-for-like. As mentioned, these results were in line with our expectations.

CapEx is at just under €600 million, below the €900 million expectation. This is leaving us with a net debt-to-EBITDA ratio of 2.32.

Let's go now to our operational performance. I will comment our revenues by vertical.

Video, as you can see now, is representing 43% of our total revenues at €519 million. This is actually a decline in these legacy revenues by 13.1%.

Then, if we go to our Fixed Connectivity revenues, they are now representing 23% of total group revenues, and they rose by 15.6% to €270 million. Government Services, which are now representing 20% of our revenues at €235.5 million, rose by 17.7%.

Our Mobile Connectivity, which are representing 14% of the group total revenues with €172 million, increased by 16%. If we now look at the next page, our total revenues stood at €1,226 [million?]

revenues, again, on a like-for-like basis, it is an increase of plus 3%. They reflected a €51 million negative currency effect and €21 million positive swing in other revenues, mainly from revenue recognition from IRIS² linked to the Eutelsat involvement as a consortium system development prime, and as well as some hedging revenues.

Revenues of our four operating verticals were up 1.8% on a like-for-like basis. Let's now zoom on our Video business.

As I was saying, Video revenues were down by 13.1% this year. This is with no surprise reflecting the underlying market trend, compounded as well by sanctions on our Russian channels that were imposed at the beginning of the year, and by the termination of capacity contracts on two Russian satellites called Express-81 and 82.

Fourth quarter revenues on the Video side stood at €124.7 million, down by 14.4% on a year-by-year basis and 2.7% quarter-on-quarter, reflecting actually the first full quarter effects of this contract terminations—I was talking about the 81 and 82 contract termination. Let's now turn more in detail into our Connectivity business.

Our total Connectivity revenues stood at €677.9 million, up by 9.7% on a reported basis and 16.4% like-for-like. This is clearly thanks to the robust performance of LEO across all three verticals.

As I was saying, LEO growth exceeded expectations, up by almost 70% to €297 million revenues. Now, LEO is representing more than 40% of our Connectivity business revenues and a quarter of the group total top line.

The fourth quarter revenues stood at €214.9 million, up 24.7% like-for-like and 30% quarter-on-quarter, again powered by the sustained growth in our LEO business, and in particular, they reflected the catch-up revenue recognition is in respect to our Nexus framework contract with the French MOD. Now, if we zoom in each verticals, on Fixed Connectivity, I am page 10 on the presentation, Fixed Connectivity revenues stood at €270 million, up by 15.6%, again here thanks to the growth of LEO-enabled solution, and as that was partially offset by more challenging conditions for GEO-enabled solutions.

The fourth quarter revenues of this specific segment were at €77.7 million, up 17% year-on-year and 27.8% quarter-on-quarter, reflecting again our LEO performance, as well as catch-up revenue in the fourth quarter. Key wins in this fourth quarter included a new partner agreement with Voimatel and the delivery of LEO connectivity services in Finland, supporting critical network infrastructure, resilient communication for enterprise and public sector customers, and connectivity in high northern latitude, including Arctic regions where our constellation is particularly strong.

Let's go now to the Government Services segment, where revenues stood up at 17.7%. This is strong growth, and this is reflecting the revenue recognition related to the CENTAUR call-off contract, part of again the Nexus initiative with the French MOD, as well as increased demand from other non-US governments and services that we are delivering in Ukraine on the LEO constellation.

Fourth quarter of this segment was up by 36.9% year-on-year and by 70% quarter-on-quarter. This was linked to the above-mentioned contract with the French procurement arm of the French MOD.

On Mobile now, connectivity revenues up 16% year-on-year, precisely 15.9%. This reflected ongoing strong performance of the aero segment, both on LEO and GEO solutions.

This is really a segment where we are benefiting from our multi-orbit capabilities at Eutelsat, as well as more limited contribution from maritime, where LEO growth was unfortunately partially offset by softer trends in the GEO services for maritime. Fourth quarter revenues stood at €50 million, up 18.6% year-on-year and 11.8% quarter-on-quarter.

Let me comment a few commercial successes in Q4, where we signed a multi-year, multi-million dollar agreement with AST Networks to expand the use of Eutelsat OneWeb LEO services as part of hybrid connectivity solutions for maritime customers worldwide. Eutelsat also signed a new partner agreement with Greece Tototheo to deliver the LEO connectivity services to customers across the global maritime sector.

This is clearly strengthening our company's distribution network in this strategic market, which is maritime for us. In aviation, Eutelsat signed a multi-year agreement with Anuvu for capacity on Eutelsat 10B to enhance high-speed inflight connectivity services, underscoring the role of the GEO capacity within Eutelsat multi-orbit strategy.

Elsewhere, we are happy that our distribution partner SES-Intelsat entered major inflight connectivity agreements with Japan Airlines and LATAM Airlines that will use our LEO constellation for inflight connectivity. Our backlog now stood at €3.4 billion on June 30th versus €3.5 billion a year earlier.

This is the equivalent of 2.7 times our '25-'26 revenues, and connectivity represented 61% of the total backlog versus 57% a year ago. As a reminder, the evolution of this backlog is reflecting the increasing weight of LEO business in the mix.

As a reminder, contracts in the LEO business tend to be shorter than the contracts we used to have in the legacy GEO application. This explains this slight decrease of the backlog.

Moreover, only the secured element or take-or-pay contracts, LEO contracts are recognized, while what we call pay-as-you-go LEO contracts are not reflected in this backlog. Let's now turn to our financial performance, and I will pass the floor to our CFO, Sébastien Rouge.

Thank you, Jean-François. You covered revenues in detail, let's now jump straight to profitability.

Adjusted EBITDA stood at €632 million for the year ended at the end of June, compared to €666 million a year earlier. It's down 6.5%.

It was down 3.1% on a like-for-like basis. Operating expenses stood at €604 million.

It's up €36 million. They mainly reflected an increase in cost of goods sold for our LEO business, partially offset by the revaluation of share-based compensation schemes that we booked in H1.

In terms of margin, adjusted EBITDA margin stood at 51.2% versus 54.4%, down 3.2 points on both reported and like-for-like basis. If we look at the rest of the P&L, group share of the net result was a loss of €457 million versus a loss of €1.1 billion a year earlier.

This improvement reflected lower other operating expenses of €153 million, as compared to €777 million last year. As a reminder, fiscal year '25-'26 included goodwill and satellite impairments totaling €720 million.

We have lower D&A of €699 million versus €808 million a year earlier, reflecting the positive effect from the securing of operational continuity of the LEO constellation following the procurement of additional 340 satellites, as well as the end of amortization of certain intangible assets, as well as lower on-ground depreciation. We have a net financial result of -€232 million versus -€201 million a year earlier, mainly reflecting higher interest costs, partially offset by the favorable evolution of foreign exchange gains and losses.

Finally, we have a very small corporate tax charge of €1.6 million versus a small gain of €6.7 million a year earlier. If we look at our capital expenditure, CapEx amounted to €594 million, as compared to €450 million a year earlier.

This increase reflects the progress in the execution of LEO investment programs, primarily focused on the Gen 1 follow-up activities. It was below the €900 million that we originally anticipated through our first-half result communication, mainly due to changes in milestone phasings and good control over GEO and ground CapExes.

It should not be extrapolated for the future years, notably '26-'27, where CapEx is expected to be in the region of €1.2 billion. In this context, the group confirms its medium-term plan covering investments of approximately €4 billion over the period fiscal year '26 to fiscal year '29, funded by its recently completed €5 billion refinancing round.

If we look now at our financing structure, at the 30th of June '26, the net debt stood at €1.46 billion, down by €1.2 billion versus the end of last year, mainly reflecting the net proceeds from the capital increase of €1.5 billion. It was partially offset by interest out and cost associated with the execution of our refinancing plan.

As a result, the net debt-to-EBITDA ratio stood at 2.32 times, compared to 3.9 times at the end of June '25. The average cost of debt after hedging stood at 4.37%.

Along to an ample renewal of our financing capability, the group was able to take advantage of the €1.5 billion capital increase, which has improved its rating and credit appraisal by lenders. The group has extended the average maturity of its debt, now at 4.2 years, as compared to 2.5 years at the end of '25.

We enjoy a great level of liquidity, with undrawn credit lines and cash in hand at €2.3 billion, complemented by around €690 million of undrawn ECA facility dedicated to future CapExes. Now, I hand back to Jean-François for the outlook and the next steps.

Thank you very much, Sébastien. Let's now turn to the outlook, where I want to start by commenting the commercial momentum we've built over the past year.

It's clearly demonstrating that our strategy is translating into tangible customer wins across all our core markets. In Fixed Connectivity, as you can see there, we continue to strengthen our presence with both existing and actually new partners.

You can see a list here of our distribution partners and basically customers. Airtel, Orange, Paratus, InterSat are actually reflecting the continued demand for high-quality connectivity solutions and the value of our multi-orbit offering.

On Governmental Services, this has been a year where this segment has been a major growth driver. We secured landmark agreements, most notably with the French defense procurement agency, DGA, under the Nexus frame contract, and alongside contracts with other institutional customers and partners.

These successes are really reinforcing our position as a trusted partner for sovereign and defense communication in an area where the demand really continues to accelerate. On the right side of the chart, you can see there that the momentum in mobile connectivity has also been strong across maritime and aviation.

The list of partners we are helping reselling for are including here Viasat, Marlink, Panasonic Aviation, Tototheo, AST Networks, Station Satcom, and of course, SES-Intelsat. Taken together, these commercial successes last year are really illustrating the breeze of our customer base, the growing recognition of our capacity, and our ability to win business across a number of verticals.

They are providing us with increasing visibility on the revenue growth as our LEO business continues to scale and to increase, of course, that while leveraging the strength of our multi-orbit established GEO franchise. One word about one of the most significant commercial achievements of last year, this is the award of the first call-off contract under the French Ministry of Armed Forces Nexus framework agreement.

The name of this contract is CENTAUR. It has a total value of €350 million over 8 years, and it's obviously a major milestone for Eutelsat.

It's validating our strategic role and the role that the OneWeb constellation can play as a dual player in supporting sovereign defense communications. This contract is actually composed of a firm commitment of €138 million over the first 4 years, and is enabling immediate deployment of a secure, resilient LEO connectivity capabilities for the French armed forces.

Importantly, it is bridging the gap ahead of the deployment of IRIS² by providing, as we speak, immediately, and we started actually already last year to provide a number of services. This is clearly a solution that is laying the foundation for Europe future sovereign connectivity infrastructure.

Beyond its financial contribution, this contract is strategically important. It is demonstrating the confidence that one of Europe's leading defense organization is placing in our technology and operational capability.

This is only the beginning. The framework agreement Nexus has a 10-year duration, creating a significant pipeline of future opportunities as additional call-off contracts are going to be awarded to support evolving operational requirements of the French army.

We believe this contract is positioning Eutelsat at the forefront of Europe sovereign communication ecosystem and is providing an important catalyst for continued expansion of our government services business across other geographies in Europe and outside Europe. A word now on FCC Upper C-Band transition in the United States.

The recent FCC order has been establishing the regulatory framework for the reallocation of 160 MHz Upper C-Band spectrum in the United States. Under this order, Eutelsat is expecting to receive an incentive payment of $504 million pretax upon the completion of the transition, which is €443 million pretax upon completion of the transition.

These funds will be expected during 2031, and separately, the costs that will be associated with this transition are eligible for reimbursement by the FTT, and this is coming on top of the $504 million incentives to be received when freeing up this spectrum. Our preliminary transition plan is now under review and will be presented to the FCC in November, and the proceeds from this incentive payments in 2031 will contribute to funding our CapEx requirements beyond 2030, 2031.

Now, let me say a word on this very important project, which is IRIS², and I have fresh news, a scoop, as I'm just learning at the moment now I'm speaking that we have finalized, and the EC has just been communicating that we have successfully passed a very important milestone for this IRIS² project, which is the so-called Rendezvous 1 closure. What does it mean?

It means that the project that was so far in a phase of design, of preparation, is going into a different operational phase, where first of all, the SpaceRISE consortium is now committed to build this project, and contracts are going to be passed to major prime key subcontractors to build this constellation for Europe's future. This is IRIS², the largest public-private partnership ever undertaken in European space sector.

It will provide Europe with a sovereign, secure, resilient, multi-orbit connectivity infrastructure. The first rendezvous negotiations are clearly now finalized.

We will move now to the next step of this project. This is confirming that Eutelsat has a leading role in this project as a LEO lead within the program.

This is clearly reflecting the unique expertise we are bringing to this project, IRIS², as the only European player with an operational constellation as we speak. I have to underline that beyond the strategic recognition, IRIS² will provide access to enhanced network capacity and next-generation technological capabilities.

This is really the next generation and the generation 2 of our constellation that will strengthen our competitive position for the years to come and secure our future until 2040. Ultimately, the program, again, firmly establishes Eutelsat, I believe, as the heart of Europe sovereign connectivity ambition and is reinforcing our role as a key strategic infrastructure provider and supporting future growth opportunity for us across not only government, but also commercial market, B2B, and really underpins now our long-term roadmap.

Let's now turn to our financial outlook. For the financial year ending in June 2027 that has just started, our LEO revenues are set to drive again further strong growth.

We are anticipating a rise of over 30%, and as in the previous year, this growth will offset the decline in GEO revenues, notably video. In consequence, we expect to deliver slight growth in our total revenues of our four operating verticals, with an EBITDA margin broadly at the same level that last year.

This year, gross capital expenditure is expected to amount €1.2 billion. This is clearly reflecting milestone shift from the previous years, as well as ramp-up of CapEx associated with the renewal of our current generation of OneWeb constellation.

Elsewhere, we are confirming our revenue expectation in a range of between €1.5 and €1.7 billion for the year ending June 2029, that will be again supported by the very strong momentum of LEO revenues. Our operating leverage is set to drive an improvement in operating EBITDA margin, which is expecting at this horizon of year ending June 2029 above 60%.

Now to sum up: it's been a year of solid execution against our strategic priorities. First, our transformation gains momentum.

Low orbit revenues grew by 70% last year. They are now accounting for a quarter of our group revenues.

This is really demonstrating the increasing commercial traction of OneWeb. This growth is progressively offsetting the expected decline of our legacy GEO business, which, nonetheless, continues to generate strong, resilient cash flows that are supporting group's investment strategy.

Second, we have fundamentally strengthened our financial position. During last year, we successfully completed a comprehensive €5 billion refinancing package, securing funding for our constellation renewal and other capital expenditure requirements throughout full-year 2028-2029, while we have significantly improved the resilience and flexibility of our balance sheet.

Third, we achieved an important milestone with the first major call-off contract under the French MOD framework agreement that is representing more than 30—€350 million, and further on, is demonstrating the growing strategic demand for sovereign LEO connectivity and our role as a dual supplier in the MOD's segment. Fourth, looking ahead, the FCC's decision on the Upper C-Band transition in the US will provide 400—$504 million in incentive payments expected in 2031, which will contribute to our long-term financing needs.

Finally, the breaking news, the outcome of IRIS² first rendezvous, which has now been signed this morning, that is obviously a very key and important milestone for Eutelsat and also for Europe. It is confirming Eutelsat central role in Europe sovereign connectivity ambitions, reinforcing our leadership in LEO services, and further strengthening our long-term strategic roadmap.

Overall, I believe we leave the year as a stronger company commercially, financially, strategically, with now a clear path to long-term, sustainable growth. Thank you very much for your attention, and now we will take your questions.

Yes, good morning and thank you for taking my question. I just have three, please, if I may.

The first one is on your guidance for the current year, fiscal '27. I'm just wondering, are you being very, very cautious?

What's explaining yet another year of flat revenue? How should we think about your mid-term guidance that does kind of model at some point a more meaningful top-line recovery?

When will we finally get this LEO traction that translates into overall group revenue starting to attract towards your mid-term guidance levels? Secondly, on the government and defense pipeline, I'm wondering to what extent the CENTAUR program helped fourth quarter government revenues.

Was this a one-off, particularly strong quarter, or should we expect similar streams going forward? I just want to know how the phasing of this program works.

Then thirdly, on EBITDA margins that came in a little bit below expectations, again, we're going to get flat margins for the current year. Is this a function of mix that is detrimental with video declining and that obviously carries higher margins, or is there anything else that's played there?

Thank you very much.

Thank you for your questions. I will start to take the second question.

On the accounting of our contract with the French MOD, that was an exceptional quarter in the sense that we have recognized revenues because the constellation was used during the year, and we signed this contract in June. Don't derive that the June revenues are going to flow that way each quarter in 2026-2027.

Clearly, that was the catch-up in Q4 of some usage that the French MOD did of this constellation in the year that passed. On your first question, first of all, we maintain our expectations in terms of revenues for full-year '29 to get between €1.5 and €1.7 billion in full-year '29.

LEO revenues are expected to continue to accelerate. Again, we have a number of installations that are growing really in the right way.

We are ramping up also the backlog. Consumption is going the right direction.

Basically, full-year '27, actually slight growth is explained by actually '27 video revenues, which are expected to face another tough year. As you remember, we had channel losses in Q4 '26.

We had this 81, 82 satellites which we actually abandoned, and from '27 sorry, from full-year '28, we expect the video decline to abate to more average market trends, and therefore, growth will come next year. What you see is indeed the video is expected to have tough times again in '27—the video GEO business, huh.

Your third question was about the EBITDA margin mix. Maybe I will pass the floor to Sébastien.

Yes, I think you have well the answer into your question. We're still in the stage where the LEO business is actually not as profitable as the established GEO one, with acquisition cost and equipments that dilute that.

It will normalize throughout the year, but as we said, I think we have in this transition some pressure coming from this mix that remains.

Thank you very much, that's clear.

Hi, good morning. Thank you for taking my question.

I just had the question about your CapEx investment going from now onwards. Initially, it was planned for the replenishment of Generation 1 satellite for €2 billion, but now you're projecting it to be around €4 billion for your mid-term CapEx investment.

I just wanted to understand what would be your stable level CapEx ratio based on sales, because this €4 billion looks like quite heavy at the start. Also, I would like to understand the revenue you expect from the IRIS² program.

I understand from the technical basis that Eutelsat is the leader there, but I would just also like to understand what is the return that you are getting on this kind of CapEx investments. Thank you so much.

Thanks. What we clearly stated last year and at the beginning of the year was that we have a €4 billion cumulative CapEx between fiscal year '26 and fiscal year '29, which includes in real terms the replenishment of the OneWeb constellation, which was indeed highlighted at around €2 billion, and includes as well the early contribution of the IRIS² CapEx.

It's important that obviously, there will be some shift in phasings, but this overall envelope cumulated over 4 years is confirmed, with you have seen lower spending last year and spending that will ramp up a little this year, and the next 2 years will be important CapEx as well. We are really maintaining this €4 billion cumulative over 4 years, which is very well in line with the refinancing package that we have so that we are sure that we have the necessary funds to engage these CapExes.

Thank you so much. Still, I would say €1 billion every year, for 4 years €4 billion, €1 billion, and your revenue is at around €1.2 billion now.

As a percentage of sales, it's quite high. When do you think it will stabilize?

Yes. We are well aware that it's important.

We are well aware that we are in a very specific period in the life of Eutelsat, where we have to make sure that the current constellation is up and running and that we transition to the next generation of constellation. That's really the reason why we have put in place this financing package, including the large capital increase, so that we have the means to, I would say, in a condensed timing, ensure quality of service for our customers that are more important every day and every months after the other, and at the same time, prepare the future, the next generation in a European frame.

We agree, and very intensive timing, but we've been prepared for that.

Okay. Thank you so much, that's clear.

Good morning, thank you. Yes, I'm just wondering to follow up on IRIS² if there is any significant deviation or change to the initial calculation that you provided, especially in terms of future revenue stream.

I guess, the CapEx investment is something that we have, but probably we have a little more uncertainty perhaps on the revenue stream. I was just wondering, in all the discussions, if you've been able to get more commitments, a more, let's say, conviction on the future revenue stream.

Second question, I was just wondering whether you can provide us a little more technical features on the new OneWeb and IRIS² satellites. I'm thinking of speed, possible download speed and capacity from those constellation.

Finally, I was just wondering whether you have some takeaways from the Starlink IPO. There's been the disclosure of a lot of things, their financial numbers, their strategy, market reactions.

I was just wondering whether there are any surprises or any takeaway that can be interesting to Eutelsat. Thank you.

Thanks, Stéphane. It's Joe here.

As Jean-François said, the IRIS announcement is obviously breaking news. We will be releasing our own press release with detail.

Obviously, they have announced the global constellation. We will be communicating, like we did last time, with details which are more specific to ourselves.

I think what I would ask everybody to do is to wait for that communication, and then we will be able to come back to you at a later stage and answer questions on IRIS². No further communication on IRIS in this call, please.

Let's focus on the results. I'll let Jean-François comment on your Starlink question.

Yes, thanks, Stéphane, for the question. On Starlink IPO, this was of course interesting, because this is the first time they had to publish a prospectus, and as two days ago, they published their first-quarter quarterly results.

This is of course interesting, because it's a way to get more information about SpaceX, Starlink. First thing we've derived is, and that was a surprise, in the prospectus, we've seen that the Client A, so-called Client A, which is representing almost 25% of their revenues, is obviously the federal state, the US federal state.

It's clear the level of support SpaceX and Starlink are getting from the US government. This is the first thing that struck us.

I think the second thing that struck us is when we look at their valuation, we see that Eutelsat is extremely undervalued, because we are, as I repeat, the second operational low-orbit constellation existing today in the world. You see with the results we are just publishing the growth that we are having, and basically, the strategy that the board of Eutelsat took a few years ago and the previous management was the right one, because this 70% growth year-on-year on our LEO constellation is actually, as we see, compensating actually the decline in legacy GEO business.

Again, learning when we look at the valuation of Starlink is that we believe we are undervalued as a company looking at the asset we are currently running and operating.

Thank you. Just the other question on any technical features you could share with us on the OneWeb replacement and IRIS²?

I guess the bottom line of my question [unclear] generation of Starlink [unclear]...

As Joanna was saying, we will communicate later today on this. I can already say that this is going to be really a next generation and a cutting-edge technological constellation, which will have, obviously, if I'm quoting just a few features, inter-satellite links, it will be a multiple-layer constellation, which will be the first one of this kind, huh.

It would be a LEO-MEO constellation, and MEO will be also serving besides the ground station in the Earth as a backbone of the constellation. Very advanced constellation.

It will provide us much more actually capacity than we have today on OneWeb. Also, I think a feature I want to state, because I think it's important, it will use 5G NTN technology.

For IRIS², we want also to normalize the technology we want to use. This is also a way to fight against the American giants, because today, each of the technology used by ourselves on OneWeb, by actually Amazon or by Starlink are proprietary, full proprietary technologies.

Going to normalized technologies such as 5G NTN will also help bringing the cost down, having, let's say, antennas which will be actually cheaper and of a smaller size. Just to give you, in a nutshell, a few hints of what IRIS² will be looking like.

Now, we are really, since the announcement of just this morning, entering in a new phase. It's a major milestone for the project.

It's a new phase. It's an operational phase where we will invest.

The European Commission will massively invest alongside ourselves in order to start contracting with the prime subcontractors, which are going to be Airbus, Thales Alenia Space, OHB, and AerospaceLab. The contracts will start in the coming days to really start building this constellation.

If we compare that to a race, I think the starter has just begun this morning, and we are starting to run now full speed to reach this operational constellation as soon as we will be able to have it.

Great, thank you.

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

The first question, just coming back to the 2029 guidance. Your LEO revenue is obviously very strong this year, but you are guiding for that to decelerate to 30% growth next year.

I think that would probably need to re-accelerate to get to the 2029 guidance. Can you talk a bit about sort of what gives you confidence that LEO revenue growth could accelerate in that way?

Then, I had a second question. There's been some talk about the potential for cooperation between the smaller LEO constellations.

This is something that Telesat has spoken about, and I think was also the NATO alliance, to facilitate sort of interoperability between the constellations. Just interested in your thoughts whether that is technically possible or whether that would be sort of desirable, that sort of cooperation.

Thank you.

Thanks, Ben. I'll take the first question and then pass the second to Jean-François.

I think we don't see our LEO growth decelerating. Obviously when you've grown by 80% and then 70% in the past two years, it's not exponential, because obviously you're growing, but off an increasingly higher base.

I think the other thing is we do try to give ourselves a bit of headroom. If you remember, we were guiding to 50% LEO growth this year.

It turned out to be more like 70%. We've reiterated our 2028-2029 guidance, and that means that we're comfortable with it and that we do expect that the LEO to grow sufficiently to offset the decline in the GEO verticals.

Yes, on your question about interoperability, as I was saying, on IRIS², we are going to go for 5G NTN. This is a normalized technology.

For that reason, this is opening potentially some possibilities for interoperability based on the UT technology used. Nonetheless, this is still to be worked out and still to be proven.

I have read like you the declarations of Telesat. We will need to materialize that in the future.

At this stage, none of the constellations which are existing are interoperable, unfortunately. Or fortunately, I don't know, but this is the case today.

That's great, thank you.

great. Morning, everyone.

I've got three questions as well, please. Jean-François, you've illustrated the kind of government opportunity, and we've seen quite a lot of newsflow over recent weeks, particularly the Poland MoU.

How should we think about further contracts similar to the Nexus framework, tied in with, I guess, IRIS²? Should we think about future government contracts being on IRIS², or could we see something similar to Nexus on the existing Eutelsat network?

Just tied to that, how should we think about the timing of the upside to the Nexus framework, because as you said, there's up to €350 million. Is that something which we could hear in the next 12 months, or we think maybe a bit longer?

Secondly, strong performance in fixed and mobile connectivity, and that's supported the 70% LEO growth. Is it possible to get a sense of the service versus terminal mix in there, because, again, I guess that will support the future growth profile in terms of the service revenue ramping up?

Lastly, just on the mid-term guidance, now we've talked about the revenue angle, I noticed that the margin guidance was turned down a bit. What is the reason behind that?

Is that the kind of GEO weakness, or is that, again, the equipment versus service mix? Thank you.

Thank you very much. On the service/terminal revenues LEO, we are not communicating that, I will not comment further.

On your point that it's been slightly turned down for the EBITDA in 2029, it's true, and this is actually linked to mostly GEO, which, as we just said, for full-year '27 is going to unfortunately continue on a declining trend, which will be similar to the one we have seen this year. We have had, as some further Russian sanctions, which are also pushing down this GEO video revenues.

You have seen as well in the communication we are giving, if you make the calculation yourself, that we have actually a decline also in the GEO Connectivity business, which is a bit stronger than what we expected. This is explaining actually this 60% guidance on EBITDA in 2028-2029.

Now, on your question on let's say contracts like Nexus and how they will develop, now obviously that IRIS² is entering in an operational phase, we see clearer. In terms of expectations is that we are expecting actually our current constellation OneWeb to be operational until 2034.

Obviously, this constellation will be able to continue carrying services until 2034, and starting mid-2032, we will start to migrate customers to IRIS² commercial capacity, because as you understood well, IRIS² will be both, I would say, hard-gov military constellation and a commercial constellation. That's the timeline.

IRIS² commercial services is clearly the Gen 2 of OneWeb. We are going to migrate all our customer base, and this is going to be over with the current Gen 1 R1 OneWeb end of 2034.

We are going to migrate all our commercial customers to actually the IRIS² constellation commercial payload. What we believe clearly is that despite the fact that IRIS² will be clearly providing hard-gov, hardened military services, there will still be space for, I would say, commercial services, because why we have signed this contract with the French MOD and actually why we see actually quite strong usage of our services in Ukraine is that basically the conflict in Ukraine has been showing that commercial services are actually working extremely well and are much less expensive than military and hard-gov communication services.

If I may say so, the doctrine has changed, and MODs in the world are now open to buy dual services, the services that were not originally thought of for military usage, but that can be, I would say, pertinent. This is what you see in the drone segment, for instance, and in of course also the commercial communication segment.

We believe that those two will still coexist in the long term, and therefore, we are very confident that our revenues even in the government segment and in our dual business, are going to continue beyond actually 2030 and beyond the arrival of the military, hard-gov services that will be provided by IRIS².

That's great. Thank you very much.

Yes, thank you. I think last quarter or two quarters ago, we discussed about some business opportunities that you were looking at, such as selling some payload capacity, or selling some ground infrastructure capacity.

We also discussed the railways industry. I was just wondering whether you can update us whether you have identified possible future new revenue streams.

Thank you.

The answer is yes. Actually, we have signed a first contract, but this one is confidential, we cannot communicate it.

We have signed the first contract for hosted payload, and we have a very nourished sales pipe on hosted payloads. We see a lot of appetite in a number of geographies, not only in Europe, but across the world, for actually this service.

I remind that this is a service we are offering on the 340 satellites tranche, the second tranche that we have ordered in Jan last year to Airbus. I confirm that the pipe is extremely nourished, and we hope to be able to make announcements in the coming months around this.

The second, let's say, side business where we see also a lot of appetite is around our ground, because, as we have a number of teleports. We have more than 40, 41, 42 operational ground stations for OneWeb across the entire planet.

These are quite wide areas, a few hectares of fields with 8 to 12 antennas, which are obviously a key to have our OneWeb constellation operational all across the planet. We see a lot of appetite to host additional antennas or, let's say, to sweat these assets.

We have been structuring ourselves in order to derive as much as possible additional revenues from this asset of ours, which, as you remember, last year, we were about to sell, but which has been actually stopped by the lack of authorization from the French gov. I think it has awakened us up in terms of the capacity to derive revenues from this asset, and we have structured ourselves internally to boost this additional business.

Thank you. What about the railway industries and there's some potential

as

in aviation industry? Yeah.

Thanks. Yes, on the rail, yes, we see potential.

More for the French around this call, we are engaged for now a good year with SNCF on how they will actually equip potentially the fast trains in France, and we've been trying to understand their needs more precisely to be ready at the moment they will launch an RFP, and that I understand should come pretty soon. We will be ready.

I'm very happy to report that actually we are going also to answer an RFP for Renfe, which is the Spanish trains. We have conducted actually two weeks ago a very successful test with PKP, which is the Polish railways, on a fast train going from Warsaw to Kraków, that train we have equipped of one of our rail antenna.

We have made progress, because we have certified an antenna for the rail actually to be precise two months ago, it's pretty fresh. We've just tested it two weeks ago very successfully in one of the wagons of this train, which is also paving the way for PKP in Poland to start a tender and to choose actually to complement, I would say, the classical mobile connectivity on rail by satellite connectivity.

Obviously, we will be present. Of course, there will be competition, to be clear, but we will fight and we will do our utmost to convince these rail entities that the OneWeb Eutelsat solution is the right one for them.

Thank you. Can just follow up a little bit on that.

Just to understand the size of the market or the size of these contracts. For now, those companies are looking to put connectivity in just a couple of major train lines, or we're talking about 20%, 40% of their trains?

I'm just trying to understand what we're talking about.

Just to be clear, this is a sizeable market, huh, because what we understand is these company are really looking for equipping a vast majority of their trains, whether those are fast trains or whether those are more, let's say, regional classical trains. Clearly, the feedback we are getting from the rail is that as in aviation, the customer experience and the customer satisfaction on the specific item, which is on-board connectivity, is a black spot, I would say.

That's what they are saying all. This is really a topic that they wish to solve.

For those of you which are taking the train between Paris and London, and you are probably experiencing once you cross the Channel really awful connectivity, we have ourselves this experience. Clearly, the expectations of these rail companies are actually to equip vast majority of their trains.

I'm talking for those whom we are discussing, SNCF, Renfe, PKP in Poland. As each country has his own company.

We are also in discussions with British Rail, and each country has his own company. The overall market is vast, and once more, the OneWeb constellation is flying all across the planet.

I didn't want to tell you guys, but we have already equipped trains in Kazakhstan, and we have trains which are equipped in Democratic Republic of Congo, for instance. I'm not sure these are very valid reference for speed trains, but nonetheless, there are going to be opportunities in the rail all across the planet, in many different geographies.

We see that as alongside maritime and alongside aero, we see that as a potential very interesting segment, and this is a very sizeable one, huh.

That's very clear. Thank you for that.

Thanks, everyone.