Eutelsat Group Reports Revenue Growth and OneWeb Milestones

Eutelsat Group has released its revenue report for the first semester and second quarter of the fiscal year 2023-24, highlighting positive growth trends in its operating verticals. With operating verticals revenues reaching €571.1 million for the first half, representing a 1.2% increase on a like-for-like basis, and a notable 3.9% increase in the second quarter alone, the company is showing steady progress.

A significant contributor to this growth is the successful entry into service of EUTELSAT 10B and KONNECT VHTS, which has facilitated the return to growth for Eutelsat’s GEO business in the fiscal year 2024.

Moreover, the combination of Eutelsat and OneWeb, effective since October 2023, has proven beneficial. OneWeb’s Low Earth Orbit (LEO) backlog has seen strong growth, with an anticipated acceleration in commercial momentum as gateway installations increase. The company aims to achieve 90% coverage by mid-2024.

Additionally, the design of the next-generation OneWeb constellation is progressing well, focusing on the gradual extension of current in-orbit assets. This strategic move is expected to lead to a reduction in expected capital expenditure for the period 2025-2030.

The Eutelsat GEO business is performing in line with expectations, confirming the return to top line growth for Eutelsat historic scope for FY 2023-24, driven by the availability of EUTELSAT 10B and KONNECT VHTS. The LEO activities of OneWeb are progressing well, with 100% of the constellation in place and a secured and growing backlog at the end of Q2.

We are confident in the prospects of OneWeb, and the potential of Eutelsat Group’s unique combined GEO-LEO offer and anticipate an acceleration in revenues in the coming months as the constellation achieves full global operational coverage of the ground network.

Eva Berneke, CEO, Eutelsat Group