Eutelsat Reports Strong FY 2023-24 Results Following OneWeb Merger

The Board of Directors of Eutelsat Communications, chaired by Dominique D’Hinnin, has reviewed the financial results for the fiscal year that ended on 30 June 2024. The company reported a solid performance aligned with its objectives, showcasing substantial progress and significant milestones.

Eva Berneke, CEO of Eutelsat Communications, highlighted that the company successfully met its fiscal year 2023-24 targets, driven by strong performance from its incremental GEO (Geostationary Equatorial Orbit) capacity and the contributions from its LEO (Low Earth Orbit) business. The year marked a pivotal moment with the completion of Eutelsat’s combination with OneWeb, creating the world’s first LEO-GEO satellite operator, a strategic advancement in the company’s telecom pivot.

Despite facing some operational challenges with the OneWeb service rollout, Eutelsat is on track to meet its coverage goals and anticipates continued growth from OneWeb in the upcoming fiscal year 2024-25.

The FY 2023-24 results were in line with objectives, with Operating Verticals revenues totaling €1,268 million and adjusted EBITDA reaching €698 million. Key achievements included the successful completion of the Eutelsat/OneWeb merger, significant growth in connectivity through LEO revenues and GEO capacity, and robust commercial traction, particularly with a major multi-application contract with Intelsat.

Operational successes included the entry into service of KONNECT VHTS and EUTELSAT 10B, the launch of EUTELSAT 36D, and the completion of the space segment for the OneWeb constellation. Additionally, the company successfully refinanced its November 2025 EUTELSAT S.A. and RCF bond with the issuance of €600 million in senior notes due in 2029.

Eutelsat’s continued advancements reflect its commitment to enhancing global connectivity and expanding its satellite capabilities.