Eutelsat Raises €670 Million in Oversubscribed Rights Issue to Boost LEO Expansion
The transaction forms part of a broader €1.5 billion equity-raising programme aimed at accelerating the deployment of its low Earth orbit (LEO) satellite activities and financing its future IRIS² constellation.
Eutelsat has successfully completed a €670 million share capital increase through a rights issue, reinforcing its financial position and supporting the company’s long-term strategic plans. The transaction forms part of a broader €1.5 billion equity-raising programme aimed at accelerating the deployment of its low Earth orbit (LEO) satellite activities and financing its future IRIS² constellation.
Oversubscribed Rights Issue
The rights issue raised €669.8 million and will result in the issuance of 496,129,728 new shares at €1.35 each. Market demand for the new shares reached approximately €891.6 million, representing a subscription rate of around 133%.
A total of 96% of the new shares were subscribed on an irreducible basis, while reducible orders represented 184.4 million shares, of which just over 20.1 million were allocated following pro-rata calculations.
The newly issued shares are expected to begin trading on Euronext Paris on December 16, 2025, and on the London Stock Exchange on December 17, 2025. They will carry immediate dividend rights and will merge into the existing pool of ordinary shares under the ISIN code FR0010221234.
Integration Into €1.5 Billion Capital Strengthening Plan
The rights issue complements the €828 million in reserved capital increases completed on November 21, 2025. Investors participating in the capital strengthening programme include:
- French State (via APE): €749 million
- Bharti Space Ltd: €150 million
- UK Government: €163 million
- CMA CGM Participations: €150 million
Fonds Stratégique de Participations (FSP): €91 million
Both the rights issue and reserved capital increases are aligned with Eutelsat’s strategic roadmap presented earlier in the year. The plan targets accelerated LEO deployment, support for the IRIS² constellation, and enhanced financial flexibility through reduced leverage.
Investment Roadmap and Financial Outlook
The combined capital increases, alongside a refinancing package involving bonds, export credit facilities, and extended bank debt maturities, are expected to fund approximately €4 billion in investments between 2026 and 2029. The strengthened balance sheet positions Eutelsat to reduce its leverage ratio to around 2.5x by the end of the 2025–2026 financial year.
Following the rights issue, the company’s share capital will increase to €1,178,308,106, divided into an equal number of shares.
Lock-Up Commitments
As part of the underwriting agreement for the rights issue, Eutelsat agreed to a 180-day lock-up period during which it will not issue or sell additional shares. Major shareholders—including the French State, Bharti Space Ltd, the UK Government, CMA CGM Participations, and the FSP—also committed to a 180-day lock-up from the launch of the rights issue.
