Eutelsat Communications has reported its financial results for the year ending June 30, 2024, showcasing significant strides in its operational metrics, particularly following its merger with OneWeb to become the world’s first LEO-GEO satellite operator. The company posted total revenues of €1,213 million, marking a 7.2% increase year-over-year, with strong contributions from both its Low Earth Orbit (LEO) and Geostationary Orbit (GEO) operations. This growth was primarily driven by an acceleration in connectivity services, especially through the deployment of OneWeb’s LEO constellation and incremental GEO capacity.
The financial results highlight a robust performance in the Connectivity segment, which saw revenues soar by 44.7% in Mobile Connectivity and 31.7% in Fixed Connectivity, reflecting the increasing demand for satellite broadband and data services. Eutelsat’s backlog also grew to €3.9 billion, up from €3.4 billion the previous year, with connectivity services now representing 56% of the total backlog. However, the company faced challenges with a decline in Video revenues, down 6.8%, reflecting the ongoing transition in the satellite communications market.
Eutelsat’s focus on LEO initiatives was evident in the successful ramp-up of the OneWeb constellation, with significant commercial traction, including a major contract with Intelsat. The company also completed the space-segment deployment of the OneWeb network, enhancing its service offerings. As Eutelsat continues to expand its LEO-GEO services, it remains committed to maintaining financial stability, reflected in its strong liquidity position and controlled capital expenditures.
- Eutelsat reported FY 2023-24 revenues of €1,213 million, up 7.2% year-over-year.
- Significant growth in Connectivity, with Mobile Connectivity up 44.7% and Fixed Connectivity up 31.7%.
- Backlog increased to €3.9 billion, with Connectivity now representing 56% of total backlog.
- Successful ramp-up of OneWeb’s LEO constellation, including a major contract with Intelsat.
- Eutelsat maintains a strong liquidity position, with cash and undrawn credit lines totaling €1.39 billion.
"We remain confident in our ability to grow connectivity revenues in LEO, whilst maintaining market share in GEO, based on both independent market forecasts as well as our in-market experience of customer appetite for multi-orbit capacity," said Eva Berneke, Chief Executive Officer of Eutelsat Communications.
