Eutelsat - comment

Compared to SES yesterday morning, Eutelsat’s performance is brighter. It was a good, brief call, and bonds should be mildly friendly today as a result. The LEO constellation saw revenues increase by 65%, making up for Video losses, just as heavy as those seen by its Luxembourg rival. Government is doing better, as it has less exposure to the US, where SES has lost contracts in the DOGE sweep. Management expects revenue recognition from its activities for the French Nexus contract to commence prior to June (financial year end), and the conclusion of the EU’s Rendevouz1 on IRIS2 is said to be delayed only by weeks, due to the many stakeholders in the project. Long-term revenue and EBITDA guidance were confirmed.