(Updated with details, statement from the DG)
February 16 (Reuters) – Eutelsat reported on Friday a 3.7% increase in its turnover in the second quarter, driven by its geostationary satellite business, while specifying that deployment delays in its ground segment weighed on the results.
The group achieved a turnover of 298.7 million euros in the second quarter, up 3.7% like-for-like.
In January, the group reduced its targets for the 2023-2024 fiscal year as OneWeb’s low-orbit (LEO) activities fell behind schedule.
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“Delays in the deployment of ground infrastructure had an impact on turnover, while a more pronounced distribution of turnover in favor of the marketing of user terminals had an impact on margins”, said Eva Berneke, general manager, in a statement.
OneWeb’s order book increased by 23% compared to the previous quarter to reach 700 million euros.
The group achieved a turnover of 572.6 million euros for the period from July to December, while adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) stood at 365.6 million euros. ‘euros.
Eutelsat also announced that it has adopted a “staged” approach for OneWeb Next Generation, which will reduce the cost of building this satellite constellation.
As a result, the group has revised downwards its investment forecasts after synergies, from 600 to 700 million euros per year on average over the period 2025-2030, compared to 725 to 875 million euros previously forecast.
Asked about the risk of losing ground to competition in low-orbit services, Eva Berneke said Eutelsat intended to maintain the early advantage through continuous service and long-term contracts with its customers.
“Starlink will be there, but we think the Telesat project and the Amazon project will be there in 2027-2028 at the earliest,” she added.
(Reporting Dagmarah Mackos, French version Augustin Turpin, editing by Zhifan Liu)
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