MNI BRIEF: Canada PM Carney Derides Trump's 51st State Idea

MNI BRIEF: Carney Sworn In As PM, Names Champagne To Finance

MNI China Daily Summary: Friday, March 14

MNI BRIEF: China February M2 Stays At 7% Y/Y

RPT-MNI INTERVIEW2: Lag Justifies Faster CNB Easing - Holub

BAKER HUGHES CANADA RIG COUNT 199; OIL RIGS 139; GAS RIGS 60

MNI: BAKER HUGHES US RIG COUNT 592; OIL RIGS 487; GAS RIGS 100

EZ/UK T-Bill Calendar: DE, NL and FR Due Monday

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

COMMUNICATIONS: Eutelsat (ETLFP: B2/B-/B+neg): H1 25 Results

COMMUNICATIONS
Credit BulletsCEEMEAEurozoneFranceBullet

Bonds are +3.25pts higher for ETLFP 9.75% 29

Video down 6.4%; offset by Fixed Connectivity +22.2% and Gov't +21.9%

  • Total Revenues €606m +5.9%
  • Adj EBITDA €335m -8.4% as reported; +4.9% like-for-like
  • NetDebt/AdjEBITDA 3.92x reduced by -0.21x. Targeting c3.0x medium-term
  • Took a €535m impairment on GEO assets
  • Depreciation charges grew to €433m from 316m
  • Full Year Capex reduced by €200m to €500-600m on LEO "investment timing" and GEO caution
  • Backlog is €3.7bn down 200m yoy. Natural erosion in video partly offset by LEO growth.
  • Liquidity of €1.24bn vs €2.7bn Net Debt with 3.0yr Average Maturity
  • IRIS2 will require €2bn of investment out to 2029-32 (back-end loaded) with €6bn revenues expected
  • OneWeb LEO extension - total €2-2.2bn investment out to 2029
108 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Bonds are +3.25pts higher for ETLFP 9.75% 29

Video down 6.4%; offset by Fixed Connectivity +22.2% and Gov't +21.9%

  • Total Revenues €606m +5.9%
  • Adj EBITDA €335m -8.4% as reported; +4.9% like-for-like
  • NetDebt/AdjEBITDA 3.92x reduced by -0.21x. Targeting c3.0x medium-term
  • Took a €535m impairment on GEO assets
  • Depreciation charges grew to €433m from 316m
  • Full Year Capex reduced by €200m to €500-600m on LEO "investment timing" and GEO caution
  • Backlog is €3.7bn down 200m yoy. Natural erosion in video partly offset by LEO growth.
  • Liquidity of €1.24bn vs €2.7bn Net Debt with 3.0yr Average Maturity
  • IRIS2 will require €2bn of investment out to 2029-32 (back-end loaded) with €6bn revenues expected
  • OneWeb LEO extension - total €2-2.2bn investment out to 2029