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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
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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