OneWeb revenue accelerates as Continuity fleet, IRIS2 take shape
LEO expectation beat. FY26 LEO revenue outperformed expectations, rising 60% y/y to €297M, representing 25% of total revenues. New deals for arctic connectivity (Voimatel in Finland), strong tailwinds in aero (Japan Airlines), and emerging demand from rail drove OneWeb growth.
Connectivity takes the helm. The majority (55%) of Eutelsat revenue came from connectivity, breaking last year's tie with video. This faster growth is partly offset by 320 bp contraction in AEBITDA margin due to LEO overheads (+13% y/y).
Video fell 15% y/y to €519M in FY25/26, as the sanction-induced loss of Russian channels and contract terminations with the Russian Express AT1/AT2 satellites exacerbated an ongoing trend away from satellite broadcasts. Even major video events like the World Cup, once a point of excitement for satellite cos, are no longer able to stem the bleeding.
