OneWeb finds its footing as IRIS² faces Europe's biggest execution test
Legacy drag. Q1 revenue declined 2.5% y/y to €286M as 31% LEO growth barely offset continued weakness in Video (−17.7% y/y).
LEO growth holds. OneWeb revenue grew 31% y/y to €70.9M, representing 42% of Connectivity revenue. Strong service demand across Government and Mobility offset lower terminal sales, which management attributed to timing rather than supply constraints. Growing recurring service revenue is expected to help OneWeb reach AEBITDA breakeven in FY27.
Mobility takes off. Revenue grew 39% y/y to €48.3M, marking one of the strongest quarterly growth rates in two years. OneWeb now connects over 700 aircraft with 15+ airline commitments. Recently, SES added Finnair's 18-aircraft fleet (Nov'26), while Station Satcom has 1,000+ vessels in its maritime pipeline.
