Eutelsat, Europe’s leading satellite operator and Starlink competitor, posted weaker-than-expected first-quarter revenue of €283 million, down 1.2% from a year earlier, as a 10.5% plunge in video sales outweighed gains from government contracts. Analysts had forecast around €295 million, according to company estimates.
The group’s video broadcasting business, which serves more than a billion viewers globally, continues to shrink due to the ongoing decline in traditional TV markets and the impact of sanctions on Russian media outlets. French regulators recently ordered Eutelsat to cut two Russian channels linked to sanctioned entities — a move the firm said would cost €16 million this year.
In contrast, government services revenue jumped 18.5% to €52.4 million, driven by projects in Ukraine and defense connectivity. CFO Christophe Caudrelier acknowledged that while demand for satellite internet is surging, Starlink remains a strong competitor in the consumer broadband market.
Eutelsat’s OneWeb subsidiary operates over 600 LEO satellites, making it the only non-Starlink player with a comparable network. The company expects a €1.5 billion capital injection led by France and the UK to close by 2025, with hopes of attracting further European investment to reinforce the continent’s satellite autonomy.
Eutelsat reaffirmed its annual and long-term financial guidance, banking on broadband and government sectors to balance the steady erosion of its video revenue base.
