Eutelsat’s revenue from the OneWeb constellation grew by 30% year-over-year in the first quarter of its fiscal year, despite lower terminal sales during the quarter.
The operator set a bold projection for Low-Earth Orbit revenue in the future. CEO Jean-François Fallacher told investors that IRIS², forming the next-generation of Eutelsat’s LEO infrastructure, will set the stage for 10 billion euro in OneWeb service revenue between 2032 and 2040 ($11 billion).
This comes after Eutelsat ordered 330 LEO satellites for IRIS² during the quarter. The operator also has 669 OneWeb refresh satellites on order.
“This milestone that we passed this quarter is cementing Eutelsat’s role at the heart of Europe’s future sovereign and connectivity infrastructure, giving us absolutely great confidence about the future of Eutelsat in the satcom business,” Fallacher commented.
Eutelsat reported Q1 financials for its 2026-27 fiscal year on Oct. 29. Overall, the company reported 286 million euro ($319 million) in revenue, down 2.4% year-over-year and about 1% on a like-for-like basis.
Mobile connectivity led growth at 39% year-over-year, driven by the aviation segment. Government Services grew 15% and Fixed Connectivity declined 4%.
Video revenue declined nearly 18% to 110 million euro ($123 million). Video made up about 40% of Eutelsat’s operating revenue during the quarter, while Connectivity segments made up 60%.
Fallacher told investors that LEO growth is expected to offset the decline of Geostationary Orbit (GEO) revenues this year, including the decline of video revenues.
Q1 was “quite” a lower quarter in terminal sales, Fallacher said, although Eutelsat does not break out LEO revenue into terminals vs. services. He called the dip “nothing to worry about” and said it is not related to any bottleneck in the supply chain.
Fallacher referenced “recent events” accelerating Eutelsat’s terminal sales, likely a reference to recent Starlink/Starshield disruptions that impacted military operations in Ukraine.
