Eutelsat’s headquarters in Paris. Photo: Eutelsat

Eutelsat Group’s operating vertical revenue in the third quarter increased 8.5% year-over-year, fueled by double-digit growth in fixed and mobile connectivity and government services. Eutelsat issued its third quarter 2023-24 results on May 14.

Eutelsat achieved overall revenues of 300 million euros ($326 million) in the third quarter that ended March 31, an increase of 10% compared to the same stage last year. The company said the double-digit increases were driven by incremental GEO capacity and LEO.

Mobile Connectivity and Government services saw the most growth in Eutelsat’s latest results. In the third quarter, Mobile Connectivity revenues reached 39 million euros ($42 million), an increase of over 45% compared to the same stage last year. Government service revenues reached 43.6 million euros ($47 million) in Q3, an increase of over 38% compared to the same stage last year.

Fixed Connectivity reported 57.4 million euros ($62 million) in revenue in Q3, up 30% compared to the same time last year.

Eutelsat’s legacy Video business however continues to decline. Video achieved revenues of 160 million euros ($174 million) in the third quarter, down 5% compared the same stage last year. Video still makes up for 53% of Eutelsat’s overall revenues. Government services is now up at 14.5%. Fixed connectivity and mobile connectivity services combined have now reached 32% of the operator’s overall revenues.

Eutelsat confirmed its guidance for the 2023-24 of operating vertical revenues of between 1.25 billion to 1.30 billion euros and adjusted EBITDA in the range of 650 million to 680 million euros.