Eutelsat’s headquarters in Paris. Photo: Eutelsat

Eutelsat saw a 70% boost in Low-Earth Orbit (LEO) revenues in the first quarter, offsetting declines in Video and Mobile Connectivity to hold overall revenue stable. 

The operator reported first quarter financials for fiscal year 2025-2026 on Oct. 21. Overall revenue was 293 euro ($340 million), steady at like-for-like comparison with the same quarter last year. 

Connectivity revenues attributed to LEO grew nearly 71% year-over-year to 54 million euro ($63 million) in revenues. However, Geostationary Orbit (GEO) revenues are still larger at 95 million euro ($110 million), down 10% year-over-year.

Growth from LEO impacted the Fixed Connectivity (up 16% year-over-year) and Government Services (up 19% year-over-year) segments. 

Eutelsat CFO Christophe Caudrelier told investors on Tuesday that the company continues to see growing demand for new LEO-enabled connectivity solutions for government applications, particularly services delivered in Ukraine. 

Despite the year-over-year growth in LEO, revenue from LEO actually declined quarter-on-quarter due to higher than normal LEO terminal sales in the fourth quarter.

“The high level of equipment sales is a very good sign because that means that more and more the usage of the constellation is increasing significantly,” Caudrelier told investors, adding that higher numbers of user terminals allow customers to use more of their contracted capacity and higher revenue for pay-as-you-go customers. 

Meanwhile, Mobile Connectivity declined 12% year-over-year due to lower demand for services from GEO.

Additionally, Video declined 10.5% year-over-year to 134 million euros. Caudrelier said the Video decline reflects market decline, but also the negative effect of the latest sanctions imposed on Russian channels that started in July of 2025.

For the full year, Eutelsat expects LEO revenues to grow around 50%, and that the increase will offset the decrease of GEO revenues, both on Video and Connectivity, Caudrelier said. 

Video Renewal in Oman 

Separately, Eutelsat signed a broadcast deal in the Middle East, renewing its partnership with the Ministry of Information of Oman (MOI) for the continued provision of satellite capacity on the Eutelsat 21B satellite at 21 degrees East. 

The Eutelsat 21B satellite offers extensive coverage across the Middle East, Africa and Europe. Its Ku-band capacity enables high-quality video signal contribution. Eutelsat believes this continued cooperation underlines the importance of satellite technology in maintaining a strong national broadcasting ecosystem.

“By extending our collaboration with the Ministry of Information of Oman, Eutelsat reinforces its commitment to supporting government and public institutions in the Middle East with secure and high-performance broadcast solutions via our Eutelsat 21B satellite,” Aymeric Genty, President of Video, Eutelsat, said in a statement.