Eutelsat's Orbital Pivot: LEO Sales Jump 65% as Stock Rally Takes a Breather

The satellite operator's radical reorientation from legacy TV broadcasting to low-Earth-orbit connectivity is producing results that investors are devouring. Eutelsat shares surged more than 30% in a single week, more than doubling from the start of 2025, before a mild bout of profit?taking on Friday cooled the momentum.

After opening the week at €2.845, the stock rocketed to an intra?week high of €3.833 on Thursday — a single?session surge of over 22%. By Friday’s close it had slipped 0.98% to €3.74, on volume of 5.7 million shares. That was roughly half Thursday’s turnover of 10.8 million, but still well above the level seen at the beginning of the week. The year?to?date gain now stands at around 109%.

LEO Revenue Explodes as Video Continues to Shrink

At the heart of the rally lies the third?quarter earnings report published on 12 May. Group revenue came in at €293.0 million, down 2.3% nominally year?on?year but up 3.1% on a currency?adjusted basis. The headline number masks a stark internal divergence: LEO?related sales soared 65% to €62.2 million, while the traditional video segment slid 13.3% to €128.0 million.

For the first nine months of the financial year, cumulative revenue reached €884.7 million. Management reiterated its full?year guidance, which includes 50% LEO revenue growth, gross capital expenditure of roughly €900 million, and a net?debt?to?EBITDA ratio of approximately 2.7 by year?end.

Should investors sell immediately? Or is it worth buying Eutelsat?

Financial Fortification and Analyst Re?rating

To bankroll the pivot to a pure?play telecoms company, Eutelsat tapped the bond market with a billion?euro placement. The move strengthens a balance sheet that had been stretched by the acquisition and integration of OneWeb. Analysts responded by raising their profit estimates for the 2026 financial year, pushing the expected loss per share down to around €0.27.

A direct catalyst in the second half of the week came from AlphaValue, which upgraded Eutelsat from “Reduce” to “Add” on 21 May, publishing a note titled “Stabilizing strategic businesses”. Although the specific price target remained behind a paywall, the market interpreted the move as a seal of approval for the company’s turnaround trajectory.

Defence and Government Business Adds a New Layer

Beyond the quarterly numbers and refinancing, Eutelsat deepened its exposure to the booming market for secure satellite connectivity. Its U.S. subsidiary, OneWeb Technologies Inc. — operating as Eutelsat Network Solutions — announced a partnership with Get SAT. The alliance pairs Get SAT’s Aero?Blade terminals with the OneWeb LEO network, offering defence and government customers the ability to switch to GEO networks when needed.

The deal injects a fresh argument into the bull case: demand for sovereign and military satellite capacity is rising sharply, and Eutelsat’s multi?orbit architecture positions it to capture that spending.

Eutelsat at a turning point? This analysis reveals what investors need to know now.

Technical Levels and the Path Ahead

From Friday’s close, the immediate short?term support sits at the intra?day low of €3.63, with resistance at €3.98. Below that, the earlier breakout zone around €3.02 remains a key reference — the stock had repeatedly stalled at that level since late April before breaking higher.

The central question for the coming weeks is whether the operational momentum from the LEO segment can sustain the elevated share price, or whether the stock has simply run ahead of the fundamentals. The next major milestone will be the full?year results for the current financial year, due later in the summer. Meanwhile, Eutelsat is expected to decide on the manufacturer for the next generation of OneWeb satellites, a contract that will shape its technological path for years to come.

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Eutelsat Stock: New Analysis - 24 May

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