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This transaction represents the final milestone in the Group’s comprehensive c. €5 billion equity and debt financing strategy, supported by its main shareholders. It aims to support the Group’s long-term strategic vision through the deployment of its Low Earth Orbit (“LEO”) satellite activities while strengthening its financial flexibility by accelerating its debt reduction.
In late 2025, Eutelsat completed a €1.5 billion two-part equity raise through:
The successful execution of this capital raise led to rating upgrades from Moody’s and Fitch to Ba3 (+2 notches) and BB (+3 notches) respectively enhancing Eutelsat’s ability to tap Debt Capital Markets and raise Export Credit Financing to complete the financing needs of its medium-term plan.
In parallel with the capital increases, Eutelsat designed a global debt financing plan including bond financing, export credit financings and an extension of bank debt maturities aimed at enabling the Group to finance its medium-term plan and cover investments of approximately €4 billion over the period 2026-2029.
A key objective of the debt financing plan was to simplify the Group’s capital structure by (i) removing structural subordination as most of the existing debt of the Group previously sat at the level of Eutelsat SA subsidiary, and (ii) waiving cash circulation constraints from existing debt agreements.
This plan was conducted in four parts:
The closing of this bond issuance on 5 March 2026, was the last condition precedent to the effectiveness of the SFA, ECA and EIB debt transactions, concluding a multi-stage capital structure reorganisation initiated in 2025. These four unsecured debt instruments will sit at Eutelsat Communications SA level and will rank pari-passu, benefitting from upstream guarantees from Eutelsat SA and OneWeb Holdings Ltd.
Sebastien Rouge, Chief Financial Officer at Eutelsat said, “Eutelsat has reached a major milestone with the completion of its comprehensive financing plan, marking a decisive turning point in the Group’s transformation. With this strengthened financial foundation, Eutelsat is well positioned to accelerate the deployment of its multi-orbit strategy, support the future European IRIS² constellation, and reinforce its position as Europe’s leading provider of space connectivity.”
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About Eutelsat
Eutelsat is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. Eutelsat was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 33 Geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. Eutelsat addresses the needs of customers in four key verticals of Video, where it distributes around 6,300 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat's unique suite of in-orbit assets and ground infrastructure enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and Eutelsat employs more than 1,600 people across more than 75 countries. Eutelsat is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide. The Company is listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock Exchange (ticker: ETL).
Find out more at www.eutelsat.com
DISCLAIMER
The forward-looking statements included herein are for illustrative purposes only and are based on management’s views and assumptions as of the date of this document. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: risks related to the health crisis; operational risks related to satellite failures or impaired satellite performance, or failure to roll out the deployment plan as planned and within the expected timeframe; risks related to the trend in the satellite telecommunications market resulting from increased competition or technological changes affecting the market; risks related to the international dimension of the Group's customers and activities; risks related to the adoption of international rules on frequency coordination and financial risks related, inter alia, to the financial guarantee granted to the Intergovernmental Organization's closed pension fund, and foreign exchange risk. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this document to reflect any change in events, conditions, assumptions, or circumstances on which any such statements are based, unless so required by applicable law. The information contained in this document is not based on historical fact and should not be construed as a guarantee that the facts or data mentioned will occur. This information is based on data, assumptions and estimates that the Group considers as reasonable.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260306668169/en/
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