Eutelsat Stock Analysis October 2026: OneWeb and IRIS² Before Q1

Eutelsat Communications S.A. faces its next test on 29 October 2026, when it reports first-quarter revenues for FY 2026-27. The shares closed at €1.370 on 13 October, a record closing low, according to StockAnalysis. That is about 70% below the May 2026 intraday high of €4.556, which came during a short speculative rally, and 19.7% lower year to date. The shares have also fallen in each calendar year since 2022.

Two questions drive the debate. The first is whether low Earth orbit (LEO) growth from OneWeb can offset the decline in Video while the group funds about €1.2bn of capex this year. The second is how the market already prices these risks. This article looks at the numbers behind each question.

The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.

Eutelsat Stock at a Glance: The Short Answer

The share price fell after a series of events. A speculative rally in European space stocks faded in June, around the time of the SpaceX listing. The FY 2026-27 guidance on 7 August pointed to only slight revenue growth, according to the results filing. September then brought large IRIS² contract awards and several broker target cuts.

The fundamentals are mixed. LEO revenue rose 69.5% like-for-like to €297m in FY 2025-26 and now makes up 25% of revenue, according to the Eutelsat full-year 2025-26 results release. Leverage fell to 2.32x. Video revenue, however, declined by about 13%.

Source: StockAnalysis price history, Yahoo Finance, StockAnalysis statistics and the FY 2025-26 results filing. Market data are delayed. Past performance is not a reliable indicator of future results.

Eutelsat Share Price Today: Where the Stock Stands

The stock opened at €1.4095 on 14 October. By about 09:45 CEST it traded near €1.39, a gain of about 1.5% on the day, according to Yahoo Finance. Volume was about 260,000 shares at that point.

On 13 October the shares hit an intraday low of €1.3535. That is the lowest level in the data history. The December 2025 rights issue was priced at €1.35, so the market now trades close to that reference.

Recent Daily Prices

Source: StockAnalysis, EPA:ETL price history. Closes rounded to two decimals, so daily changes use unrounded prices. Past performance is not a reliable indicator of future results.

Volume on 13 October was about 0.85 times the three-month average of 2.19 million shares. The decline has been steady and orderly. It has lacked the very heavy volume often linked with capitulation.

Eutelsat 5 Year Performance

The current slide is part of a longer trend. The shares have fallen every year since 2022. The table below shows year-end closes and annual price changes for the last five full calendar years.

Source: MarketScreener annual variations and Yahoo Finance monthly history, period 1 January 2021 to 13 October 2026. Price changes only, excluding dividends. Figures are not adjusted for the December 2025 rights issue. Returns are shown before taxes and costs, which may vary. Past performance is not a reliable indicator of future results.

These are price changes only. Dividends paid between 2020 and 2022 are excluded. The 2025 figure also reflects dilution from the rights issue at €1.35.

2026 Month by Month

Source: Yahoo Finance, ETL.PA monthly history. Past performance is not a reliable indicator of future results.

Why Is Eutelsat Stock Falling?

Several separate forces have pushed the price lower since May. Each one is covered below.

The SpaceX IPO Effect

Eutelsat became a popular proxy for SpaceX in spring 2026. On 21 May it jumped more than 17% after SpaceX filed its IPO prospectus, as reported by Dow Jones via Tiger Brokers. The intraday high reached €4.556 in May.

The rally faded fast. On 29 May the shares fell 11.71% on profit taking, according to Kapitalmarktexperten. In the first week of June they lost about 25%, as Idéal Investisseur reported. Our guide to SpaceX stock covers the listing itself.

Soft Guidance on 7 August

The FY 2025-26 results were broadly in line. The outlook was the problem. Eutelsat guided for only slight growth in Operating Verticals revenue in FY 2026-27, with a broadly stable margin and capex of about €1.2bn, according to the results filing.

The shares closed 4.6% lower that day on volume of 11.6 million, according to StockAnalysis. Reuters, via The Star, reported that the 51.2% margin missed the 52.4% consensus compiled by the company.

Broker Target Cuts in September

Brokers trimmed their targets after the results. Stifel cut its target to €2.00 from €2.40 on 17 September, and Berenberg started coverage at Hold with €2.00, according to Investing.com. Bernstein lowered its target to €2.40 from €2.90 on 29 September, as Idéal Investisseur reported.

SpaceX Spectrum Deal and Starlink Competition

On 8 October SpaceX agreed to buy 800MHz spectrum from Grain Management for about $8bn. The move supports its plan for a Starlink mobile carrier, as reported by DCD. Eutelsat lost about 9% between the 2 and 9 October closes, according to StockAnalysis data. Other factors may also have played a part.

Higher French Bond Yields

Rates add pressure. The French 10-year OAT yield neared 4.75% on 30 September, its highest level since July 2008, according to a Banque de France reading cited by Idéal Investisseur. Higher yields can weigh on indebted mid-caps.

Source: Tiger Brokers, Kapitalmarktexperten, Idéal Investisseur and StockAnalysis. Past performance is not a reliable indicator of future results.

Eutelsat FY 2025-26 Results in Numbers

The full-year results, published on 7 August 2026, cover the 12 months to 30 June 2026. Eutelsat's fiscal year runs from July to June.

Source: Eutelsat FY 2025-26 results, AMF filing, 7 August 2026. Past performance is not a reliable indicator of future results.

What the Results Show

• LEO revenue grew by almost 70% like-for-like.
• Government Services rose 17.7% like-for-like.
• Video revenue fell 13.1% like-for-like.
• The Eutelsat EBITDA margin slipped to 51.2% from 54.4%.
• The net loss narrowed as impairments fell to €111m from €720m.

CEO Jean-François Fallacher called it "a landmark year for Eutelsat" in the FY 2025-26 results release. He also told Reuters the company believes it is undervalued, as reported by The Star. This is management's own view, and most brokers rate the shares Hold, as the analyst section below shows.

Balance Sheet After the Recapitalisation

The balance sheet is in better shape than a year ago. The Eutelsat net debt figure fell to €1,464.6m. Leverage dropped to 2.32x from 3.88x. Liquidity stood at about €2.3bn, plus about €690m of undrawn export credit facility, according to the results filing.

Source: Eutelsat FY 2025-26 results filing. Previous-year net debt derived from the €1,162m reduction. Past performance is not a reliable indicator of future results.

Eutelsat Guidance and the 2028-29 Targets

Management expects LEO growth to offset the GEO decline. The table sets out the company's own targets from the results filing.

Source: Eutelsat FY 2025-26 results filing. Forecasts are not a reliable indicator of future performance.

The gap between today and FY 2028-29 is wide. Revenue would need to rise by roughly 25% to 42% from the FY 2025-26 level of €1,197.1m. The margin would need to climb about nine points.

CFO Sébastien Rouge said LEO still earns lower margins than legacy GEO, according to Reuters via The Star. That makes the margin path a key point for the Eutelsat stock outlook.

Eutelsat OneWeb: The Growth Engine

OneWeb is now the main source of growth. The constellation has more than 600 satellites in orbit, according to the FY 2025-26 results release.

LEO Revenue by Quarter

Source: TelecomTV, Q1 2025-26, Eutelsat Q3 2025-26 release and the FY results filing. Past performance is not a reliable indicator of future results.

Renewing the Constellation

The first-generation satellites need replacing. On 10 September Eutelsat ordered 229 more satellites from Airbus for about €1bn, extending service to 2034, according to Reuters via The Star. The total renewal programme now stands at 669 satellites.

On 2 October Airbus completed the first 32 renewal satellites, which will launch with SpaceX. A launch date has yet to be published, according to the Eutelsat release.

Starlink vs OneWeb

Scale is the core bear argument. Starlink has more than 11,000 satellites, as reported by The Star. SpaceX also holds FCC approval for 15,000 direct-to-device satellites, according to DCD.

Source: Eutelsat and Reuters via The Star.

IRIS² Constellation: Opportunity and Cost

IRIS² is the EU's planned sovereign satellite network. Contracts worth more than €5.4bn were announced on 10 September 2026, according to European Spaceflight. Eutelsat leads the LEO component.

Source: European Spaceflight and Mobile World Live.

For the stock, IRIS² cuts both ways. It may bring long-term demand backed by governments. It also adds heavy capex and execution risk over many years.

Eutelsat's investment cycle is front-loaded. Capex of about €1.2bn is planned for FY 2026-27, while IRIS² launches are only expected from 2030.

US C-Band Payment and the 2025 Recapitalisation

The Eutelsat C-Band Windfall

The FCC order of 27 July 2026 set up the Upper C-band transition in the US. Eutelsat expects $504m (€443m) of pre-tax incentive payments in 2031, according to the results filing. The payment depends on clearing within two set deadlines.

Capital Increase and Eutelsat Rights Issue

Eutelsat raised about €1.5bn of equity in late 2025. A reserved capital increase of €828m at €4.00 per share came first, according to Business Wire. A €670m rights issue at €1.35 followed and closed on 12 December 2025, as MarketScreener reported.

Source: Business Wire, 18 November 2025.

Eutelsat Shareholders

The French State held 29.65% after the reserved increase. Bharti Space held 17.88% and the UK Government 10.89%, based on the pro forma figures in the launch release. Holdings may have changed after the rights issue.

Does Eutelsat Pay a Dividend?

Eutelsat suspended its annual dividend in July 2022 to help fund the OneWeb combination, as reported by Advanced Television. The FY 2025-26 results release does not mention a new payout. The capex plan suggests cash will stay focused on investment and debt.

Eutelsat Valuation and Eutelsat Market Cap

At €1.37 and about 1.18bn shares, the market capitalisation is about €1.6bn. Adding net debt of €1,464.6m gives an enterprise value of about €3.1bn, close to the €3.11bn shown by StockAnalysis.

Source: own calculations from StockAnalysis and the FY 2025-26 results filing. Past performance is not a reliable indicator of future results.

Some investors may see a multiple near 4.9x EBITDA as low. Brokers such as Berenberg point to heavy capex and execution risk, as reported by Börse Express. A low multiple may persist while investment needs stay high.

Eutelsat Technical Analysis

The trend has been lower since 29 May. Each rebound in September and October faded within one to three sessions. The figures below are our calculations from StockAnalysis daily closes.

Moving Averages and RSI

Source: own calculations from StockAnalysis daily closes, 6 August to 13 October 2026. The 50-day figure uses the 49 sessions in that window. Past performance is not a reliable indicator of future results.

The Eutelsat RSI sits deep in oversold territory. Oversold readings near 27 to 29 in late September did not stop the fall. Our guide to the RSI indicator explains how traders often read such levels.

Eutelsat Support and Resistance

Source: StockAnalysis and Idéal Investisseur. Levels are illustrative. Past performance is not a reliable indicator of future results.

Below €1.35 the chart offers little history to lean on. Some chart analysts may treat a daily close back above the €1.50 zone as an early sign of stabilisation. Such signals can fail, as the September rebounds showed. Our article on support and resistance with pivot points covers the method in more detail.

SES is the closest listed European peer. Comparing the two charts can help show whether a move is sector-wide or specific to Eutelsat.

Eutelsat Price Target and Analyst Ratings

The sell side is cautious. Investing.com counts 10 Hold ratings and 1 Sell, with zero Buy ratings. Its average target is €2.27. The FactSet average shown by Boursorama is lower, at €1.96.

Source: Investing.com UK, Idéal Investisseur, Börse Express, Advanced Television and Boursorama. Forecasts are not a reliable indicator of future performance.

Berenberg argued that capex and execution risk at OneWeb and IRIS² offset the C-band windfall, as reported by Börse Express. Broker targets can change quickly and are often revised after results.

Key Dates: Eutelsat Earnings Date and Macro Events

The next weeks bring a dense calendar. The Fed and ECB October decisions both come shortly before the Eutelsat release. Clocks in Europe move back on 25 October, so Paris switches to CET (UTC+1).

Source: Eutelsat financial calendar, ECB meeting calendar and Federal Reserve calendar.

The economic calendar lists these events with live times. Our ECB meeting preview covers the rate outlook in more detail.

Eutelsat Q1 Revenues: What to Watch on 29 October

The Q1 release covers July to September 2026. Last year's Q1 gives a useful benchmark.

Source: TelecomTV, Eutelsat Q1 2025-26 revenues. Past performance is not a reliable indicator of future results.

To match the guidance of more than 30% LEO growth, Q1 LEO revenue would need to reach roughly €70m. That is our estimate, based on €54.1m a year earlier and the company outlook.

Points traders often watch in the release:

• LEO growth measured against the company's 30% goal.
• The pace of decline in Video.
• Any change to the FY 2026-27 outlook.
• Comments on capex timing for OneWeb and IRIS².
• New government contracts after the first call-off under France's NEXUS framework, noted in the results filing.

Eutelsat Stock Forecast 2026: Illustrative Scenarios

The scenarios below are illustrative only. They do not represent a forecast or a recommendation. They are based on the triggers discussed above, and real outcomes may differ widely.

Forecasts are not a reliable indicator of future performance. Scenarios are illustrative and based on the author's assumptions.

Positive Case

An oversold stock may react sharply to good news. A strong LEO figure could ease worries about the 2028-29 targets. Short covering could add to any rebound.

Negative Case

A miss could push the price below the rights-issue level of €1.35. More cost overruns or launch delays could hurt sentiment further. Fresh moves by Starlink or Amazon Leo could also weigh on the shares.

Pros and Cons of the Eutelsat Investment Case

Source: Eutelsat FY 2025-26 results filing and Investing.com UK.

Key Risks for Eutelsat Shares

• Execution risk is high, with hundreds of satellites to build and launch.
• Free cash flow may stay under pressure while capex remains high.
• Competition from Starlink and Amazon Leo keeps growing.
• Video revenue continues to decline each year.
• LEO earns lower margins than GEO for now.
• IRIS² depends on EU funding and political timing.
• The small market value can amplify price swings.

The France 40 CFD chart gives context for the wider French market. Comparing it with the Eutelsat chart shows how far the stock has diverged from the broader index.

How to Trade Eutelsat

There are two common ways to gain exposure. Investors can buy the shares on Euronext Paris. Traders can also use contracts for difference (CFDs), which track the price without owning the share. Our guide on what CFD trading is explains the basics.

The Eutelsat CFD at Admirals

Admirals lists the Eutelsat Communications SA CFD (#ETL) in its contract specifications. The table shows the Trade.MT5 conditions published on 14 October 2026.

Source: Admirals contract specifications. Conditions may vary by account type and can change. Other fees and charges may apply.

Margin requirements and the position directions available can differ by client category and region. Check the contract specifications shown for your account before trading.

Admirals offers CFDs on shares and indices. It also offers CFDs on Forex and commodities. The full range of CFDs on shares is available on MetaTrader 5.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Practical Steps Traders Often Take

1. Many traders note the results date of 29 October and the volatility it may bring.
2. Some review the contract specifications before opening a position.
3. Some use stop-loss orders to help manage risk, although a stop may be filled at a worse price when the market gaps.
4. Some size positions with the high volatility in mind.
5. Some practise on a demo account first.

A demo account uses virtual funds. Results may differ from live trading.

Frequently Asked Questions

Why is Eutelsat stock falling?

After the SpaceX rally faded in May, soft guidance and target cuts followed. Starlink competition and higher yields added pressure.

What is the Eutelsat share price today?

On 14 October 2026, at about 09:45 CEST, the shares traded near €1.39 after a €1.370 close.

When is the next Eutelsat earnings date?

Eutelsat is scheduled to report first-quarter FY 2026-27 revenues on 29 October 2026, with the AGM on 26 November.

Does Eutelsat pay a dividend?

Eutelsat suspended its dividend in July 2022 to fund the OneWeb deal, and recent results do not mention a payout.

What is the Eutelsat price target?

Investing.com shows an average target of €2.27, while FactSet shows €1.96. Forecasts are not a reliable indicator of future performance.

Is Eutelsat stock oversold?

On 13 October the daily RSI(14) was near 22, an oversold reading. Earlier September readings did not stop the decline.

What is IRIS²?

IRIS² is the EU's planned sovereign satellite constellation. Eutelsat leads its LEO part, with service expected near 2030.

Can I trade Eutelsat with CFDs?

Admirals lists a Eutelsat Communications SA CFD (#ETL). CFDs carry a high risk of losing money rapidly.

Conclusion

Eutelsat trades near record lows ahead of its Q1 revenue release on 29 October. The LEO business is growing fast, and the balance sheet is stronger after the 2025 recapitalisation. Heavy capex and a shrinking Video business still weigh on sentiment. Starlink's scale adds to the pressure.

The shares fell 4.6% on the day of the August results, so the Q1 release may also bring volatility. Traders often watch LEO growth and any change to the outlook. The €1.35 level and the €1.50 zone may act as reference points either way.

Some of the content on this page was created with the help of automated tools. All final text has been reviewed by Admirals and is under its editorial responsibility.

Sources

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