Eutelsat H1 Revenue Up 19M EUR to €592M Amid European LEO Push

Eutelsat reported first-half revenue of €592 million, up €19 million and above analyst estimates of €581 million, as the European low-Earth-orbit internet race gains momentum. The operator trimmed operating losses by 85% despite remaining loss-making, and net debt was cut in half following a €1.5 billion rescue from the French state, now its top shareholder. OneWeb integration drove a 60% revenue lift, now accounting for about 20% of sales, offsetting declines in legacy broadcasting. A €1 billion state-backed loan supports procurement of 340 Airbus spacecraft to replace aging satellites, while a cancelled satellite order cut full-year capex to €900 million from €1.1 billion. The company plans to refinance bonds following a cash call last year that prompted credit rating upgrades.