{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","ticker":"ETL.PA","updated_at":"2026-07-12T08:27:57.697+00:00","canonical":"https://valuechain.wiki/eutelsat","same_as":["https://finance.yahoo.com/quote/ETL.PA"],"citable":"밸류체인 그래프 기준 유텔샛의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Eutelsat Group is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 10 companies within two hops; the links are backed by 11 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"파리증시 · GEO+OneWeb LEO · 스타링크 유럽 대안","kicker_en":"Euronext Paris · GEO + OneWeb LEO · Europe's Starlink alternative","lead":"유텔샛은 GEO 방송위성과 OneWeb 저궤도망을 통합한 유럽 위성 운영사로, 스타링크의 유럽 주권형 대안으로 자리잡았다. 회계연도 2024-25년(6월 결산) 매출 12억4,400만 유로(+2.5%) 중 LEO(OneWeb) 매출이 1억8,700만 유로로 84% 급증했다. 2025년 13억5천만 유로 증자로 프랑스 정부가 지분 약 30%의 최대주주가 됐고, EU IRIS² 콘셰션(SpaceRISE)과 프랑스군 10년 최대 10억 유로 프레임워크가 정부 축을 이룬다. 2세대 OneWeb 위성 최대 440기는 에어버스가 제작한다.","lead_en":"Eutelsat is the European satellite operator combining GEO broadcast satellites with the OneWeb LEO network, positioned as Europe's sovereign alternative to Starlink. In FY2024-25 (June year-end) revenue was EUR 1,244 million (up 2.5%), with LEO (OneWeb) revenue surging 84% to EUR 187 million. A EUR 1.35 billion capital raise in 2025 made the French state its largest shareholder at about 30%, and the EU IRIS² concession (SpaceRISE) plus a 10-year, up-to-EUR 1 billion French military framework anchor the government business. Airbus is building up to 440 second-generation OneWeb satellites.","segments":{"fy":2025,"parts":[{"desc":"GEO 방송위성 — 구조적 감소 부문.","name":"Video (방송)"},{"desc":"프랑스군·EU IRIS² 등 정부 축 — 성장 견인.","name":"Connectivity: Government"},{"desc":"고정 광대역 커넥티비티.","name":"Connectivity: Fixed"},{"desc":"항공·해사 이동체 커넥티비티 — OneWeb LEO 성장(+84%).","name":"Connectivity: Mobility"}],"total":"FY2024-25 매출 €1,244M (6월 결산) · 프랑스 국가 29.65% 최대주주 · IRIS²(290기) 실행","concentration":"LEO(OneWeb) €187M(+84%)·정부 비중 확대, Video는 구조적 감소"},"segments_en":{"fy":2025,"parts":[{"desc":"GEO broadcast satellites — a structurally declining segment.","name":"Video (broadcast)"},{"desc":"Government axis (French military, EU IRIS²) — driving growth.","name":"Connectivity: Government"},{"desc":"Fixed broadband connectivity.","name":"Connectivity: Fixed"},{"desc":"Aviation/maritime mobility connectivity — OneWeb LEO growth (+84%).","name":"Connectivity: Mobility"}],"total":"FY2024-25 revenue EUR 1,244M (June year-end) · French State 29.65% largest shareholder · IRIS² (290 sats) execution","concentration":"LEO (OneWeb) €187M (+84%) and government growing; video in structural decline"},"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":1,"returns_yearly":{"2026":0.7}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":2,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":2,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":2,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":2,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":2,"returns_yearly":null},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","tier":3,"returns_yearly":{"2026":102.7}},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":80.8}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":3,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":3,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-10.8}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6}},{"slug":"palantir","name":"Palantir","name_en":"Palantir Technologies","tier":3,"returns_yearly":{"2021":-22.7,"2022":-64.7,"2023":167.4,"2024":340.5,"2025":135,"2026":-28.7}}],"analysis":"GEO 방송위성과 OneWeb 저궤도망을 통합해 스타링크의 유럽 주권형 대안으로 자리잡은 위성 운영사로, 방송(Video)의 구조적 감소를 LEO 커넥티비티가 대체하는 전환기에 있다. FY2024-25 매출 12.44억 유로(+2.5%)에서 LEO(OneWeb)가 84% 급증한 1.87억 유로에 이르고, 프랑스 정부가 13.5억 유로 증자로 지분 30% 최대주주가 되면서 EU IRIS²(SpaceRISE, 최소 65억 유로 기대)·프랑스군 10년 최대 10억 유로 프레임워크라는 정부 축이 실적을 떠받친다. 리스크는 2세대 OneWeb 위성 최대 440기(에어버스 제작)·발사(스페이스X) 등 대규모 capex 회수와 방송 감소 속도다. 그래프상 상류는 에어버스(위성)·스페이스X(발사), 하류는 프랑스군·EU·상업 커넥티비티 수요로, 주권 우주의 정책 자금이 이 노드의 척추다.","analysis_en":"A satellite operator combining GEO broadcast satellites with the OneWeb LEO network as Europe's sovereign alternative to Starlink, in a transition where LEO connectivity replaces structurally declining broadcast (Video). In FY2024-25 revenue of EUR 1.244bn (+2.5%), LEO (OneWeb) surged 84% to EUR 187M, and after a EUR 1.35bn raise made the French state its ~30% largest shareholder, a government axis — the EU IRIS² concession (SpaceRISE, at least EUR 6.5bn expected) and a 10-year, up-to-EUR 1bn French military framework — underpins results. Risks are recovering large capex (up to 440 second-gen OneWeb satellites built by Airbus, launched by SpaceX) and the pace of broadcast decline. Upstream on the graph are Airbus (satellites) and SpaceX (launch); downstream are the French military, EU and commercial connectivity — sovereign-space policy funding is this node's backbone.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"프랑스 정부·군 (DGA·CENTAURE)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"EUR million","as_of":"2025-06-18","basis":"OneWeb LEO 우선접속(첫 콜오프 CENTAURE 4년 확정 €138M·8년 최대 €350M)","value":1000,"period":"10년 프레임워크","basis_en":"OneWeb LEO priority-access framework (first call-off CENTAURE: €138M firm/4yr, up to €350M/8yr)","french_state_stake_pct":29.65},"note":"2025년 6월 파리에어쇼에서 DGA가 10년·최대 €1bn 프레임워크 협정 체결, OneWeb LEO 우선접속 용량·부가임무 호스팅 포함. 첫 콜오프 계약 CENTAURE는 4년 확정 €138M, 8년 최대 €350M. NEXUS/Syracuse GEO 보완용 LEO.","note_en":"In June 2025 (Paris Air Show) France's DGA signed a 10-year framework worth up to €1bn for priority OneWeb LEO capacity plus hosting of ancillary military missions; first call-off (CENTAURE) is €138M firm over 4 years, up to €350M over 8 years.","sources":[{"stance":"confirms","publisher":"Génération-NT","publisher_en":"Generation-NT","kind":"news","lang":"fr","published_at":"2025-06-19","url":"https://www.generation-nt.com/actualites/dga-eutelsat-contrat-centaure-satellite-communication-militaire-2077292","title":"350 millions d'euros pour les satellites de OneWeb : la France met le turbo dans l'espace militaire","title_en":"€350 million for OneWeb satellites: France accelerates in military space","excerpt":"Un contrat baptisé Centaure a été signé entre Eutelsat et la DGA, injectant jusqu'à 350 millions d'euros dans la sécurisation des liaisons satellitaires françaises.","excerpt_en":"A contract named Centaure was signed between Eutelsat and the DGA, injecting up to €350 million into securing French satellite links."},{"stance":"confirms","publisher":"Via Satellite","publisher_en":"Via Satellite","kind":"analysis","lang":"en","published_at":"2025-06-18","url":"https://www.satellitetoday.com/government-military/2025/06/18/frances-armed-forces-ministry-signs-framework-with-eutelsat-for-leo-access/","title":"프랑스, Eutelsat 지분 확대·군 LEO 접근 협약(분석)","title_en":"France to increase Eutelsat stake; military LEO-access framework (analysis)","excerpt":"The French defence procurement agency (DGA) signed a 10-year framework agreement with Eutelsat, valued at up to €1 billion, including priority-access space resources on Eutelsat's OneWeb LEO constellation.","excerpt_en":"The French defence procurement agency (DGA) signed a 10-year framework agreement with Eutelsat, valued at up to €1 billion, including priority-access space resources on Eutelsat's OneWeb LEO constellation."},{"stance":"confirms","publisher":"Ministère des Armées (defense.gouv.fr)","publisher_en":"French Ministry of the Armed Forces","kind":"filing","lang":"fr","published_at":"2025-06-18","url":"https://www.defense.gouv.fr/sites/default/files/ministere-armees/Communiqu%C3%A9_A_La%20DGA%20poursuit%20la%20diversification%20des%20moyens%20de%20t%C3%A9l%C3%A9communications%20par%20satellite%20au%20profit%20des%20forces.pdf","title":"La DGA poursuit la diversification des moyens de télécommunications par satellite au profit des forces","title_en":"DGA continues diversifying satellite telecom means for the armed forces","excerpt":"Accord-cadre de 10 ans, d'un montant maximal d'un milliard d'euros, portant sur la fourniture de ressources spatiales à accès prioritaire, notamment sur la constellation OneWeb d'Eutelsat.","excerpt_en":"10-year framework agreement, maximum €1 billion, covering supply of priority-access space resources, notably on Eutelsat's OneWeb constellation."}]},{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"OneWeb 위성 발사 서비스 제공사. 2022년 러시아 우크라이나 침공으로 Arianespace(Soyuz) 계약 파기 후 Falcon 9으로 전환; 2024년 10월 19일 반덴버그에서 20기(1세대 마지막) 발사 등 다수 미션 수행. 발사 계약 금액은 비공개.","note_en":"Launch provider for OneWeb satellites. After OneWeb scrapped its Arianespace/Soyuz launches following Russia's 2022 invasion of Ukraine, it pivoted to SpaceX Falcon 9; e.g. 20 satellites launched from Vandenberg on 19 Oct 2024. Launch contract values undisclosed.","sources":[{"stance":"confirms","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2024-10-20","url":"https://spacenews.com/spacex-completes-final-dedicated-launch-for-oneweb/","title":"SpaceX completes final dedicated launch for OneWeb","title_en":"SpaceX completes final dedicated launch for OneWeb","excerpt":"SpaceX launched the final batch of first-generation OneWeb satellites, completing its dedicated launch campaign for the Eutelsat-owned constellation after OneWeb turned to SpaceX from Arianespace Soyuz in 2022.","excerpt_en":"SpaceX launched the final batch of first-generation OneWeb satellites, completing its dedicated launch campaign for the Eutelsat-owned constellation after OneWeb turned to SpaceX from Arianespace Soyuz in 2022."},{"stance":"confirms","publisher":"Space.com","publisher_en":"Space.com","kind":"news","lang":"en","published_at":"2024-10-19","url":"https://www.space.com/spacex-eutelsat-oneweb-satellite-launch-october-2024","title":"SpaceX launches 20 Eutelsat OneWeb broadband satellites to orbit","title_en":"SpaceX launches 20 Eutelsat OneWeb broadband satellites to orbit","excerpt":"A SpaceX Falcon 9 rocket launched 20 Eutelsat OneWeb satellites from Vandenberg Space Force Base on Oct. 19, 2024, lofting the last of the constellation's first-generation internet satellites.","excerpt_en":"A SpaceX Falcon 9 rocket launched 20 Eutelsat OneWeb satellites from Vandenberg Space Force Base on Oct. 19, 2024, lofting the last of the constellation's first-generation internet satellites."}]},{"direction":"cost","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"OneWeb 2세대 위성 제작 공급사. 2024년 12월 100기 최초 계약, 2026년 1월 340기 추가 발주로 누적 최대 440기, 툴루즈 신규 생산라인 제작, 인도 2026년 말 개시. 5G 호환·IRIS² 상호운용 탑재. 계약 금액은 비공개.","note_en":"Prime manufacturer of the second-generation OneWeb satellites: 100 units first ordered Dec 2024, a further 340 in Jan 2026 (up to 440 total), built on a new Toulouse production line with deliveries from end-2026. Contract value undisclosed.","sources":[{"stance":"confirms","publisher":"Computer Weekly","publisher_en":"Computer Weekly","kind":"news","lang":"en","published_at":"2026-01-13","url":"https://www.computerweekly.com/news/366637031/Eutelsat-extends-Airbus-contract-for-further-low-Earth-orbit-OneWeb-satellites","title":"Eutelsat extends Airbus contract for further low Earth orbit OneWeb satellites","title_en":"Eutelsat extends Airbus contract for further low Earth orbit OneWeb satellites","excerpt":"The new order of 340 satellites follows a previous batch of 100 announced in December 2024, bringing the total second-generation OneWeb spacecraft on contract with Airbus to as many as 440.","excerpt_en":"The new order of 340 satellites follows a previous batch of 100 announced in December 2024, bringing the total second-generation OneWeb spacecraft on contract with Airbus to as many as 440."},{"stance":"confirms","publisher":"Airbus","publisher_en":"Airbus","kind":"ir","lang":"en","published_at":"2026-01-12","url":"https://www.airbus.com/en/newsroom/press-releases/2026-01-airbus-awarded-eutelsat-contract-for-further-340-low-earth-orbit","title":"Airbus awarded Eutelsat contract for further 340 low Earth orbit OneWeb satellites","title_en":"Airbus awarded Eutelsat contract for further 340 low Earth orbit OneWeb satellites","excerpt":"Airbus has been awarded a contract by Eutelsat to build a further 340 OneWeb LEO satellites, bringing the total to 440 including the 100 ordered in December 2024, produced in Toulouse, France.","excerpt_en":"Airbus has been awarded a contract by Eutelsat to build a further 340 OneWeb LEO satellites, bringing the total to 440 including the 100 ordered in December 2024, produced in Toulouse, France."},{"stance":"confirms","publisher":"Airbus","publisher_en":"Airbus","kind":"ir","lang":"fr","published_at":"2024-12-16","url":"https://www.airbus.com/sites/g/files/jlcbta136/files/2024-12/FR-Airbus-SpS-Press-Release-Airbus-awarded-Eutelsat-contract-to-build-Oneweb-low-orbit-constellation-extension.pdf","title":"Eutelsat contracte Airbus pour l'extension de la constellation OneWeb en orbite basse","title_en":"Airbus awarded Eutelsat contract to build OneWeb low-orbit constellation extension","excerpt":"Airbus construira les premiers lots de l'extension de la constellation, soit 100 satellites, à Toulouse, avec des livraisons prévues à partir de fin 2026.","excerpt_en":"Airbus will build the first batches of the constellation extension, i.e. 100 satellites, in Toulouse, with deliveries planned from end-2026."}]},{"direction":"revenue","counterparty":"유럽연합 (IRIS² 콘셰션)","counterparty_slug":null,"confidence":"mid","metric":{"type":"contract_value","unit":"EUR million","as_of":"2024-12-16","basis":"IRIS² 기대 매출 하한(총사업 €10.6bn, SpaceRISE 컨소시엄)","value":6500,"period":"12년 콘셰션","basis_en":"Minimum expected IRIS² revenue (€10.6bn total project, SpaceRISE consortium)","satellites":290,"concession_signed":"2024-12-16","gov_services_start":2030},"note":"EU의 IRIS² 다궤도 위성망(290기) SpaceRISE 콘세션(2024.12.16 서명) — Eutelsat이 SES 등과 참여. 정부 서비스 2030년 개시 목표. 프랑스 국가가 29.65%로 최대주주가 돼 실행을 뒷받침한다.","note_en":"The EU's IRIS² multi-orbit constellation (290 satellites), SpaceRISE concession (signed Dec 16, 2024), with Eutelsat participating alongside SES and others; government services targeted for 2030. The French State became the largest shareholder at 29.65% to underpin execution.","sources":[{"stance":"confirms","publisher":"Eutelsat","publisher_en":"Eutelsat","kind":"filing","lang":"en","published_at":"2025-06-19","url":"https://www.businesswire.com/news/home/20250619657170/en/","title":"Eutelsat €13.5억 증자, 프랑스 국가 €7.5억(29.65%) 최대주주로 — IRIS² 실행 확보","title_en":"Eutelsat EUR 1.35B capital increase; French State EUR 750M for 29.65% (largest shareholder) — to secure IRIS² execution","excerpt":"프랑스 국가 €7.5억 출자(29.65% 최대주주), €13.5억 증자 — IRIS² 등 장기 전략 실행 확보.","excerpt_en":"French State invested EUR 750M (29.65% largest shareholder) in a EUR 1.35B capital increase to secure execution of IRIS² and the long-term strategy."},{"stance":"confirms","publisher":"Euronext (Eutelsat regulated company news)","publisher_en":"Euronext (Eutelsat regulated company news)","kind":"filing","lang":"en","published_at":"2024-12-16","url":"https://live.euronext.com/en/products/equities/company-news/2024-12-16-eutelsatspacerise-consortium-inks-agreement","title":"Eutelsat:SpaceRISE Consortium Inks Agreement as Concessionaire for the EU's IRIS² Constellation","title_en":"Eutelsat:SpaceRISE Consortium Inks Agreement as Concessionaire for the EU's IRIS² Constellation","excerpt":"SpaceRISE will design, build and operate IRIS² under a 12-year concession; Eutelsat expects to generate at least €6.5 billion over the concession period, for a total project value of €10.6 billion.","excerpt_en":"SpaceRISE will design, build and operate IRIS² under a 12-year concession; Eutelsat expects to generate at least €6.5 billion over the concession period, for a total project value of €10.6 billion."},{"stance":"confirms","publisher":"SpaceNews","publisher_en":"SpaceNews","kind":"news","lang":"en","published_at":"2024-12-16","url":"https://spacenews.com/europe-signs-contracts-for-iris%C2%B2-constellation/","title":"Europe signs contracts for IRIS² constellation","title_en":"Europe signs contracts for IRIS² constellation","excerpt":"The SpaceRISE consortium led by SES, Eutelsat and Hispasat will contribute to the €10.6 billion IRIS² program, with a constellation of around 290 satellites operational by 2030.","excerpt_en":"The SpaceRISE consortium led by SES, Eutelsat and Hispasat will contribute to the €10.6 billion IRIS² program, with a constellation of around 290 satellites operational by 2030."}]}]}