Euronext Paris · GEO + OneWeb LEO · Europe's Starlink alternative
Eutelsat Group
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.
ETL.PA Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Eutelsat Group is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 13 companies within two hops; the links are backed by 11 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2024-25 revenue EUR 1,244M (June year-end) · French State 29.65% largest shareholder · IRIS² (290 sats) execution
- Customer concentration · LEO (OneWeb) €187M (+84%) and government growing; video in structural decline
- Segments · Video (broadcast) · Connectivity: Government · Connectivity: Fixed · Connectivity: Mobility
Revenue from
- French government · military (DGA · CENTAURE) High confidence· Contract value €1B · 10년 프레임워크 · OneWeb LEO priority-access framework (first call-off CENTAURE: €138M firm/4yr, up to €350M/8yr)
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.Confirms FR Generation-NT Published Jun 19, 2025: €350 million for OneWeb satellites: France accelerates in military spaceConfirms EN Via Satellite Published Jun 18, 2025: France to increase Eutelsat stake; military LEO-access framework (analysis)Confirms FR French Ministry of the Armed Forces Published Jun 18, 2025: DGA continues diversifying satellite telecom means for the armed forces - European Union (IRIS² concession) Medium confidence· Contract value €6.5B · 12년 콘셰션 · Minimum expected IRIS² revenue (€10.6bn total project, SpaceRISE consortium)
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.Confirms EN Eutelsat Published Jun 19, 2025: Eutelsat EUR 1.35B capital increase; French State EUR 750M for 29.65% (largest shareholder) — to secure IRIS² executionConfirms EN Euronext (Eutelsat regulated company news) Published Dec 16, 2024: Eutelsat:SpaceRISE Consortium Inks Agreement as Concessionaire for the EU's IRIS² Constellation
Pays to
- SpaceX High confidence
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. - Airbus High confidence
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.Confirms EN Computer Weekly Published Jan 13, 2026: Eutelsat extends Airbus contract for further low Earth orbit OneWeb satellitesConfirms EN Airbus Published Jan 12, 2026: Airbus awarded Eutelsat contract for further 340 low Earth orbit OneWeb satellitesConfirms FR Airbus Published Dec 16, 2024: Airbus awarded Eutelsat contract to build OneWeb low-orbit constellation extension
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Eutelsat Group | node | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | -21.7 |
| Airbus | benef1 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +4.8 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| Voyager Technologies | benef2 | · | · | · | · | · | +29.8 |
| RTX | benef2 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +10.7 |
| Toray Industries | benef2 | +8.3 | +12.5 | -4.8 | +49.2 | +7.5 | +10.3 |
| Parker-Hannifin Corporation | benef2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| GE Aerospace | benef2 | +9.7 | -10.9 | +95.7 | +64.8 | +85.7 | +9.7 |
| Thales | benef2 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -7.5 |
| TransDigm Group Incorporated | benef2 | +2.8 | +1.8 | +66.6 | +32.3 | +12.2 | -12.6 |
| Korea Aerospace Industries | benef2 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -24.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Eutelsat Group operates across Euronext Paris, GEO + OneWeb LEO, Europe's Starlink alternative. After +32.1% in 2025, it corrected -21.7% in 2026. The supply side (avg +2.8%) leads the stock (-21.7%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Airbus (+4.8%) and the furthest behind is SpaceX (+0.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Airbus is building up to 440 second-generation OneWeb satellites.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 0 · Hold 2 · Sell 0 · Avg. target €3 · Price €1.789 (09-04) · Upside +68%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| BNP Paribas Exane | Neutre | €2.7 | May 18, 2026 | Report ↗ |
| Morgan Stanley | Pondération de marché (Equal-weight) | €2.4 | Mar 11, 2026 | Report ↗ |
Despite European sovereign-connectivity hopes and a post-rights-issue balance sheet, consensus stays Neutral: BNP Paribas lifted its target to EUR 2.70 while Morgan Stanley trimmed to EUR 2.40.
Analyses covering this node
- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026
- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026