Eutelsat records IRIS² construction backlog as low-orbit revenue grows

Eutelsat ($ETL) reported €286 million of revenue for the first quarter of fiscal 2026/27, down 2.4% as reported and 0.9% on a comparable basis. Low-Earth-orbit revenue increased 30.1% like for like to €70.9 million, supporting 11.9% growth in connectivity revenue. Video remained a drag, with revenue declining 17.8% on the same basis.

Completion of the IRIS² programme’s first review allowed the project to enter construction, adding €8.9 billion of future construction revenue to the order backlog. Only approximately €5 million was recognized in the quarter; most of that backlog is expected to convert into revenue between 2027 and 2031. Eutelsat retained its fiscal 2026/27 objectives, including slight growth in operating-vertical revenue and approximately €1.2 billion of gross capital expenditure.

Sources:

• nasdaq.com