Eutelsat reported FY 2025-26 results showing Low Earth Orbit (LEO) satellite revenue rising 69.5% like-for-like to €297 million, lifting its share of group revenue to 25% from about 15% a year earlier. Total revenue was €1.24 billion, up 3.0% like-for-like, ahead of the €1.20 billion average forecast from analysts polled by the company, while the group said it expects slight revenue growth in 2026-27 after stable revenue in the previous year. The company said LEO expansion outpaced expectations and is increasingly offsetting the structural decline in GEO (geostationary satellite) activities, especially Video. Eutelsat said its OneWeb constellation is the only operational global LEO connectivity network outside Elon Musk's Starlink, positioning it as a potential beneficiary of European efforts to build alternatives to U.S. satellite providers. LEO revenue is expected to rise by more than 30% next year, enough to offset further GEO weakness and support slight growth with a core profit margin broadly stable year on year. Net debt fell to €1.46 billion from €2.63 billion, helped by €1,469 million of net proceeds from a capital increase and a completed €5 billion refinancing package. The net debt-to-Adjusted EBITDA ratio improved to 2.32x from 3.88x. Eutelsat also said it expects $504 million in pre-tax incentive payments tied to U.S. C-band spectrum clearing, subject to meeting transition deadlines, with payments expected during 2031.