Eutelsat Group secures €1.35 billion equity raise to cement its strategic space leadership

Eutelsat Group has unveiled a landmark €1.35 billion equity raise designed to power its long-term strategic roadmap and fortify its position at the heart of Europe’s space infrastructure ambitions. Backed by key institutional investors including the French State, Bharti, CMA CGM, and the Fonds Stratégique de Participations, this capital injection marks a major vote of confidence in Eutelsat’s dual-orbit model and its role in Europe’s digital and defense future.

The transaction, comprising a €716 million reserved capital increase and a €634 million rights issue, is scheduled to close by the end of 2025. The French State, acting through the Agence des participations de l'État (APE), will be a central player in the deal. It plans to acquire Bpifrance’s stake and contribute €526.4 million in the reserved tranche, a move that will see it hold close to 30% of Eutelsat’s share capital and voting rights upon completion.

Eutelsat’s unique positioning in the satellite sector is a key reason for this high-level support. As one of only two operators globally with an active commercial low Earth orbit (LEO) constellation—and the only one solely dedicated to business-to-business (B2B) and business-to-government (B2G) services—the group’s dual GEO-LEO architecture is set to become a cornerstone of Europe's sovereign connectivity ambitions. With LEO revenues projected to grow fivefold over the next eight years and the company targeting a Net Debt/EBITDA ratio of 2.5x by FY 2025–26, the financial outlook reinforces Eutelsat’s growth trajectory.

This strategic financing round follows the recent announcement of a historic €1 billion framework agreement between Eutelsat and the French Ministry of the Armed Forces under the NEXUS program. This deal grants the French military priority access to the Eutelsat OneWeb LEO network, reinforcing national security and enhancing resilience in space communications ahead of the IRIS² sovereign satellite constellation rollout.

Eutelsat's centrality in the EU’s IRIS² program positions it as the largest private investor in Europe’s drive for secure, autonomous digital infrastructure. The equity raise is more than a balance sheet maneuver—it signals a resolute commitment from the French government and strategic partners to ensure that Europe leads in space-based communications.

By:  Nana Appiah Acquaye