• In late January 2026, French Finance Minister Roland Lescure blocked Eutelsat’s planned sale of its ground antenna infrastructure, following the collapse of a proposed disposal to EQT Infrastructure VI after conditions precedent were not met, while the company maintained its financial objectives for FY 2025–26 aside from a modest Net Debt to EBITDA adjustment.

  • The intervention underscores Eutelsat’s role as a critical European satellite operator supporting both civilian and military communications and as the region’s only competitor to Starlink, elevating its importance within Europe’s communications and security architecture.

  • We’ll now examine how the French government’s decision to retain Eutelsat’s ground antennas shapes the company’s investment narrative and future positioning.

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To own Eutelsat you have to buy into a complex turnaround story: a heavily loss‑making, capital‑hungry satellite player that is trying to reposition around LEO connectivity while managing high leverage and political scrutiny. The French government’s move to block the antenna sale reinforces Eutelsat’s status as a strategic asset, but it also limits balance‑sheet flexibility at a time when debt is not well covered by operating cash flow and the group is still forecast to remain unprofitable. So far, management insists FY 2025–26 targets are intact apart from a modest Net Debt to EBITDA tweak, and the recent share price jump around earnings expectations suggests the market is still focused on near‑term newsflow. For now, the key short‑term catalysts remain execution on LEO ramp‑up and clarity on cash generation rather than this specific deal falling through.

However, investors should be aware of how constrained financial flexibility can affect that LEO ramp‑up. Eutelsat Communications’ shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

ENXTPA:ETL 1-Year Stock Price Chart ENXTPA:ETL 1-Year Stock Price Chart

Thirteen Simply Wall St Community members see fair value between €2.69 and €7.25, reflecting very different expectations. Set that against Eutelsat’s ongoing losses and high leverage, and you can see why views on its future performance diverge so sharply.

Explore 13 other fair value estimates on Eutelsat Communications – why the stock might be worth over 3x more than the current price!

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ETL.PA.

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