(Telestock) – Eutelsat Communicationsthe French satellite telecommunications giant, has closed itsfinancial year 2023/2024 with total revenue equal to 1,213 million euros, up 7.2% on a reported basis and 5.6% on a like-for-like basis. Adjusted EBITDA was equal to 718.9 million euros, down 12.9%. Group net profit share was equal to -309.9 million euros, compared to +314.9 million euros in the previous year.
The backlog is €3.9 billion as of June 30, 2024, compared to €3.4 billion the previous year. OneWeb’s contribution more than offset the natural erosion of the backlog, particularly in the Video segment, in the absence of major renewals. The backlog is equivalent to 3.5 times 2022-23 revenues and connectivity represents 56% of the total, up from 40% the previous year.
“Eutelsat Group has achieved its targets for the 2023-24 fiscal year, thanks to a solid performance from incremental GEO capacity and the contribution of our LEO business – commented the CEO Eva Berneke – This was an important year in history of Eutelsat with the conclusion of its combination with OneWeb to form Eutelsat Group, the world’s first LEO-GEO satellite operator, which represents a major step forward in our telecommunications pivot. Although the operational launch of the OneWeb service has been more challenging than expected, we are now on track in terms of target coverage and expect OneWeb to continue to grow in fiscal year 2024-25.”