Eutelsat Strengthens Leadership and Balance Sheet in Connectivity Push

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In a strategic move to bolster its competitive position in satellite connectivity, Eutelsat has appointed Eva Birgitte Bisgaard as the new President of its Connectivity division. The company is leveraging expertise from the maritime sector, with Bisgaard’s background as former Chief Commercial Officer of Maersk Tankers, to expand its business against rivals like Starlink. This leadership change coincides with a period of financial stabilization for the satellite operator, marked by a successful capital increase and subsequent credit rating upgrades.

Eutelsat's financial footing has solidified significantly in recent months. A pivotal development was the completion of a rights issue in December, which raised 670 million euros. This offering was part of a larger 1.5 billion euro capital initiative. The market response was positive, with rating agencies taking note. Moody's upgraded the company's rating to Ba3, and Fitch followed with an upgrade to BB. These moves signal that the firm's previous balance sheet concerns are now largely resolved.

Trading activity, managed under a liquidity agreement with BNP Paribas, reflects stability. During the second half of 2025, 1.29 million shares were purchased and 1.25 million were sold, resulting in a net increase of approximately 34,500 shares in the liquidity account. By the end of December, that account held 407,063 shares and 1.14 million euros in cash.

A New Captain for the Connectivity Voyage

The appointment of Eva Birgitte Bisgaard underscores Eutelsat's serious commitment to growing its Europe-anchored connectivity operations. She brings a distinctive blend of experience, including nearly two decades at Danish telecommunications provider TDC, alongside her tenure driving global customer business and digital innovation at Maersk. Bisgaard replaces Cyril Dujardin, who is transitioning to another executive role within the company, and will join the Executive Committee.

This leadership decision is set against the backdrop of Eutelsat's unique hybrid satellite architecture, finalized after its 2023 merger with OneWeb. The combined entity now operates a fleet of 34 geostationary (GEO) satellites alongside a low Earth orbit (LEO) constellation of more than 600 satellites—a dual-network capability that distinguishes it within the European market.

Government Contracts Fuel Growth

Strategic government agreements are emerging as key growth drivers for the company. Beyond existing contracts in Ukraine, Eutelsat signed a significant strategic pact with the UK government in July 2025 for LEO network access. The company's combined GEO and LEO capacity portfolio is positioning it as a prominent European alternative to SpaceX's Starlink, particularly for sovereign and institutional clients seeking resilient connectivity solutions.