Eutelsat Secures Major Airbus Satellite Order to Bolster OneWeb Constellation

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In a decisive move to accelerate its expansion in low Earth orbit (LEO), satellite operator Eutelsat has placed a substantial manufacturing order with Airbus Defence and Space. The contract, finalized in mid-January, is a core component of the company's strategy to solidify its long-term market position in the competitive LEO segment and drive growth.

The order comprises 340 new LEO satellites. This latest procurement brings the total current order volume to 440 units when combined with a prior booking made in December 2024. Airbus will manufacture the satellites on a new production line at its facility in Toulouse, with the first deliveries scheduled to commence from late 2026.

This fleet upgrade involves significant technological enhancements. The new satellite models are equipped with advanced digital channelizers for increased processing capacity and feature an optimized architectural design. Furthermore, included hosted-payload capabilities are intended to open avenues for new business models. These modern units will gradually replace older satellites within the constellation, ensuring operational continuity.

Compensating Legacy Weaknesses with LEO Momentum

This massive investment underscores Eutelsat's strategic pivot. The company's focus on LEO is already yielding results; revenues from this segment surged 70.7% to €54.1 million in the first fiscal quarter (July to September 2025). This robust growth is viewed as essential to offset declines in the traditional video business, which recently contracted by 10.5%.

Eutelsat's management has reaffirmed its financial targets for the 2025-26 fiscal year in light of this expansion:

• LEO Segment: Targeting revenue growth of 50% year-over-year.
• Total Revenue: Expected to remain stable compared to the prior year.
• Capital Expenditure: Gross capex forecast between €1.0 billion and €1.1 billion.

To fund these ambitions and reinforce its balance sheet, the company completed a capital increase of approximately €670 million in December 2025. For the longer term, Eutelsat is also banking on the European IRIS² project, which is projected to involve investments of around €2 billion by 2030.

Investor attention now turns to February 13, 2026, when Eutelsat is set to release its half-year results. A key focus will be whether the operational progress in the LEO division continues to justify the substantial investment outlay and the ambitious 50% growth target.