Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) Eutelsat (the “Company”) announces the success of its share capital increase with shareholders’ preferential subscription rights for a gross amount of approximately €670 million (the “Rights Issue”). The proceeds of the Rights Issue, combined with the proceeds of the Reserved Capital Increases (as such term is defined below) completed on November 21st, 2025, will be used to reinforce its financial structure and fund its strategic ambitions.
Jean-Francois Fallacher, Chief Executive Officer of Eutelsat commented: “The strong support for our €670 million rights issue reflects the continued confidence of our shareholders in Eutelsat’s long-term strategic roadmap. Together with the reserved capital increases, this transaction significantly strengthens our financial structure and gives us the means to support the deployment of our LEO activities while maintaining a disciplined deleveraging trajectory”
Results of the Rights Issue
The Rights Issue (including issue premium) amounts to €669,775,132.80 and will result in the issue of 496,129,728 new shares (the “New Shares”) at a subscription price of €1.35 per New Share (i.e. €1.00 nominal value and €0.35 issue premium).
Following the subscription period which ended on December 9th, 2025, total demand amounted to approximately €891,581,211, representing a subscription rate of approximately 133%:
- - 476,022,088 New Shares have been subscribed on an irreducible basis (“à titre irréductible”) representing approximately 96% of the New Shares to be issued;
- - Orders submitted on a reducible basis (à titre réductible) represented 184,408,439 New Shares and will therefore only be partially allocated for an aggregate number of 20,107,640 New Shares according to a coefficient of 0.1829528897 calculated according to the number of rights submitted in support of irreducible subscriptions without resulting in an allocation of fractions of New Shares and without the allocation being greater than the number of New Shares requested on a reducible basis.
The issue, settlement and delivery, and start of trading of the New Shares on the regulated market of Euronext Paris (“Euronext Paris”) are expected to take place on December 16th, 2025. The start of trading of the New Shares on the London Stock Exchange is expected to take place on December 17th, 2025. The New Shares will immediately entitle their holders to receive dividends declared by Eutelsat as from the date of issuance. They will be immediately fungible with existing ordinary shares of the Company and will be traded on the same trading line under the same ISIN code FR0010221234.
Use of proceeds from the issuance of the New Shares
On June 19th, 2025, the Company presented a strategic roadmap aimed at accelerating the deployment of its low Earth orbit (LEO) satellite activities and supporting the future IRIS2constellation, while strengthening its financial flexibility by accelerating its debt reduction. In this context, the Company indicated that it would raise €1.5 billion in equity capital (as presented in the communication dated July 10th, 2025, supplementing that of June 19th, 2025) through: (i) reserved capital increases for a gross amount of €828 million at a price per share of €4.00, subscribed by the French Republic (the “French State”) via the Agence des Participations de l’Etat (the “APE”), Bharti Space Ltd, His Majesty’s Government, via The Secretary of State for Science, Innovation and Technology of the United Kingdom (the “UK Government”), CMA CGM Participations and the Fonds Stratégique de Participations (the “FSP”) (the “Reserved Capital Increases”), completed on November 21st, 2025, as well as (ii) a Rights Issue of approximately €670 million (together with the Reserved Capital Increases, the “Capital Increases”), also subscribed by the French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations and the FSP in proportion to their respective shareholding in the Company’s share capital after completion of the Reserved Capital Increases.
As part of these €1.5 billion Capital Increases:
- the French State via the APE subscribed for a total amount of €749 million;
- Bharti Space Ltd subscribed for a total amount of €150 million;
- the UK Government subscribed for a total amount of €163 million;
- CMA CGM Participations subscribed for a total amount of €150 million; and
- The FSP subscribed for a total amount of €91 million.
These Capital Increases, combined with a refinancing plan including a bond financing, export credit financings and an extension of bank debt maturities, should enable the Company to finance its medium-term plan and cover investments of approximately €4 billion over the period 2026-2029, while contributing to reducing the Company's leverage ratio to around 2.5x at the end of the 2025-26 financial year.
Impact of the Rights Issue on the Company's capital and voting rights
As a result of the Rights Issue, the Company’s share capital will amount to €1,178,308,106 divided in 1,178,308,106 shares with a nominal value of €1.00 each. The shareholding structure will be split (to the knowledge of the Company) as follows:
Lock-up commitments
As part of the underwriting agreement entered into between the Company and a syndicate of banks in the context of the Rights Issue, the Company has agreed to an undertaking to abstain from issuing or selling any shares from the date of signature of the underwriting agreement and expiring 180 calendar days following the settlement-delivery date of the New Shares, subject to certain customary exceptions.
The French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations and the FSP have agreed to a lock-up period beginning from the launch date of the Rights Issue and expiring 180 calendar days following the settlement-delivery date of the New Shares, subject to certain customary exceptions.
[1] This category includes treasury shares and Softbank Group Cap. Europe Ltd.
