#1EUTELSAT GROUP Investor Presentation November 2023 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. C#2Agenda Eutelsat in a snapshot Key market trends Combination with OneWeb Q1 2023-24 performance* Strategy and Outlook Appendix Appendix FY 2022-23 financials* OneWeb combination Outlook & Financials 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. *Eutelsat standalone C#3Eutelsat in a snapshot 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. C#4The satellite value chain. Satellite manufacturers 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. Satellite launchers EUTELSAT GROUP Satellite operators TV broadcasters, Telecoms, Governments Consumers & businesses End users 4#5EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. Business characteristics High barriers to entry ● ● ● Profitable business model ● ● ● Finite resource of orbital positions and frequencies, heavily regulated at international level with key commercial orbital positions already into use High upfront CAPEX before operations High technology and technical expertise through satellite lifecycle ● Significant backlog with long-term contracts Economies of scale High operating margins Predictable operating cash flow 5#6Eutelsat in a snapshot¹ KEY DATA FY 23 revenues of €1.13bn FY 23 DFCF2 of €518m Fleet of 36³ satellites; global coverage Operating around 1,350 transponders Broadcasting c. 7,000 channels Backlog representing 3.0 years of revenues 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. 1 On a standalone basis 2 Adjusted Discretionary Free Cash Flow 3As of October 2023 REVENUE BREAKDOWN BY APPLICATION BY APPLICATION 17% -1% 3% 6% 10% 20% 11% 6% 30% 16% 10% O 12% 62% ■France ■Italy United Kingdom ■ Europe (others) Americas Middle East ■Africa Asia ■ Others Video Government Services Mobile Connectivity Fixed Connectivity 6#7Combination between Eutelsat and Oneweb, source of growth and value creation, is live MASSIVE GROWTH POTENTIAL IN SATELLITE CONNECTIVITY HIGH-GROWTH AND ROBUST FINANCIAL PROFILE Double digit revenue and Adjusted EBITDA growth STRONG VALUE CREATION *T* H EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. $1.5bn clearly identified synergies ▸ 600 Satellite Connectivity market at c. $16bn in 20301 EUTELSAT + OneWeb 889 UTU ONEWEB IS A UNIQUE ASSET (1) Source: Euroconsult Satellite Connectivity and Video Market, September 2021 One-of-only two global LEO broadband constellations COMBINATION TO CREATE THE FIRST INTEGRATED LEO/GEO PLAYER Highly complementary businesses 7#8Breakdown of revenues by application (FY 2022-23) → Direct-to-Home (DTH) Cable headends Professional Video 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. VIDEO GOVERNMENT SERVICES FIXED CONNECTIVITY MOBILE CONNECTIVITY 62% 12% 16% 10% ↑ 一个个 个个 Military Security Internet access for households & corporates Mobile backhaul Corporate networks In-flight Connectivity Maritime Connectivity 8#9Eutelsat's global GEO network today EUTELSAT 115 WEST B EUTELSAT 113 WEST A EUTELSAT 117 WEST A EUTELSAT 117 WEST B EUTELSAT 139 WEST A singer marine entrem THE EUTELSAT FLEET OCTOBER 2023 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. EUTELSAT B WEST B EUTELSAT 12 WEST G EUTELSAT 5 WEST B EUTELSAT 65 WEST A EUTELSAT 7 WEST A stable or bit inclined orbit capacity on third-party satellites VV EUTELSAT KONNECT VHTS EUTELSAT 10B Prat EUTELSAT 33E EUTELSAT 3B EUTELSAT 78 EUTELSAT 7C EUTELSAT KONNECT EUTELSAT 98 UNDER REDEPLOYMENT EUTELSAT HOTBIRD 13E HOTBIRD 13F, 13G EUTELSAT 218 EUTELSAT 16A FUTURE SATELLITES EUTELSAT 360 MATER FLEXSAT 25-re EUTELSAT 286* EUTELSAT 28F* EUTELSAT 28G* EUTELSAT QUANTUM EUTELSAT 53A" EXPRESS AT1* (56" E) EUTELSAT 368 EUTELSAT 36C* EUTELSAT 33F EXPRESS AT2* (140"E) EUTELSAT 708 EUTELSAT 1728 O EUTELSAT 174A 9#10€2.3bn aggregated DFCF generated over 5 years on a standalone basis Reported DFCF / revenue ratio 31% 1,321 408 FY 2018-19 Adjusted DFCF growth ¹ 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. 37% 1,278 474 FY 2019-20 Total revenues +6% 38% 1,234 467 Incl. €86m of E5W B insurance proceeds FY 2020-21 +0% +12% 38% 1,152 443 FY 2021-22 Reported Discretionary Free Cash Flow -2% 41% Excl. Insurance proceeds ² 1,131 462 FY 2022-23 -1% 1 Growth as defined per financial objectives 2 Excluding the post tax impact of the insurance proceeds related to EUTELSAT 5 WEST B (€86m received in FY 20, €7m received in FY 21) 3 At a 1.00€/$ rate 10#11Bond & Bank Debt maturity schedule €65m €53m €75m 2023 2024 2.000% €800m Eutelsat SA Structured loan (drawn) Undrawn RCF Outstanding Bonds EIB term loan BOND & BANK DEBT MATURITY SCHEDULE 1 €53m €50m 2025 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. €450m €200m €53m €75m 2026 2.250% €600m €53m €200m €400m 2027 1.500% Undrawn RCF €600m €200m 2028 Eutelsat Communications Term loan (drawn) ● At end June 2023: Average cost of debt after hedging of 2.96% Note: Maturities are provided on a calendar year ¹ Bond and Bank debt maturity schedule as of 30 June 2023, excluding ECA loans and leases Average weighted maturity of 3.6 years 11#12Shareholder base DISTRIBUTION OF EUTELSAT COMMUNICATIONS CAPITAL AS OF SEPTEMBER 29TH 2023 Free float and others, 28.3% EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. FSP, 4.2% Hanwha, 5.4% 1 Fonds Stratégique de Participations CMA-CGM Participations, 5.5% Softbank, 10.9% Bharti, 21.2% Bpifrance, 13.6% Secretary of State for Science, Innovation and Technology, 10.9% 12#13CSR approach Four major areas of focus: 1 Committed to the responsible use of Space 2 Bridging the communications divide across the World EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. 3 Respecting all our stakeholders, embracing diversity, fostering inclusion and striving to ensure equal opportunities for all 4 Caring about the environment, on earth and in space Clear governance and stakeholder involvement CSR division now reports to the Strategy Department, as it is a critical part of the transformation of Eutelsat and is an integral part of our strategy Initiatives conducted in each of these areas leading to tangible progress based on selected indicators Increasing weight of CSR criteria in compensation of corporate officers ► Sound and improving scores from extra-financial rating agencies 13.#14Continuously improving ESG rating MSCI A/AAA (2023) CSR POLICY RECOGNISED BY ESG RATING AGENCIES Score above the sector average ecovadis vigeqiris 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. 58/100 (2022) Top 25% of the sector Silver Certification 51/100 (2022) Score above the sector average SUSTAINALYTICS 13.6 (2023) Score reflecting a low ESG risk Top 10% of the Global Ranking S&P Global ROBECOSAM 40/100 (2022) Score above the sector average CDP D (2022) First time responder, not publicly disclosed Given the nature of its activities, the Group has a limited impact on greenhouse gases emissions 14#15Key market trends 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. C#16Market trends in our heritage businesses VIDEO Underlying trend in the last few years has been a mid single digit decline → Changing video consumption habits Resilient channel line-up HD growth, improved compression Europe / EM facing different trends for the industry Professional Video in structural decline 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. DATA Global demand increase driven by rising connectivity needs ... Ongoing decline of GEO business albeit at a modest pace → Improved volume trends in Fixed Data largely offsetting price pressure NGSO (Non-geostationary orbit) satellites to capture much of future growth in the long-term GOVERNMENT SERVICES Bandwidth-hungry usages, increasing defence budgets and remote connectivity needs to drive demand growth NGSO (Non-geostationary orbit) satellites to further broaden the market in the long-term 16#17Video drivers: Channel growth and image quality -22,400 2020 CHANNEL GROWTH TV CHANNELS IN EMEA AND LATAM 2021 CAGR: +0.1% 2022 2023 2 EUTELSAT GROUP Ⓒ2023 Eutelsat Group. All rights reserved. >22,500 2024 Resilient TV channels line-up mainly driven by Emerging markets, a significant part of Eutelsat footprint Source: Euroconsult 2021 INCREASED IMAGE QUALITY HD PENETRATION RATE BY MAJOR REGION ETL footprint Russia and Central Asia SSA ΜΕΝΑ LATAM Central Europe Western Europe North America 21% 23% 40% 48% 49% 44% 2024 2020 58% 58% HD penetration on Eutelsat footprint has room to grow compared to current overall market levels 17