#1C EUTELSAT EUTELSAT COMMUNICATIONS Investor Presentation May 2022#2EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. Q3 FY 22 performance 4. Outlook 5. Appendix 2#3THE SATELLITE VALUE CHAIN EUTELSAT Satellite manufacturers Satellite launchers EUTELSAT Satellite operators TV broadcasters, Telecoms, Governments Consumers & businesses ↑ End users 3#4▸ EUTELSAT BUSINESS CHARACTERISTICS High barriers to entry ►Finite resource of orbital positions and frequencies, heavily regulated at international level with key commercial orbital positions have already been developed ► High upfront CAPEX before operations ► High technology and technical expertise through satellite lifecycle Profitable business model Significant backlog with long term contracts. Economies of scale ►High operating margins Predictable operating cash flow#5TRENDS IN OUR HERITAGE BUSINESSES BROADCAST (CHO Underlying trend in the last few years has been a low-single digit decline → Resilient channel line-up → HD growth, improved compression. → Europe / EM facing different trends. ► FY 22 to decline more than average → Carry-forward effect of Covid- related slow down in new business. → Temporary headwind related to the partial renewal of Nilesat ► Improving trends thereafter ► Low single digit decline in the medium. term EUTELSAT DATA & PROFESSIONAL VIDEO ►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 → Professional Video in structural decline FY 22 decline consistent with first nine months trend (mid-single digit) ►NGSO 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 Revenues to reflect: → Low USG renewals in FY 22 due to the geopolitical context in MENA → ETL Quantum ramp up NGSO to further broaden the market in the long-term 5#6SIGNIFICANT BROADBAND MARKET FOR SATELLITE ► Substantial long-term (2030+) core adressable market of premises durably beyond the reach of terrestrial infrastructure (4G, 5G, Fiber) ● -4M premises in Europe. ~5M premises in Africa ► Medium-term addressable market even larger ahead of planned terrestrial rollouts ► Adressing Telecom Operators' requirement for universal coverage ► Market able to accommodate several players EUTELSAT ► Demand for ubiquitous connectivity boosted by Covid-19 induced lock-downs. ► Positive consumer feedback for satellite BB >90% of Satellite BB customers are satisfied with their connectivity¹ ● 60 to 70% of HH in areas with poor terrestrial coverage show high interest in satellite BB offers ² Quality Excellent Good Neutral Poor 1 Source: Eutelsat market study, July 2020, based on 200 BB homes in UK, Germany, Italy 2 Source: Eutelsat market study, July 2020, based on 500 interviews per country in UK, Germany, Italy 6#7SUBSTANTIAL LONG-TERM OPPORTUNITY IN NON-BROADBAND CONNECTIVITY Addressing multiple verticals worth almost $11bn KEY APPLICATIONS VERTICALS FIXED DATA ¹ GOVERNMENT MOBILITY ▸ EUTELSAT Mobile backhaul ► Corporate networks. ► Military / Security ► Civil government ► In-flight Connectivity Maritime Connectivity DRIVERS Network extension Growing Data usages Ubiquitous coverage need USO pressure ► Defense budget increases ►Bandwidth-hungry usages Connecting remote sites Growing number of aircraft / ships Improved equipment / take-up rates. Enhanced service leading to higher usages 2030 MARKET 1. Excluding Rural Connectivity and Civil Government (part of "Enterprise Networks" within Euroconsult report) Source: Euroconsult Satellite Connectivity and Video Market, September 2021 $3.9bn $3.9bn $3.4bn 10Y-CAGR +10% +13% +17% | 7#8VIDEO DRIVERS: CHANNEL GROWTH IN EM AND IMAGE QUALITY -22,400 2020 CHANNEL GROWTH EUTELSAT TV CHANNELS IN EMEA AND LATAM ▬▬▬▬▬ 2022 CAGR: +0.1% 2021 2023 Predominantly driven by emerging Video markets Source: Euroconsult 2021 >22,500 2024 INCREASED IMAGE QUALITY HD PENETRATION RATE BY MAJOR REGION ETL footprint Russia and Central Asia SSA ΜΕΝΑ LATAM Central Europe Western Europe North America 13% 11% 21% 28% 23% 40% 36% 30% 37% 48% 40% 49% 44% 43% 2024 2020 58% 58% Everywhere, including mature Video markets 8#9VIDEO DRIVERS: CAPACITY REQUIREMENTS VERSUS COMPRESSION TECHNOLOGY 25 000 20 000 15 000 10 000 5 000 0 + 2020 EVOLUTION OF IMAGE QUALITY (NUMBER OF CHANNELS) 2024 Standard Definition High Definition Ultra High Definition and 3D ▸ EUTELSAT 2021 2022 2023 Source: Euroconsult 2021, EMEA and LATAM FORMAT SD HD UHD NUMBER OF CHANNELS PER 36 Mhz TRANSPONDER MODULATION DVB-S DVB-S2 DVB-S DVB-S2 DVB-S2 MPEG-2 ~15 MPEG-4 -26 -9 HEVC -15 -3 9#10SATELLITE CONTINUING TO GROW IN OUR FOOTPRINT Expansion of satellite households in most regions Region WEU CEU¹ ΜΕΝΑ AFRICA EUTELSAT FOOTPRINT EUTELSAT Source: Digital TV Satellite HH (m) 45m 39m 60m 29m 174m 1 Including Russia 2016-2021 CAGR -1.8% stable +1.9% +9.1% +1.3% Satellite penetration 26% 31% | COU 66% + 31% + 36% + Satellite Rank #2 #1 #1 #2 #1 10#11FIBER PENETRATION IS PROGRESSING... ... but is far from reaching all households, even in Europe and even in 2026 10% Italy 29% Eutelsat main markets % FTTH/B Subscriptions (out of total households) 20% Poland 35% ■2021 49% France 86% 2026 EUTELSAT Source Idate FTTH Forecast for EUROPE / Market forecast 2021-2026 / FTTH Virtual Conference 2021 26% 54% EU 27 + UK 11#12EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. Q3 FY 22 performance 4. Outlook 5. Appendix T 12#13EUTELSAT IN A SNAPSHOT KEY DATA FY 21 revenues of €1.23bn FY 21 DFCF¹ of €498m Dividend per share of €0.93² Fleet of 363 satellites; global coverage Operating around 1,360 transponders Broadcasting >7,000 channels Backlog representing 3.3 years of revenues ▸ EUTELSAT 1 Adjusted discretionary free cash flow 2 Dividend proposed at AGM of 4 November 2021 3 As of 31 March 2022 REVENUE BREAKDOWN BY APPLICATION BY GEOGRAPHY BY APPLICATION 7% 11% 6% 20% 13% 13% 7% 3% 2% 5% 30% 21% 62% ■Western Europe ■MENA Americas Central Europe SSA Russia APAC Unallocated and others ■Broadcast Data & Professional Video Government Services ■Fixed Broadband Mobile Connectivity | 13#14BREAKDOWN OF REVENUES BY APPLICATION CORE BUSINESSES CONNECTIVITY ▸ EUTELSAT Data for FY 2020-21 BROADCAST DATA & PROFESSIONAL VIDEO GOVERNMENT SERVICES FIXED BROADBAND MOBILE CONNECTIVITY 62% 13% 13% 7% 5% →Direct-to-Home (DTH) → Cable headends → Mobile backhaul → Corporate networks. Professional Video → Military → Security Internet access for households & corporates → In-flight Connectivity Maritime Connectivity | 14#15EUTELSAT'S GLOBAL NETWORK ▸ EUTELSAT EUTELSAT 113 WEST A EUTELSAT 115 WEST B EUTELSAT 117 WEST A EUTELSAT 117 WEST B EUTELSAT 139 WEST A EUTELSAT 133 WEST A THE EUTELSAT FLEET MARCH 2022 FAS EUTELSAT 8 WEST B EUTELSAT 12 WEST E EUTELSAT 65 WEST A stable orbit O inclined orbit EUTELSAT 5 WEST A EUTELSAT 5 WEST B EUTELSAT 7 WEST A capacity on third-party satellites EUTELSAT 10A EUTELSAT 3B EUTELSAT 78 EUTELSAT 7C EUTELSAT KONNECT EUTELSAT 9B FUTURE SATELLITES: EUTELSAT 10B HOTBIRD 13G HOTBIRD 13B, 13C, 13E EUTELSAT 21B EUTELSAT 16A EUTELSAT KONNECT VHTS HOTBIRD 13F EUTELSAT 36D EUTELSAT 28E* EUTELSAT 28F* EUTELSAT 28G* EUTELSAT QUANTUM EUTELSAT 53A* EXPRESS AT1* (56° E) EUTELSAT 36B EUTELSAT 36C* EUTELSAT 33E EXPRESS AT2* (140' E) EUTELSAT 70B EUTELSAT 1728 EUTELSAT 174A | 15#16>€2.4BN AGGREGATED DFCF GENERATED OVER 6 YEARS Reported DFCF / revenue ratio 16% 1,529 Adjusted DFCF growth ¹ 247 FY 2015-16 ▸ EUTELSAT 28% 1,478 408 FY 2016-17 29% +65% 1,408 415 FY 2017-18 31% +12% 1,321 408 FY 2018-19 37% +10% 1,278 Total revenues Reported Discretionary Free Cash Flow 474 FY 2019-20 Incl. €86m of E5WB insurance proceeds 1,234 +6% 38% 467 FY 2020-21 +0% +12% Excl. Insurance proceeds ² 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) | 16#17BOND & BANK DEBT MATURITY SCHEDULE ONGOING DEBT OPTIMISATION Net Debt/EBITDA ratio of 3.53x as of 31 December 2021 ► vs 3.09x as of 31 December 2020 and 2.88x at end June 2021 Average cost of debt after hedging of 2.5% ▶ vs 2.3% in H1 FY 21 Average weighted maturity of 4.5 years ► vs 4.3 years at 31 December 2020 Strong liquidity ► Cash and undrawn credit lines of c. €1.5bn EUTELSAT BOND & BANK DEBT MATURITY SCHEDULE 1 €300m 3.125% €67m 2022 €80m €200m €75m €53m €450m 2023 2024 Eutelsat SA Structured loan (drawn) Structured loan (undrawn) Undrawn RCF Outstanding Bonds EIB term loan €800m 2.000% €50m €75m 2025 €200m €400m €600m 2.250% €600m 1.500% 2026 2027 Eutelsat Communications Term loan/ undrawn line of credits €200m Note: Maturities are provided on a calendar year 1 Bond and Bank debt maturity schedule as of 31 December 2021, excluding ECA loans and leases 2028 17#18SHAREHOLDER STRUCTURE EUTELSAT SHAREHOLDING STRUCTURE AS OF 31 December 2021 EUTELSAT Free float and others 72.44% 1 Fonds Stratégique de Participations ● Bpifrance 19.98% FSP1 7.58% | 18#19CSR APPROACH Four major areas of focus are identified: 1 2 Bridging the "digital divide" Protecting the environment and space ▸ EUTELSAT 3 Promoting diversity and enhancing the attractiveness of the Group as an employer 4 Promoting ethics and loyalty in our relationships with our stakeholders Clarity of governance and stakeholder involvement ► A strategy reflecting the distinctive features of the Group and the industry ► 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 T 19#20CONTINUOUSLY IMPROVING ESG RATING MSCI vigeqiris 58/100 (2020) 介 AA (AAA) (2022) ↑ Top 7% of Media & Entertainment sector CSR POLICY RECOGNISED BY ESG RATING AGENCIES EUTELSAT +10 points compared to 2019 SUSTAINALYTICS 15/100 (2021) Low ESG risk score Top 12% of the global ranking S&P Global ROBECOSAM We are Sustainability Investing. 41/100 (2021) 20 points above sector average REFINITIV R 68/100 (2021) 39/231 in the Telecoms sector Given the nature of its activities, the Group has a limited impact on greenhouse gases emissions | 20#21EQUITY STORY IN A NUTSHELL DE30 Bid Ask Auto R PUSD M15 1.4505 1.00 1.50 SUP EUTELSAT Successful execution of cash generation strategy with more than €2.4bn aggregated DFCF generated over 6 years High level of shareholder remuneration with a well-covered dividend and a stable to progressive Dividend Policy $125m related to Phase 1 of C-band received; $382m remaining C-Band proceeds for Phase 2 to be received Tangible acceleration in Fixed Broadband Revenues set to grow from FY 24 thanks to incremental capacity with firm precommitments OneWeb deal brings unique exposure to one of the few global LEO constellations, a critical infrastructure to address long-term telecom needs | 21#22GLOBAL DISTRIBUTION PARTNERSHIP WITH ONEWEB Deepening cooperation and showcasing operational synergies between ETL and OW OPERATIONAL UPDATE ► 13 launches completed with 2/3 of the fleet now in orbit ► Partial coverage available ► Soyuz launches in Baikonur suspended ► Agreements with SpaceX and New Space India enabling launches to resume in CY 2022 EUTELSAT O ► Multi-year global distribution agreement ETL to resell OW capacity ► Covering all verticals and geographies ►Maximization of commercial opportunities for OW thanks to ETL commercial firepower ● GLOBAL DISTRIBUTION AGREEMENT ETL the only FSS operator able to provide differentiated low-latency capacity on top of GEO First step towards the development of future combined LEO/GEO offers OneWeb | 22#23EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. Q3 FY 22 performance 4. Outlook 5. Appendix | 23#24HIGHLIGHTS ▸ EUTELSAT Q3 operating vertical revenues of €285m, broadly stable vs Q2 Improved Broadcast revenue trend Robust double-digit growth in Fixed Broadband and Mobile Connectivity Commercialization of EUTELSAT QUANTUM progressing well Global distribution partnership with OneWeb Financial objectives confirmed | 24#25PROGRESS ON EUTELSAT QUANTUM COMMERCIALIZATION Distinctive features bringing unparalleled value for customers ● ● ● Coverage, spectrum, power and capacity in orbit-reconfiguration Real-time adaptation to evolving business needs Remote control of beam customization by customers Enhanced security features and interference mitigation EUTELSAT 6 beams out of eight already sold after six months of operation 1 beam for Maritime Mobility 5 beam for Government Services o/w 2 favoring the renewal of existing business Well-advanced discussions for the commercialization of 2 additional beams Capacity expected to be fully sold in the coming months 25#26Q3 REVENUES ► Total revenues of €287m, down 4.8% ► Negative perimeter effect -€8m impact from the disposal of EBI ► Positive currency effect ● €/$ rate of 1.13 vs 1.22 last year ►Negative change of -€5m in 'Other Revenues' O/w -€7m related to hedging ► Revenues of the Operating Verticals down 3.5% like-for-like YoY EUTELSAT 301 Q3 2020-21 reported Q3 YoY revenue bridge (€m) +8 Currency (8) Perimeter (5) 1 (10) 1 Including Hedging revenues representing a -€7m impact -3.5% Change in Operational Q3 2021-22 Other trend reported2 Revenues 287 | 26#27Q3 FY 2021-22 REVENUES BY APPLICATION BROADCAST DATA & PROFESSIONAL EUTELSAT VIDEO GOVERNMENT SERVICES FIXED BROADBAND MOBILE CONNECTIVITY TOTAL OPERATING VERTICALS OTHER REVENUES REVENUE CONTRIBUTION ¹ 61% 14% 12% 6% 7% REVENUES (€m) 173 40 35 17 21 285 2 YOY CHANGE LIKE-FOR-LIKE² -6.8% -2.7% -11.3% +30.2% +24.5% -3.5% -€5m³ 2 1 Share of each application as a percentage of total revenues excluding "Other Revenues". Change at constant currency and perimeter. 3 Of which -€7m related to hedging revenues 4 Of which -€1m related to hedging revenues QOQ CHANGE LIKE-FOR-LIKE² -0.8% +0.1% -8.0% +7.7% +4.5% -0.7% +€1m4 1 27#28BROADCAST ► Q3 revenues of €173m, down 6.8% YoY like- for-like ¹ ● Partial renewal of capacity with Nilesat at 7/8 °W not offset by the resale of capacity Low single digit decline excluding the 7/8 °West impact, reflecting a slight erosion of the underlying business in Europe ► Improving trend relative to Q2 (-8.6%) ► Broadly stable revenues QoQ (-0.8%) ► Revenues expected to be broadly stable in Q4 vs. Q3 1 At constant currency and perimeter EUTELSAT Q4 Q3 Q2 Q1 180 182 188 191 FY 2020-21 173 173 178 FY 2021-22 Q3 Q2 Q1 61% | 28#29DATA & PROFESSIONAL VIDEO ► Q3 revenues of €40m, down 2.7% YoY like-for- like¹ ● ● Fixed Data: improved volume trends now offsetting most of the pricing pressure Professional Video: favorable phasing of a specific contract and growth in OU ► Stable revenues Q-o-Q ► Contract on E172B to provide connectivity to corporate networks on Tuvalu Islands ► Mid-single digit decline for the FY as a whole EUTELSAT Q4 Q3 Q2 Q1 41 40 42 40 FY 2020-21 1 At constant currency and perimeter 40 39 38 FY 2021-22 Q3 Q2 Q1 14% 29#30GOVERNMENT SERVICES ► Q3 revenues of €35m, down 11.3% YoY like-for-like¹ Negative carry-forward effect of USG renewals driven by the withdrawal from Afghanistan E 174A in inclined orbit ● ● Revenues down 8.0% QOQ Full effect of Fall 2021 renewals now in the quarterly base ● ► Spring 2022 USG renewal rate in excess of 70%, in line with expectations Continued effect of geopolitical context in MENA ► Good progress in Eutelsat Quantum commercialization ► Q4 to reflect full effect of the Spring renewals, largely offset by Quantum ramp-up EUTELSAT 1 At constant currency and perimeter Q4 Q3 Q2 Q1 38 37 39 38 FY 2020-21 35 37 37 FY 2021-22 12% Q3 Q2 Q1 30#31FIXED BROADBAND ► Q3 revenues of €17m, up 30.2% YoY like-for-like¹ Contribution from the wholesale agreements with TIM and Hispasat Strong dynamic of our African operations Ramp-up of the agreement on E65WA to provide connectivity for schools in Mexico Erosion of the legacy business of BBB on KA-SAT ● ● ● ● ► Revenues up 7.7% QOQ ► Favorable momentum set to continue in Q4 EUTELSAT Q4 Q3 Q2 Q1 18 21 22 21 Reported FY 2020-21 Q3 Q2 Q1 1 At constant currency and perimeter 17 16 15 Reported FY 2021-22 6% | 31#32MOBILE CONNECTIVITY ► Q3 revenues of €21m, up 24.5% YoY¹ Carry-forward effect of Anuvu contract Agreement on EUTELSAT QUANTUM with a customer in the Middle-East ● Ongoing strong growth of Maritime driven by ramp-up of contracts secured in previous years ► Revenues up 4.5% QOQ Robust pipeline in Maritime ► Pace of growth to decelerate in Q4 ● Tougher comparison basis integrating Anuvu EUTELSAT Q4 Q3 Q2 Q1 18 16 16 18 FY 2020-21 21 19 17 FY 2021-22 1 At constant currency and perimeter Q3 Q2 Q1 7% | 32#33BACKLOG & FILL RATE Broadcast 64% ● 4.5 ● BACKLOG (€BN) 4.2 EUTELSAT 64% 4.0 63% 31 March 2021 31 Dec. 2021 31 March 2022 3.3 years of revenues Broadcast accounting for 63% OPERATIONAL & UTILIZED TRANSPONDERS Fill rate 69.5% ● 1,366 950 70.6% 1,380 974 70.7% 1,358 961 31 March 2021 31 Dec. 2021 31 March 2022 Operational Transponders Utilized Transponders Operating TPE down 22 units QoQ reflecting EoL in stable orbit of E174A satellite Fill rate broadly stable at 70.7% Based on 36 MHz-equivalent transponders (TPE), excluding HTS capacity | 33#34EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. Q3 FY 22 performance 4. Outlook 5. Appendix T 34#35A TWO-PRONGED STRATEGY 1. MAXIMISE CASH GENERATION OF THE HERITAGE BUSINESSES Funding our transition towards high growth verticals... ...whilst continuing to generate a high level of shareholder returns EUTELSAT 2. DELIVER GROWTH IN CONNECTIVITY VERTICALS GEO-enabled: in Fixed Broadband via KONNECT and KONNECT VHTS and in other applications via selected investments LEO-enabled via One Web Maximize GEO-LEO Synergies | 35#36UPDATE ON KEY PRIORITIES FOR FY 2021-22 1. MAXIMISE CASH GENERATION OF THE HERITAGE BUSINESSES 2. DELIVER GROWTH IN CONNECTIVITY VERTICALS ▸ EUTELSAT Fully deliver on LEAP 2 cost savings plan Secure C-Band proceeds in FY 22 Maintain all other levers of Free Cash-Flow generation under tension GEO ENABLED Commercialise EUTELSAT QUANTUM Secure wholesale agreements in Fixed Broadband and prepare the ground for KVHTS Ramp-up Konnect Africa operations Roll out 'Eutelsat Advance' managed services LEO ENABLED Secure the closing of our investment in One Web Develop cooperation with One Web €24m savings secured for FY 22 $125m booked in H1 (Phase 1) Adjusted DFCF of €203m generated in H1 6 beams already sold Contracts with Hispasat and DT Delayed availability of KONNECT VHTS Strong progress with Telcos (Globacom, Vodacom) and service providers (Intersat) Further traction in maritime Delayed availability of EUTELSAT 10B Both tranches of investment completed Global distribution agreement reached 36#37SUBSTANTIAL GROWTH CAPACITY TO PROGRESSIVELY SUPPORT TOPLINE EUTELSAT KONNECT EUTELSAT QUANTUM HOTBIRD 13G EUTELSAT 10B KONNECT VHTS EUTELSAT 36D ▸ EUTELSAT * INCREMENTAL CAPACITY 65 Ka spots 75 Gbps Calendar years 8 "QUANTUM" beams EGNOS Payload -100 Ku spots c. 35 Gbps -230 Ka spots 500 Gbps UHF Payload KEY MARKETS Broadband Europe/Africa Government Flexible Government Mobility EMEA/Atlantic & Indian Ocean Connectivity Europe Government ENTRY INTO SERVICE* In service since Q4 2020 In service since Q4 2021 H1 2023 H1 2023 H2 2023 H2 2024 FIRM COMMITMENTS orange hispasat First agreements secured Panasonic orange EGNOS TIM gogo overon TIM AIRBUS ThalesAlenía Space | 37#38FINANCIAL OUTLOOK ▸ EUTELSAT OPERATING VERTICALS REVENUES ¹ CASH CAPEX LEVERAGE ► Between €1,110 to €1,130m in FY 2021-221 Material improvement in trend in FY 2022-23 Growth in FY 2023-24 ADJUSTED Between €400m and €430m in FY 2021-22³ DISCRETIONARY FREE CASH-FLOW ³ ► Growth in FY 2022-23 and in FY 2023-24 DISTRIBUTION Not exceeding €400m² per annum for each of the next three fiscal years (FY 2021-22/ FY 2022-23 / FY 2023-24) Maintain solicited investment grade ratings ► Medium-term net debt / EBITDA ratio of c. 3x ► Stable to progressive dividend policy 1 Based on a €/$ rate assumption of 1.20 and current perimeter. 2 Including capital expenditure and payments under existing export credit facilities and other bank facilities financing investments as well as payments related to lease liabilities. 3 Based on a €/$ rate assumption of 1.20 and current perimeter. 38#39FUTURE LAUNCHES NAME Orbital Position Approx. Entry in'to service date ¹ Manufacturer Coverage Applications Total Capacity (TPX2/Spotbeams) o/w Expansion ³ EUTELSAT 10B 10° East H1 2023 ThalesAlenía A The Finmeccanice Company Space EMEA, Atlantic & Indian Ocean Mobile Connectivity 12 Ku / 10C / c.35 Gbps -48 Ku c.35 Gbps EUTELSAT HOTBIRD 13G 13° East H1 2023 AIRBUS DEFENCE & SPACE Europe Video 80 Ku4 EGNOS payload EGNOS payload KONNECT VHTS TBD H2 2023 Thales Alenia A Thes/Finmeccanice Company Space Europe Connectivity Government -230 Ka / 500 Gbps -230 Ka / 500 Gbps EUTELSAT HOTBIRD 13F 13° East Q2/Q3 2023 AIRBUS DEFENCE & SPACE Europe Video 80 Ku4 EUTELSAT 36D 36° East Electrical propulsion 1 Calendar 2 transponders ³Excludes unannounced redeployments EUTELSAT Nominal capacity corresponding to the specifications of the satellites. Total operational capacity at the HOTBIRD H2 2024 AIRBUS DEFENCE & SPACE Africa, Russia, Europe Video Government 70 Ku UHF payload UHF payload HTS Payload 99 orbital position will remain unchanged with 102 physical transponders (95 TPE), once regulatory, technical and operational constraints are taken into account." 39#40EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. Q3 FY 22 performance 4. Outlook 5. Appendix 40#41EUTELSAT 5. APPENDIX 5.1 H1 2021-22 financials 5.2 One Web 5.3 Miscellaneous 41#42PROFITABILITY ► H1 EBITDA margin of 76.4% at constant currency¹ down 0.6 points YoY ● ► Lower Opex ● ● Lower revenues ● Positive effect of changes in perimeter Lower Bad Debt Continued strict cost discipline in the legacy businesses ► LEAP 2: €24m savings in FY 22 now secured High-end of the €20-25m range 1 76.1% reported. ▸ EUTELSAT 484 EBITDA (€m) Margin at constant 77.0% currency H1 2020-21 436 76.4% H1 2021-22 The comparative financial statements as of 31 December 2020 have been restated with respect to the CVAE, which has been reclassified from "Selling, general and administrative expenses" to "Corporate income tax" for an amount of 2.1 million euros in order to align the presentation with the consolidated financial statements as of 31 December 2021. 42#43NET INCOME Extracts from the consolidated income statement in €m¹ Revenues EBITDA² Operating income Financial result Income tax Group share of net income EUTELSAT H1 2020-21 629 484 216 (47) (25) 137 H1 2021-22 572 436 276 (35) (57) 166 CHANGE -9.0% -10.0% +27.8% -27.0% +128.5% +20.8% Lower D&A reflecting notably KA-SAT disposal and end of depreciation period of certain assets Other operating income including phase 1 of C-band proceeds partly offset by asset impairments ► Favourable evolution of FX gains and losses Tax rate of 24% vs 15% last year 30% tax rate applied to C-band proceeds -€13m income from associates reflecting OneWeb Net margin of 29% versus 22% last year 1 The comparative financial statements as of 31 December 2020 have been restated with respect to the CVAE, which has been reclassified from "Selling, general and administrative expenses" to "Corporate income tax" for an amount of 2.1 million euros in order to align the presentation with the consolidated financial statements as of 31 December 2021. Figures are rounded to closest million; 2 EBITDA defined as operating income before depreciation, amortization, impairments and other operating income/(expenses) 43#44ADJUSTED DISCRETIONARY FREE CASH-FLOW In €m Change as per financial objectives Net Cash-Flow from operations Reported change EUTELSAT 363 -72 (98) Cash Capex +19 (1) (70) 203 co 8 195 Interest and Other fees paid Discretionary Free Cash-Flow net of interests received -62 FX, Hedging & one-offs related to LEAP 2 and to HQ move -62 1 Cash Capex covers the acquisition of satellites and other tangible or intangible assets, payments in respect of export credit facilities or other bank facilities financing investments as well as payments related to lease liabilities. If applicable it is netted from the amount of insurance proceeds. 44#45NET DEBT EVOLUTION In €m 2,655 Net Debt as of 30/06/21 EUTELSAT (195) Reported DFCF 222 495 Dividend OneWeb equity investment (109) C-Band proceeds 14 Other 3,081 Net Debt as of 31/12/21 45#46FINANCIAL STRUCTURE ►Net Debt/EBITDA ratio of 3.53x ● ● ► Average cost of debt after hedging of 2.5% Versus 2.3% in H1 FY 21 Versus 3.09x as of 31 December 2020 and 2.88x at end June 2021 ● Reflecting timing of dividend payment and of One Web investment whereas only 25% of C-band proceeds have been received ► Average weighted maturity of 4.5 years Versus 4.3 y at 31 Dec 2020 ● ► Strong liquidity Cash and undrawn credit lines of c.€1.5bn EUTELSAT NET DEBT/ EBITDA RATIO 3.09x 31 December 2020 3.53x 31 December 2021 46#47EUTELSAT 5. APPENDIX 5.1 H1 2021-22 financials 5.2 OneWeb 5.3 Miscellaneous 47#48KEY TERMS OF THE TRANSACTION ► $715m investment in ordinary shares via a capital increase (no selling shareholder), resulting in a 23% stake in One Web ▸ Eutelsat now the second largest shareholder of OneWeb ► Eutelsat is the only satellite operator among the main shareholders ► Similar governance rights to HMG and Bhartil EUTELSAT ▸ EUTELSAT OneWeb 2790 48#49ONEWEB IN A SNAPSHOT LEO CONSTELLATION WITH UNIQUE FEATURES ► 648 sats in Low-orbit ► 1.1 Tbps of capacity ► Fully global coverage ► Strong spectrum priority rights 2/3 of Gen 1 already in orbit Gen 2 to add capacity in the medium term ▸ EUTELSAT SOLID CAPITAL BACKING SoftBank OPENING OPPORTUNITIES Hanwha HM Government Since Nov. 20 Capital structure KUK Government 17.6% 17.6% Other 8.8% 3.1% 30% 22.9% bharti Since Nov. 20 EUTELSAT Since Sept 2021 OneWeb FULLY FUNDED SECURING OPERATIONS -$5bn total funds raised. (Ow $1.4bn since Chap. 11) + $0.7bn Eutelsat investment + $0.6bn additional investments from Bharti and Hanwha 49#50CUTTING EDGE TECHNICAL FEATURES LOW-LATENCY GLOBAL COVERAGE LOW LOOK ANGLE HARDWARE SIMPLICITY COST-EFFECTIVE EUTELSAT Relevant for latency sensitive apps incl. Cloud /5G Uninterrupted service and access to untapped markets Enhanced signal reception in all configurations Easy-to-install and low-cost vs. MEO Improved competitivity vs. terrestrial in remote areas 50#51AN ATTRACTIVE ENTRY POINT IN LEO FOR EUTELSAT EUTELSAT OPPORTUNITY TIMING PRICING Number of possible global constellations is limited to 4-6 by regulatory, physical and operational constraints The total cost for a standalone constellation amounting to several $bn ► Supported by a diversified shareholder base Partial coverage now available in the northern hemisphere with first distribution partners onboarded $715m to become a leading shareholder in a promising growth asset (largely financed by gross C-Band proceeds) Opportunity to buy a high potential asset with scalable technology Investment compatible with our hurdle rates even in a stretched scenario | 51#52COMPELLING ECONOMIC POTENTIAL Potential of at least 10-20% long-term market share in key verticals ► Revenues expected to reach c.$1bn per annum in 3 to 5 years following the full deployment of the constellation ► Highly profitable wholesale approach ► Largely self-financing in the medium term Investment compatible with our hurdle rates ▸ EUTELSAT OneWeb | 52#53MAJOR STEP IN OUR CONNECTIVITY STRATEGY Combination of Eutelsat and OneWeb getting the best of GEO and LEO ▸ EUTELSAT Eutelsat will continue maximizing cash-flow extraction from its high-profitable heritage business... ...underpinning delivery of strong returns to shareholders and grow its Fixed Broadband vertical leveraging EUTELSAT KONNECT and KONNECT VHTS... One Web will be the main growth engine in non-Broadcast and non-Broadband applications... ... combining resources and assets to boost overall commercial potential T 53#54EUTELSAT 5. APPENDIX 5.1 H1 2021-22 financials 5.2 One Web 5.3 Miscellaneous T 54#55APPOINTMENT OF EVA BERNEKE AS CEO ► Considerable experience across the TMT industry ► Former CEO of KMD, leading Danish player in software and IT Transformation of a declining business into a growth company ● Development of new businesses and management of the slowdown of heritage business ►Strong experience in Telecom at TDC, leading Danish Telco CEO Business and Wholesale (largest division) Head of strategy, in charge of IPO ● ► Former Board member of Schibsted and currently Board member of Vestas Wind and Lego ► Supported by experienced management team of Eutelsat EUTELSAT 55#56'EUTELSAT ADVANCE' TO ADDRESS CONNECTIVITY VERTICALS Innovative end-to-end managed services GLOBAL ECOSYSTEM OF SERVICES Global network that seamlessly integrates multiple Ku/Ka capacity Common ecosystem enabling asset mutualization and resources optimization → Flexible service catalog tailored for each market EUTELSAT 965 ADVANCED TECHNOLOGIES & TOOLS Integrated state-of-the-art cloud-based platform Intelligent band allocation & analytics Network management & monitoring tools providing advanced customer experience SEAMLESS USER EXPERIENCE & SUPPORT → Dynamic interfaces → Self management of services 24/7/365 customer support → Highly-reliable hosting & Teleport Services FLEXIBLE PARTNERSHIP WITH NO BARRIERS to ENTRY → Dynamic allocation of supply & demand Scaling up & down of bandwidth Reducing time to market →Open ecosystem of partners Leveraging existing capabilities at limited incremental cost to create a powerful platform enabling optimization of existing and future GEO/LEO resources 56#57EUTELSAT IR CONTACTS a Cédric PUGNI T: +33 1 53 98 31 54 E: [email protected] Alexandre ILLOUZ T: +33 1 53 98 46 81 E: [email protected] | 57