#1C EUTELSAT FULL YEAR 2022-23 RESULTS 28 July 2023#2EUTELSAT AGENDA 1. Key Events 2. Operational performance 3. Financial performance 4. Outlook 5. Q&A 2#3HIGHLIGHTS ▸ EUTELSAT FY 2022-23 Operating Vertical revenues of €1,136 million, or €1,157m (€/$ rate of 1.00), at the upper end of expected range, with sustained positive momentum in Mobile Connectivity Robust financial performance including industry-leading profitability with an Adjusted EBITDA margin of 73% ¹ Adjusted Discretionary Free Cash-Flow of €518m, comfortably within our expected range $382m proceeds related to Phase II of the C-Band transition recognized in late June 2023. Cash expected in Q1 FY 2023-24 Operational successes, with recent entry into service of 3 satellites incl. E10B, paving the way for return to growth and ensuring seamless service for existing customers Updated financial objectives: confirmed return to growth from FY 2023-24 onwards and strong cashflow generation Strong foundations to ensure the success of the proposed Eutelsat- One Web combination. EGM to approve the transaction expected in late September 2023 As of 30 June, 2023, EBITDA will evolve to Adjusted EBITDA with no change in calculation. 3#4KEY FINANCIAL DATA 1 Total Revenues Operating Verticals Revenues² Adjusted EBITDA margin at constant. currency ³ Cash Capex³ Reported Discretionary Free Cash-Flow ³ Adjusted Discretionary Free Cash-Flow ³ Net Debt / EBITDA ³ FY 2022-23 ▸ EUTELSAT €1,131m €1,136m 73.0% -€271m €462m €518m 3.35x YoY Change Reported -1.8% -1.1% -1.8 pt +€9m +€19m -€3m +0.08 pt Like-for-like -5.5% 1 -4.8% 1 2 Change at constant currency. At the guidance €/$ rate of 1.00, Operating vertical revenues stand at €1,157m 3 Alternative performance metrics. Please refer to Appendix 3 to the press release for more details.#5FY REVENUES Total revenues of €1,131m, down 5.5% like-for-like ► Positive currency effect €/$ rate of 1.04 vs 1.14 last year ► Negative swing of €5m in 'Other Revenues' Of which €15m related to hedging ● ► Revenues of the Operating Verticals down 4.8% like-for-like YoY EUTELSAT 1,152 FY YOY revenue bridge (€m) +43 0 FY 2021-22 Currency Perimeter reported (8) (55) -4.8% 1,131 Change in Operational FY 2022-23 trend reported Other Revenues 1 1 Including Hedging revenues representing a -€15m impact versus - €12m at end-June 2022. 2 Excluding the impact of sanctions, I-f-l rate would have been -4.1% 5#6NEW VERTICAL BREAKDOWN Effective from June 2023 EUTELSAT Broadcast Data & Professional Video Government Services Fixed Broadband Mobile Connectivity Total Operating Verticals (excluding other revenues) Video (incl. Broadcast and Professional video) Government Services Fixed Connectivity (incl. Fixed Broadband and Data) Mobile Connectivity Total Operating Verticals (excluding other revenues) | 6#7FY 2022-23 REVENUES BY APPLICATION REVENUE CONTRIBUTION ¹ VIDEO GOVERNMENT SERVICES MOBILE CONNECTIVITY FIXED CONNECTIVITY TOTAL OPERATING VERTICALS OTHER REVENUES EUTELSAT 62% 12% 10% 16% REVENUES (€m) 705 143 110 178 1,136 -5 LIKE-FOR-LIKE² YOY CHANGE -8.3% -7.2% +26.8% -2.3% -4.8% -€8m³ MIL 1 Share of each application as a percentage of total revenues excluding "Other Revenues". 2 Change at constant currency. The variation is calculated as follows: i) FY 2022-23 USD revenues are converted at FY 2021-22 rates; il) Hedging impact is excluded. 3 Of which - €3m related to hedging revenues. 7#8EUTELSAT AGENDA 1. Key Events 2. Operational performance 3. Financial performance 4. Outlook 5. Q&A 8#9VIDEO ► FY revenues of €705m, down 8.3% YoY like-for- like 1 ● ● Full effect of the non-renewal of the Digitürk contract Lower revenues in Europe ● Effect of sanctions mainly impacting the Second Half of FY 2022-23 Seasonality in Professional video ► Eutelsat selected by Orby Elevate Leveraging the unparalleled coverage of the EUTELSAT 117WA over US territory Q4 revenues of €170m, down 9.7% YoY and broadly stable QoQ EUTELSAT Q4 Q3 Q2 Q1 752 188 187 187 191 FY 2021-22 705 1 At constant currency and perimeter 170 169 182 184 FY 2022-23 Q4 Q3 Q2 Q1 62% 9#10GOVERNMENT SERVICES FY revenues of €143m, down 7.2% YoY like- for-like¹ ► Q4 revenues of €45m up 25.8% YoY like-for- like and up 45.0% QOQ ¹ One-off contract of €14m with the German space agency, DLR ► Excluding this impact, -14.2% YoY like-for-like Slightly improved trend versus First Half, thanks to a superior renewal rate in the Spring 2023 US DOD campaign of above 70% EUTELSAT Q4 Q3 Q2 Q1 144 36 35 37 37 FY 2021-22 143 1 At constant currency and perimeter 45 31 32 35 FY 2022-23 Q4 Q3 Q2 Q1 12% | 10#11MOBILE CONNECTIVITY ► FY revenues of €110m, up 26.8% YoY like-for- like¹ ● ● Ongoing positive momentum Strong growth in Maritime. ► Q4 revenues of €27.3m up 20.7% YoY like-for- like and 2.9% QOQ 1 ● Reflecting positive impact of the commercialization in the First Half of the third beam on EUTELSAT QUANTUM for a maritime mobility customer EUTELSAT Q4 Q3 Q2 Q1 80 23 21 19 17 FY 2021-22 110 1 At constant currency and perimeter 27 27 30 26 FY 2022-23 Q4 Q3 Q2 Q1 10% | 11#12FIXED CONNECTIVITY ► FY revenues of €178m, down 2.3% YoY like- for-like1 ● ● ● Wholesale agreements with Orange, TIM, Hispasat and Swisscom ● Ramp-up of the African operations In Fixed Data, improved volume trends partly offset negative impact of ongoing competitive pressure on prices. Q4 revenues of €41m, down 16.0% YoY like- for-like and down 6.9% QoQ¹ Tougher comparison basis with positive one-off of c. €2.5 million in the Fourth Quarter last year. EUTELSAT Q4 Q3 Q2 Q1 172 49 43 41 39 FY 2021-22 178 41 1 At constant currency and perimeter 44 47 46 FY 2022-23 Q4 Q3 Q2 Q1 16% | 12#13BACKLOG & FILL RATE BACKLOG (€BN) Excluding Managed services Of which Video ● ● ● ● 4.0 64% 30 June 2022 3.4 59% Backlog definition to evolve from FY2023-24 EUTELSAT 30 June 2023 Natural erosion due to Video consumption and FY23 terminations Partly offset by Mobility contracts Representing 3.0 years of revenues Video accounting for 59% versus 64% a year ago Fill rate OPERATIONAL & UTILIZED TRANSPONDERS ● ● ● 73.2% 1,361 996 67.8% 1,352 916 70.8% 1,351 953 30 June 2022 31 March 2023 30 June 2023 Broadly stable operational TPE Utilized TPE down 43 units Yo Y Operational Transponders Utilized Transponders Fill rate at 70.8% slightly up QoQ, reflecting the seasonality of certain maritime contracts, notably in Europe Based on 36 MHz-equivalent transponders (TPE), excluding HTS capacity | 13#14EUTELSAT AGENDA 1. Key Events 2. Operational performance 3. Financial performance 4. Outlook 5. Q&A | 14#15PROFITABILITY ► FY 2022-23 Adjusted EBITDA margin of 72.9% at constant currency¹ down 1.9 point YoY Lower revenues, especially in the Video vertical ● ► Higher operating costs ● Increased staff and technical costs due changing revenue mix and, to a lower extent, inflation Transaction costs with Russia ► Adjusted EBITDA margin reflecting progressive rebalancing of our business towards connectivity applications 173.0% reported. ▸ EUTELSAT Margin at constant currency 862 Adjusted EBITDA (€m) 74.8% FY 2021-22 825 72.9% FY 2022-23 | 15#16NET INCOME Extracts from the consolidated income statement in €m Revenues Adjusted EBITDA¹ Operating income Financial result Income tax Group share of net income ▸ EUTELSAT FY 2021-22 1,152 862 425 (65) (49) 231 FY 2022-23 1,131 825 573 (91) (67) 315 CHANGE -1.8% -4.2% +35.0% -40.7% -36.9% +36.4% Lower D&A due to lower in-orbit and on-ground depreciation. H13F and H13G in service end of period Other operating income of €203m, compared to income of €45 million last year, principally $382m payment of Phase II of C-Band proceeds. Unfavorable evolution of FX gains and losses as well as higher interest rates. Higher tax, at -€67 million versus -€49 million a year earlier, reflecting notably the 30% tax rate applied to the above-mentioned C-Band proceeds. -€87m income from associates (mainly One Web) Net margin of 28% versus 20% last year 1 Adjusted EBITDA defined as operating income before depreciation, amortization, impairments and other operating income/(expenses) | 16#17ADJUSTED DISCRETIONARY FREE CASH-FLOW In €m Change as per financial objectives 735 Net Cash-Flow from OW take-or-pay (1) operations Reported change ▸ EUTELSAT 94 (66) (271) Cash Capex 9 (2) (95) Interest and Other fees paid net of interests received (17) 518 56 462 Discretionary Free Cash-Flow (3) One-off costs related to specific projects, notably COMETE and Eutelsat-One Web combination 19 1 DFCF excludes payments related to the exclusive commercial partnership with OneWeb. 2 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. | 17#18NET DEBT EVOLUTION In €m 2,814 Net Debt as of 30/06/22 EUTELSAT (462) Reported DFCF 81 Dividend 143 Equity investments (mainly OneWeb) 190 Other 2,766 Net Debt as of 30/06/2023 | 18#19FINANCIAL STRUCTURE ► Net Debt/Adjusted EBITDA ratio of 3.35x Versus 3.27x as of 30 June 2022 and 3.55x at end December 2022 ● ► Average cost of debt after hedging of 2.96% Versus 2.55% in FY 22 ● Average weighted maturity of 3.6 years Versus 4.3 y at 30 June 2022 ● ► Strong liquidity ● Undrawn credit lines and cash around €1.5 billion EUTELSAT NET DEBT/ Adjusted EBITDA RATIO 3.27x 30 June 2022 3.35x 30 June 2023 | 19#20EUTELSAT AGENDA 1. Key Events 2. Operational performance 3. Financial performance 4. Outlook 5. Q&A 20#21FY 2023-24: REVENUE TRENDS BY APPLICATION EUTELSAT VIDEO GOVERNMENT SERVICES MOBILE & FIXED CONNECTIVITY ➤ Expected broadly in line with market trends, a mid-single digit decline Excluding the effect of sanctions which will be embarked for a full 12 months versus six months in FY 2022-23 Continuing to reflect the outcome of past and upcoming US DoD renewals Tougher comparison basis with FY 2022-23 reflecting the one-off DLR contract Positive impact from new EGNOS payload on EUTELSAT HOTBIRD 13G with a total contract value of c. €100m over 15 years > Expected to see double-digit growth in FY 2023-24 on the back of the entry into service of EUTELSAT 10B and KONNECT VHTS ➤ Firm pre-commitments and strong commercial traction. This outlook is based on the revised nominal deployment plan outlined below. It assumes no further material deterioration of revenues generated from Russian customers. It excludes the impact of the contemplated combination with OneWeb. | 21#22FINANCIAL OUTLOOK CONFIRMED (STANDALONE) OPERATING VERTICALS REVENUES EUTELSAT CASH CAPEX ADJUSTED DISCRETIONARY FREE CASH FLOW ³ LEVERAGE DISTRIBUTION ► Growth from FY 2023-24 onwards Not exceeding €400m¹ per annum for each of the two fiscal years FY 2022-23 and FY 2023-24 Average of €420m per annum over the next two fiscal years FY 2022-23 and FY 2023-24² Equivalent to cumulative Adjusted DFCF generation of €1.4 bn over three fiscal years (FY 22/FY 23 / FY 24) at 1.00 €/$ ► Medium-term net debt / EBITDA ratio of c. 3x Dividend suspended for three years in the context of combination with One Web³ This outlook is based on the revised nominal deployment plan outlined below. It assumes no further material deterioration of revenues generated from Russian customers. It excludes the impact of the contemplated combination with OneWeb. 1 Including capital expenditure and payments under existing export credit facilities and other bank facilities financing investments as well as payments related to lease liabilities. 2 Based on a €/$ rate assumption of 1.00 and current perimeter. Adjusted DFCF objectives exclude future payments related to the take-or-pay agreement with OneWeb. 3 Starting from FY 2022-23. | 22#23UPCOMING LAUNCHES NAME Orbital Position Approx. Entry into service date ¹ Manufacturer Coverage Applications Total capacity (TPX2/Spotbeams) o/w expansion EUTELSAT 2 EUTELSAT 36D 36° East H2 2024 AIRBUS DEFENCE & SPACE Africa, Russia, Europe, Middle East Video Government 70 transponders in Ku-band UHF payload UHF payload FLEXSAT AMERICAS 2026 (delivery) ThalesAlenía Space A Thales/Finmeccanica Campeny Americas Connectivity Over 100 Gbps 1 Calendar year | 2 Excludes unannounced redeployments 3 "Nominal capacity corresponding to the specifications of the satellites. Total operational capacity at the HOTBIRD orbital position will remain unchanged with 102 physical transponders (95 TPE), once regulatory, technical and operational constraints are taken into account." 23#24SUSTAINED POSITIVE COMMERCIAL RAMP-UP T Sustained commercial dynamic April-22 May-22 June-22 (1) Secured backlog ($m) July-22 August-22 September-22 600 October-22 November-22 December-22 800 January-23 February-23 March-23 +$300m since October 2022 900 April-23 May-23 June-23 EUTELSAT (1) Includes the $275m Take-or-Pay Agreement with Eutelsat. OneWeb Telstra Deal announced in June 2023 ▸ One of the world's largest rollouts of Low Earth Orbit (LEO) backhaul for a commercial mobile network in Australia. ► Telstra and One Web will begin moving hundreds of existing remote mobile base stations currently using satellite backhaul to OneWeb's LEO solution from later in 2023. ► The strategic agreement has the potential to expand to up to 25 Gbit/s of LEO capacity. Revenue objective of $50m by end-June 2023 achieved ► Enhancing the experience of Telstra's remote customers when using real-time applications such as voice and video calling and allowing the expansion of mobile coverage through new remote site deployment. | 24#25LOOKING AHEAD: UPDATE ON THE COMBINATION 14 November 2022 → Signing of the final combination agreement EUTELSAT Late September 2023 → Extraordinary General Meeting of Eutelsat called to approve the transaction → Closing ► Closing of the transaction expected in late September 2023, conditional upon: → Eutelsat EGM approvals → Customary regulatory approvals ► Combination ready to go live from Day One if approved at the EGM Q4 2022 / mid-2023 → Regulatory approvals OneWeb 25#26LOOKING AHEAD: ALL IN PLACE FOR A SUCCESSFUL COMBINATION Rebalancing of our business towards Connectivity, where demand is booming Reorganization along two business units to enhance customer-centricity, is now live Substantial growth capacity with E10B already in service, with incremental 35 Gbps of HTS Ku-band capacity addressing surging demand in Mobile Connectivity Sustained cashflow generation, with over €2.3bn over 5 years Eutelsat joined leading consortium to bid for EU Commission's tender for the IRIS² satellite constellation Merger with OneWeb on track to close by Q3; combination ready to go live from Day One EUTELSAT EUTELSAT E10B. Entered into service in late July 2023 26#27EUTELSAT Q&A 27#28DISCLAIMER This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Eutelsat Communications, nor should it, or any part of it, form the basis of or be relied on in connection with any contract or commitment whatsoever concerning Eutelsat Communications' assets, activities or shares. This presentation includes only summary information related to the activities for the fiscal year 2022-23 and its strategy and does not purport to be comprehensive or complete. All statements other than historical facts included in this presentation, including without limitations, those regarding Eutelsat Communications' position, business strategy, plans and objectives are forward-looking statements. The forward-looking statements included herein are for illustrative purposes only and are based on management's current views and assumptions. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: postponement of any ground or in-orbit investments and launches including but not limited to delays of future launches of satellites; impact of financial crisis on customers and suppliers; trends in Fixed Satellite Services markets; development of Digital Terrestrial Television and High Definition television; development of satellite broadband services; Eutelsat Communications' ability to develop and market value-added services and meet market demand; the effects of competing technologies developed and expected intense competition generally in its main markets; profitability of its expansion strategy; partial or total loss of a satellite at launch or in-orbit; supply conditions of satellites and launch systems; satellite or third-party launch failures affecting launch schedules of future satellites; litigation; ability to establish and maintain strategic relationships in its major businesses; and the effect of future acquisitions and investments. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. These materials are supplied to you solely for your information and may not be copied or distributed to any other person (whether in or outside your organization) or published, in whole or in part, for any purpose. EUTELSAT 28