#1EUTELSAT EUTELSAT COMMUNICATIONS Investor Presentation February 2022#2EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. H1 FY 22 performance 4. Outlook 5. Appendix | 2#3THE SATELLITE VALUE CHAIN EUTELSAT EUTELSAT Satellite manufacturers Satellite launchers Satellite operators TV broadcasters, Telecoms, Governments Consumers & businesses . End users | 3#4EUTELSAT 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 TV ► 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 slowdown in new business → Temporary headwind related to the partial renewal of Nilesat Improving trends thereafter with return to low single digit decline 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 broadly consistent with H1 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 ►FY 22 revenues to reflect low USG renewals due to the geopolitical context in MENA GEO to benefit from ETL Quantum upcoming flexible capacity and hosted payload opportunities on the medium- term ►NGSO to further broaden the market in the long-term EUTELSAT | 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 ▸ 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 offers² Quality Excellent Good EUTELSAT 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 $10bn VERTICALS FIXED DATA KEY APPLICATIONS Mobile backhaul Corporate networks ► Community Broadband DRIVERS Network extension ► Growing Data usages 2029 MARKET1 10Y-CAGR² $3.2bn +7% ► Ubiquitous coverage need USO pressure GOVERNMENT Military/Security Polar coverage Civil government Defense budget increases ► Bandwidth-hungry usages Connecting remote sites. $3.0bn +11% ► Growing no of aircraft/ ships MOBILITY ▸ In-flight Connectivity ► Maritime Connectivity Improved equipment / take-up rates Enhanced service leading to higher usages $3.2bn +15% 1. Demand in 2029 based on Euroconsult assumptions EUTELSAT 2. 2019-2029 compounded annual growth rate based on Euroconsult assumptions | 7#8VIDEO DRIVERS: CHANNEL GROWTH IN EM AND IMAGE QUALITY INCREASED IMAGE QUALITY CHANNEL GROWTH TV CHANNELS IN EMEA AND LATAM HD PENETRATION RATE BY MAJOR REGION 2024 2020 CAGR: +0.1% ~22,400 >22,500 ETL footprint IIIIII 40% 28% Russia and Central Asia 21% 13% 23% SSA 11% 48% MENA 36% 49% LATAM 37% Central 44% 2020 2021 2022 2023 2024 Europe 30% Western Europe North America 58% 40% 58% 43% EUTELSAT Predominantly driven by emerging Video markets Source: Euroconsult 2021 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) 2021 2022 2023 NUMBER OF CHANNELS PER 36 Mhz TRANSPONDER FORMAT MODULATION MPEG-2 MPEG-4 HEVC DVB-S ~15 SD DVB-S2 -26 DVB-S HD DVB-S2 -9 ~15 UHD DVB-S2 2024 ■Standard Definition High Definition Ultra High Definition and 3D EUTELSAT Source: Euroconsult 2021, EMEA and LATAM ~3 | 9#10SATELLITE CONTINUING TO GROW IN OUR FOOTPRINT Expansion of satellite households in most regions Region Satellite HH (m) 2016-2021 CAGR Satellite penetration Satellite Rank WEU 45m -1.8% 26% CEU1 39m stable 31% MENA 60m +1.9% 66% ။ (00 #2 #1 #1 AFRICA 29m +9.1% 31% + #2 EUTELSAT FOOTPRINT 174m +1.3% 36%++ #1 EUTELSAT Source: Digital TV 1 Including Russia | 10#11FIBER PENETRATION IS PROGRESSING... ... but is far from reaching all households, even in Europe and even in 2026 % FTTH/B Subscriptions (out of total households) 10% Italy 49% 35% 29% 20% Eutelsat main markets Poland France 86% ■ 2021 ■ 2026 EUTELSAT Source: Idate FTTH Forecast for EUROPE / Market forecast 2021-2026 / FTTH Virtual Conference 2021 54% 26% EU 27 + UK | 11#12EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. H1 FY 22 performance 4. Outlook 5. Appendix │ 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 >1,370 transponders Broadcasting >7,000 channels Backlog representing 3.4 years of revenues EUTELSAT 1 Adjusted discretionary free cash flow 2 Dividend proposed at AGM of 4 November 2021 3 As of 31 December 2021 REVENUE BREAKDOWN BY APPLICATION 3% BY GEOGRAPHY ■Western Europe 6% 2% ■MENA 7% 30% Americas ■Central Europe 11% BY APPLICATION 20% 21% ■SSA Russia APAC Unallocated and others 5% ■ Broadcast 7% ■Data & Professional Video 13% ■Government Services 13% 62% ■Fixed Broadband ■Mobile Connectivity | 13#14BREAKDOWN OF REVENUES BY APPLICATION 62% BROADCAST DATA CORE & PROFESSIONAL VIDEO 13% BUSINESSES CONNECTIVITY EUTELSAT Data for FY 2020-21 Direct-to-Home (DTH) →> Cable headends Mobile backhaul → Corporate networks 个个个 Professional Video → Military GOVERNMENT SERVICES 13% → Security FIXED BROADBAND 7% Internet access for households & corporates → In-flight Connectivity MOBILE 5% → Maritime Connectivity CONNECTIVITY 14#15EUTELSAT'S GLOBAL NETWORK EUTELSAT EUTELSAT 7 WEST A EUTELSAT B WEST B EUTELSAT 10A 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 EUTELSAT 12 WESTE EUTELSAT 3B HOTBIRD 138, 13C, 13E EUTELSAT 21B EUTELSAT 28E* EUTELSAT 28F* EUTELSAT 28G* EUTELSAT QUANTUM EUTELSAT 53A* EXPRESS AT1 (56°E) EXPRESS AT2* (140° E) EUTELSAT 16A EUTELSAT 5 WEST A EUTELSAT 5 WEST B EUTELSAT 36B EUTELSAT 36C* EUTELSAT 70B EUTELSAT 65 WEST A EUTELSAT 7B EUTELSAT 7C EUTELSAT KONNECT EUTELSAT 33E EUTELSAT 172B EUTELSAT 174A EUTELSAT 9B stable orbit FEBRUARY 2022 ° inclined orbit capacity on third-party satellites FUTURE SATELLITES: HOTBIRD 13F HOTBIRD 13G EUTELSAT KONNECT VHTS EUTELSAT 10B EUTELSAT 36D | 15#16>€2.4BN AGGREGATED DFCF GENERATED OVER 6 YEARS Reported DFCF / 16% revenue ratio 28% 29% 31% 37% 1,529 1,478 1,408 1,321 1,278 Adjusted DFCF growth1 38% Incl. €86m of E5WB insurance proceeds 1,234 474 467 408 415 408 247 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19 Total revenues +65% +12% FY 2019-20 FY 2020-21 Reported Discretionary Free Cash Flow +10% +6% +0% Excl. Insurance +12% EUTELSAT 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) proceeds² 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 €800m €300m €75m €53m €75m €200m €600m €600m LILIIL 2.000% €400m 2.250% 1.500% €200m €80m €450m 3.125% €200m €67m €50m 2022 2023 2024 2025 2026 2027 2028 Eutelsat Communications Eutelsat SA Structured loan (drawn) Structured loan (undrawn) Undrawn RCF Outstanding Bonds EIB term loan Note: Maturities are provided on a calendar year Term loan/ undrawn line of credits 1 Bond and Bank debt maturity schedule as of 31 December 2021, excluding ECA loans and leases | 17#18SHAREHOLDER STRUCTURE EUTELSAT SHAREHOLDING STRUCTURE AS OF 31 December 2021 Free float and others 72.44% O Bpifrance 19.98% FSP1 7.58% EUTELSAT 1 Fonds Stratégique de Participations | 18#19CSR APPROACH Four major areas of focus are identified: 1 2 Bridging the "digital divide" Protecting the environment and space 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 EUTELSAT | 19#20CONTINUOUSLY IMPROVING ESG RATING CSR POLICY RECOGNISED BY ESG RATING AGENCIES MSCI vigeeiris AA (AAA) (2020) 58/100 (2020) SUSTAINALYTICS 15/100 (2021) S&P Global ROBECOSAMO We are Sustainability Investing. 41/100 (2021) REFINITIV R 68/100 (2021) ↑ ⇧ Top 7% of Media & Entertainment +10 points compared to 2019 Low ESG risk score Top 12% of the 20 points above sector average 39/231 in the Telecoms sector sector global ranking Given the nature of its activities, the Group has a limited impact on greenhouse gases emissions EUTELSAT │ 20 20#21EQUITY STORY IN A NUTSHELL DE30 1415 Bid Ask Auto GEPUSO M15 1.4505 1.00 1.4508 S 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; well-on-track to file for the remaining $382m C-Band proceeds of Phase 2 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#22INVESTMENT IN ONEWEB CLOSED Strong commercial and operational momentum € Both tranches of investment closed $580m cash-out in H1 with remaining $135m to be called in upcoming quarters Eutelsat now second shareholder with a 23% stake1 Gen-1 slightly overfunded 13 launches completed with 2/3 of the fleet now in orbit Partial coverage now available First distribution partners onboarded Numerous distribution partnerships secured across multiple verticals First substantial firm precommitment with NEOM in MENA Discussions for future commercial cooperation progressing well NEOM OneWeb LEONARDO DRS BT HUGHES AT&T An EchoStar Company AIRBUS Access to a critical infrastructure to serve long-term Telco needs 1 Subject to the completion of the investment announced by Hanwha in August 2021. As of 31/12/2021, Eutelsat held a 25.13% stake. EUTELSAT 22 22#23EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. H1 FY 22 performance 4. Outlook 5. Appendix │ 23#24HIGHLIGHTS EUTELSAT H1 Operating verticals down -4.2%, broadly in line with expectations and within the range of objectives for the Full Year Industry-leading profitability despite revenue decline H1 Adjusted Discretionary Free Cash-Flow well on track to reach full year objective $125m proceeds related to Phase I of C-Band transition received in December Sustained progress in our Fixed Broadband strategy Successful entry into service of EUTELSAT QUANTUM with strong commercial momentum Investment in OneWeb closed | 24#25KEY FINANCIAL DATA YoY Change First Half 2021-22 Reported Like-for-like Total Revenues €572m -9.0% -4.7%¹ Operating Verticals Revenues €569m -7.2% -4.2%¹ EBITDA margin at constant currency² 76.4% -0.6 pts Cash Capex² (€98)m +€19m Reported Discretionary Free Cash-Flow² €195m -€62m Adjusted Discretionary Free Cash-Flow² €203m -€62m Net Debt/ EBITDA² 3.53x +0.44pts 1 Change at constant currency and perimeter. 2 Alternative performance metrics. Please refer to Appendix 3 to the press release for more details. EUTELSAT 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. | 25#26PROGRESS IN FIXED BROADBAND ROLLOUT EUROPE: GO-TO-MARKET LARGELY DE-RISKED Four of the five most populous European markets are now covered by wholesale or distribution agreements hispasat EUTELSAT orange T TIM AFRICA: PROGRESSING ON MULTIPLE CHANNELS Telecom Operators • Nigeria: Globacom • Tanzania: Vodacom Service Providers Community Wifi Business to Government . Agreement with Intersat for capacity over Gambia/ Guinea- Bissau Good momentum with >250 hotstpots activated in DRC Good progress in discussions with major international institutions | 26#27EUTELSAT QUANTUM STARTING OPERATIONS In service since mid-November Bringing unprecedented flexibility . • 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 Unparalleled value for customers First contracts secured for two beams • 1 beam for Maritime Mobility • 1 beam for Government Services Well-advanced discussions for the commercialization of 2 additional beams Robust pipeline with both USG and non- USG customers Commercialization well advanced for 4 beams out of 8 EUTELSAT 27#28H1 2021-22 REVENUES ► Total revenues of €572m, down 9.0% ► No material currency effect Stable €/$ rate YoY at 1.17 ► Negative perimeter effect H1 YoY revenue bridge (€m) +0 • Acquisition of BBB on 1 October 2020 Disposal of EBI on 30 April 2021 ► Negative swing of €12m in 'Other Revenues' Of which -€8m related to hedging ► Revenues of the Operating Verticals down 4.2% like-for-like YoY EUTELSAT 629 (20) (12) (25) -4.2% 572 H1 2020-21 Currency Perimeter reported Change in Other Revenues Operational H1 2021-22 trend reported 1 1 Including Hedging revenues representing a €8m impact 28#29H1 FY 2021-22 REVENUES BY APPLICATION REVENUE CONTRIBUTION1 REVENUES (€m) LIKE-FOR-LIKE² YOY CHANGE BROADCAST 62% 351 -7.5% DATA & 14% 78 -4.1% PROFESSIONAL VIDEO GOVERNMENT 13% 74 -3.8% SERVICES FIXED BROADBAND 5% 30 30 +37.3% MOBILE CONNECTIVITY TOTAL OPERATING VERTICALS 6% 37 +9.8% 569 -4.2% OTHER REVENUES 1 Share of each application as a percentage of total revenues excluding "Other Revenues". 4 €-12m³ EUTELSAT 2 Change at constant curency and perimeter. The variation is calculated as follows: 1) H1 2021-22 USD revenues are converted at H1 2020-21 rates ii) the contribution of BigBlu Broadband Europe (BBB) is excluded from H1 2021-22 revenues; iii) the contribution of Eurobroadband Infrastructure (EBI) is excluded from H1 2020-21 revenues; iv) Hedging impact is excluded. 3 Of which -€'8m related to hedging revenues | 29#30BROADCAST ▸ H1 revenues of €351m, down 7.5% YoY like-for-like¹ Lower revenues in Europe reflecting particularly the carry-forward effect of the slowdown in pace of new business last year Temporary headwind of the partial renewal of capacity with Nilesat at 7/8 W 379 351 Q2 188 Negative impact of circa one point reflecting a positive one-off in Q1 FY 21 as well as lower revenues from Fransat 173 Q2 70 ► Q2 revenues down 8.6% YoY and 3.1% QoQ Q1 191 178 Q1 ▸ Trend expected to progressively improve • Easier comparison basis in H2 Gradual resale of the capacity at 7/8 W EUTELSAT H1 2020-21 H1 2021-22 1 At constant currency and perimeter 62% | 30#31DATA & PROFESSIONAL VIDEO H1 revenues of €78m, down 4.1% YoY like- for-like¹ • Q2 revenues down -6.7% YoY and up +1.4% QoQ ► Improved volume trend in Fixed Data: . 81 Offsetting most of the negative impact of competitive pressure Q2 42 42 ➤ High-single digit decline in Professional Video • • Structural headwinds in this application Unfavourable phasing of a specific contract ➤ FY decline expected to be broadly consistent with H1 trend EUTELSAT Q1 40 78 39 Q2 38 Q1 H1 2020-21 H1 2021-22 1 At constant currency and perimeter 14% | 31#32GOVERNMENT SERVICES H1 revenues of €74m, down 3.8% YoY like-for- like1 • Negative carry-forward effect of USG renewals in particular Fall 2021 campaign (75% renewal rate) affected by geopolitical context in MENA 77 74 Q2 39 39 · Partly offset by new business ► Q2 revenues down 5.9% YoY and 2.0% QoQ1 Q1 38 38 H2 to fully reflect the above-mentioned headwinds . Full effect of Fall 2021 renewals • Geopolitical context also expected to affect spring renewals EUTELSAT 37 Q2 70 37 Q1 H1 2020-21 H1 2021-22 1 At constant currency and perimeter 13% 32#33FIXED BROADBAND ► H1 revenues of €30m, up 37.3% like-for-like¹ • • Contribution of wholesale agreements: Orange, TIM and Hispasat Growth of African operations Q2 revenues up 24.7% YoY; up 5.9% QoQ1 ▸ Material progress in roll out 42 30 5% Q2 22 25 • Distribution agreement with Deutsche Telekom for the German coverage 18 Q2 16 • Multi-year wholesale commitment of Hispasat for Iberian capacity on KONNECT 16 • Wholesale capacity contract with Globacom in Nigeria and service agreement with Vodacom in Tanzania Q1 21 12 Q1 15 9 • Agreement with Intersat for Gambia and Guinea Bissau 6 • E65WA to provide connectivity to schools in Mexico Reported Proforma Reported Proforma H1 2020-21 H1 2021-22 ► Continuation of significant double-digit growth in H2 EUTELSAT 1 At constant currency and perimeter 33#34MOBILE CONNECTIVITY ► H1 revenues of €37m, up 9.8% YoY like-for-like¹ Contribution of Anuvu contract Sound performance of Maritime mobility 34 37 • Ramp-up of contracts secured in previous years • Agreement for one beam on ETL QUANTUM Q2 16 19 Q2 Q2 revenues up 19.6% YoY and 11.0% QoQ1 ► Good commercial momentum Global partnership with Marlink extended to APAC and the Americas including incremental capacity commitments NMARLINK ABOVE AND BEYOND Agreement for one beam on QUANTUM Q1 18 17 Q1 H1 2020-21 H1 2021-22 ► Double-digit growth expected for the Full Year 1 At constant currency and perimeter EUTELSAT 6% 34#35BACKLOG & FILL RATE BACKLOG (ЄBN) OPERATIONAL & UTILIZED TRANSPONDERS Fill rate 70.1% 71.2% 70.6% 4.4 4.4 4.2 1,380 1,377 1,380 967 981 974 Ow Broadcast 67% 64% 64% 31 Dec. 2020 30 June 2021 31 Dec. 2021 31 Dec. 2020 30 June 2021 31 Dec. 2021 • . Natural consumption partly offset by partial renewal with Nilesat and Hispasat contract Stable operating TPE • Utilized TPE up 7 units YoY 3.4 years of revenues . Fill rate at 70.6% in slight growth YoY • Broadcast accounting for 64% EUTELSAT Operational Transponders Utilized Transponders Based on 36 MHz-equivalent transponders (TPE), excluding HTS capacity │ 35#36EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. H1 FY 22 performance 4. Outlook 5. Appendix │ 36#37A TWO-PRONGED STRATEGY 1. MAXIMISE CASH GENERATION OF THE HERITAGE BUSINESSES 2. DELIVER GROWTH IN CONNECTIVITY VERTICALS Funding our transition towards high growth verticals... GEO-enabled: in Fixed Broadband via KONNECT and KONNECT VHTS and in other applications via selected investments Maximize GEO-LEO Synergies ...whilst continuing to generate a high level of shareholder returns LEO-enabled via OneWeb EUTELSAT 37#38UPDATE 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 €24m savings secured for FY 22 $125m booked in H1 (Phase 1) Adjusted DFCF of €203m generated in H1 GEO ENABLED Commercialise EUTELSAT QUANTUM Secure wholesale agreements in Fixed Broadband and prepare the ground for KVHTS Ramp-up Konnect Africa operations Roll out 'Eutelsat Advance' managed services LEO ENABLED Secure the closing of our investment in OneWeb Develop cooperation with OneWeb Well advanced commercialization of 4 beams Contracts with Hispasat and DT Delayed availability of KONNECT VHTS Strong progress with Telcos (Globacom, Vodacom) and service providers (Intersat) Further traction in maritime Delayed availability of EUTELSAT 10B Both tranches of investment completed Discussions progressing well | 38#39UPDATED REVENUE OBJECTIVES FY 22 REVENUES EXPECTED IN OUR PREDICTED RANGE ALBEIT IN THE LOWER HALF MEDIUM-TERM OBJECTIVES MECHANICALLY ADJUSTED; RETURN TO GROWTH IN FY 24 ► H1 revenues broadly in line with expectations, albeit at the lower end of our guidance range ▸ Two headwinds affecting Full Year Slower than expected resale of capacity at 7/8° West Impact of geopolitical situation in MENA on USG Fall and Spring renewals FY 22 outturn now expected in the lower half of our Operating Verticals revenue guidance range of €1,110m to €1,150m1 ► Top end of this range adjusted to €1,130m ▸ Delayed availability of KONNECT VHTS and E10B has a mechanical impact ► Return to topline growth in FY 23 no longer achievable ▸ FY 23 revenue trend will materially improve relative to FY 22 ►FY 24 revenues expected to grow on the back of the availability of incremental resources EUTELSAT 1 at 1.20 €/$ rate | 39#40SUBSTANTIAL GROWTH CAPACITY TO PROGRESSIVELY SUPPORT TOPLINE INCREMENTAL CAPACITY KEY MARKETS ENTRY INTO SERVICE* FIRM COMMITMENTS EUTELSAT KONNECT 65 Ka spots 75 Gbps TIM Broadband Europe/Africa In service since Q4 2020 orange hispasat EUTELSAT QUANTUM HOTBIRD 13G EGNOS Payload 8 "QUANTUM❞ beams Government Flexible In service since Q4 2021 First agreements secured Government H1 2023 EGNOS EUTELSAT 10B ~100 Ku spots c. 35 Gbps Mobility EMEA/Atlantic & Indian Panasonic gogo H1 2023 overon KONNECT VHTS ~230 Ka spots 500 Gbps Ocean Connectivity Europe H2 2023 TIM ThalesAlenía orange Space EUTELSAT 36D EUTELSAT * Calendar years UHF Payload Government H2 2024 AIRBUS | 40#41FINANCIAL OUTLOOK: DFCF OBJECTIVES CONFIRMED OPERATING VERTICALS REVENUES¹ CASH CAPEX ADJUSTED DISCRETIONARY Between €1,110 to €1,130m in FY 2021-221 Material improvement in trend in FY 2022-23 Mechanically adjusted for growth assets delays Growth in FY 2023-24 ► Not exceeding €400m² per annum for each of the next three fiscal years (FY 2021-22/ FY 2022-23 / FY 2023-24) ► Between €400m and €430m in FY 2021-223 FREE CASH-FLOW³ ► Growth in FY 2022-23 and in FY 2023-24 Maintain solicited investment grade ratings LEVERAGE ► Medium-term net debt / EBITDA ratio of c. 3x DISTRIBUTION ► Stable to progressive dividend policy EUTELSAT 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. | 41#42FUTURE LAUNCHES NAME EUTELSAT 10B EUTELSAT HOTBIRD 13G KONNECT VHTS EUTELSAT HOTBIRD 13F EUTELSAT 36D Orbital Position Approx. Entry into service date1 10° East 13° East TBD 13° East 36° East H1 2023 H1 2023 H2 2023 Vs H1 2023 previously Q2/Q3 2023 H2 2024 Manufacturer Coverage ThalesAlenia Space A Theee/Finmeccanica Company EMEA, Atlantic & Indian Ocean Applications Mobile Connectivity AIRBUS DEFENCE & SPACE ThalesAlenía Space A Thes/Finmeccanica Company AIRBUS DEFENCE & SPACE AIRBUS DEFENCE & SPACE Europe Europe Europe Africa, Russia, Europe Video Connectivity Government Video Video Government Total Capacity (TPX2/Spotbeams) 12 Ku/10C / c.35 Gbps 80 Ku4 EGNOS payload ~230 Ka/ 500 Gbps 80 Ku4 70 Ku UHF payload o/w Expansion³ -48 Ku c.35 Gbps EGNOS payload ~230 Ka/ 500 Gbps UHF payload Electrical propulsion HTS Payload EUTELSAT 1 Calendar year | 2 Physical transponders | 3Excludes 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." 42#43EUTELSAT AGENDA 1. FSS Industry 2. Eutelsat in a snapshot 3. H1 FY 22 performance 4. Outlook 5. Appendix | 43#44EUTELSAT 5. APPENDIX 5.1 H1 2021-22 financials 5.2 OneWeb 5.3 Miscellaneous │ 44#45PROFITABILITY ➤ H1 EBITDA margin of 76.4% at constant currency¹ down 0.6 points YoY Lower revenues ➤ Lower Opex • 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 (Єm) 436 Margin at constant currency 77.0% 76.4% H1 2020-21 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. 45 45#46NET INCOME Extracts from the consolidated income statement in €m¹ H1 2020-21 H1 2021-22 CHANGE Revenues 629 572 -9.0% EBITDA² 484 436 -10.0% Operating income 216 276 +27.8% Financial result (47) (35) -27.0% 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 Income tax (25) (57) +128.5% 30% tax rate applied to C-band proceeds Group share 137 166 +20.8% of net income -€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; EUTELSAT 2 EBITDA defined as operating income before depreciation, amortization, impairments and other operating income/(expenses) 46#47ADJUSTED DISCRETIONARY FREE CASH-FLOW In €m 203 (98) 8 363 FX, Hedging & one-offs related to LEAP 2 and to HQ move (70) Net Cash-Flow from operations Cash Capex (1) Change as per financial objectives Reported -72 change +19 195 Interest and Other fees paid Discretionary Free Cash-Flow net of interests received -8 -62 -62 EUTELSAT 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. | 47#48NET DEBT EVOLUTION In €m 2,655 (195) 222 495 14 (109) 3,081 Net Debt as of 30/06/21 Reported DFCF Dividend OneWeb equity investment C-Band proceeds Other Net Debt as of 31/12/21 EUTELSAT 48#49FINANCIAL STRUCTURE ➤ Net Debt/EBITDA ratio of 3.53x • • Versus 3.09x as of 31 December 2020 and 2.88x at end June 2021 Reflecting timing of dividend payment and of OneWeb. investment whereas only 25% of C-band proceeds have been received ▸ Average cost of debt after hedging of 2.5% • Versus 2.3% in H1 FY 21 ▸ 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 3.53x 3.09x 31 December 2020 31 December 2021 49#50EUTELSAT 5. APPENDIX 5.1 H1 2021-22 financials 5.2 OneWeb 5.3 Miscellaneous │ 50#51KEY TERMS OF THE TRANSACTION ► $715m investment in ordinary shares via a capital increase (no selling shareholder), resulting in a 23%* stake in OneWeb ▸ Eutelsat now the second largest shareholder of OneWeb Eutelsat is the only satellite operator among the main shareholders Similar governance rights to HMG and Bharti EUTELSAT OneWeb @EUTELSAT * Subject to the completion of the investment announced by Hanwha in August 2021. As of 31/12/2021, Eutelsat held a 25.13% stake. | 51#52ONEWEB IN A SNAPSHOT LEO CONSTELLATION WITH UNIQUE FEATURES 648 sats in Low-orbit 1.1 Tbps of capacity Fully global coverage OneWeb SOLID CAPITAL BACKING OPENING OPPORTUNITIES FULLY FUNDED SECURING OPERATIONS Capital structure post Eutelsat and Hanwha investments* Other Hanwha 3.1% 8.8% SoftBank 17.6% 30% 17.6% 22.9% Strong spectrum priority rights Gen 1 fully operational by end- 2022 ► Gen 2 to add capacity in the medium term UK Government HM Government Since Nov. 20 EUTELSAT ~$5bn total funds raised (Ow $1.4bn since Chap. 11) bharti Since Nov. 20 $0.7bn Eutelsat investment + $0.6bn additional investments from Bharti and Hanwha Eutelsat Since Sept 2021 *Subject to the completion of the investment announced by Hanwha in August 2021. As of 31/12/2021, Eutelsat held a 25.13% stake. 52 52#53CUTTING EDGE TECHNICAL FEATURES LOW-LATENCY GLOBAL COVERAGE Relevant for latency sensitive apps incl. Cloud /5G Uninterrupted service and access to untapped markets LOW LOOK ANGLE Enhanced signal reception in all configurations HARDWARE SIMPLICITY COST-EFFECTIVE EUTELSAT Easy-to-install and low-cost vs. MEO Improved competitivity vs. terrestrial in remote areas 53#54ONEWEB RIGHT TO WIN IN NON-GEOSTATIONARY PRIORITY SPECTRUM RIGHTS 6 GHz of globally harmonized bandwidth secured from ITU Highest priority in Ku-band Other LEOs have the burden of coordination to not interfere in Ku-band OneWeb FIRST ENTRANT WITH GLOBAL COVERAGE Fully global coverage by end-2022, ahead of any other LEO/MEO constellation SCALABLE TECHNOLOGY Gen 2 optionality to provide more capacity at a significantly reduced cost with enhanced operational flexibility OneWeb FULLY FUNDED DIVERSIFIED GLOBAL SHAREHOLDER BASE ~$6.3bn raised in total* including Eutelsat investment Opening market access and commercial opportunities in mature and emerging areas EUTELSAT *Subject to closing of Hanwha transaction 54#55AN ATTRACTIVE ENTRY POINT IN LEO FOR EUTELSAT EUTELSAT OPPORTUNITY 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 TIMING OneWeb now well funded ► Supported by a diversified shareholder base Partial coverage now available in the northern hemisphere with first distribution partners onboarded Full global coverage by end-2022 PRICING $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 | 55#56COMPELLING 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 | 56#57A MAJOR 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... OneWeb will be the main growth engine in non-Broadcast and non-Broadband applications... ... combining resources and assets to boost overall commercial potential | 57#58EUTELSAT 5. APPENDIX 5.1 H1 2021-22 financials 5.2 OneWeb 5.3 Miscellaneous | 58#59APPOINTMENT 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 | 59#60WHOLESALE COMMITMENTS ON KONNECT VHTS SECURING CAPACITY RAMP-UP Customer Application Satellite Coverage orange Fixed Broadband EUTELSAT KONNECT KONNECT VHTS Mainly France Total contract value: >€450m Average duration: ~12 years TIM Fixed Broadband EUTELSAT KONNECT KONNECT VHTS Italy Over 20% of total capacity ThalesAlenia Government a Thales/Leonardo company Space / Mobility EUTELSAT KONNECT VHTS Europe ► Recent momentum highlighting increasing interest of Telcos for satellite Broadband ► Possible extension of DT and Hispasat agreements on ETL KONNECT T hispasat 60#61LAUNCH OF ‘EUTELSAT ADVANCE' Innovative end-to-end managed services addressing Connectivity verticals Robot Comme 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 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 EUTELSAT Leveraging existing capabilities at limited incremental cost to create a powerful platform enabling optimization of existing and future GEO/LEO resources 61#62SIGNIFICANT PROGRESS ON ALL COMPONENTS OF CASH GENERATION SINCE FY 16 Item Achievement Cash Capex Guidance reduced from €500m to €400m Status Delivered LEAP 1 program generated €32m savings in Opex FY 19. LEAP 2 targeting a further €20-25m by FY 22 Secured Cash interest > €60m savings through bond refinancing Delivered WCR Substantial improvement in FY 21 In Progress Asset Disposals > €750m asset sold at a ~8x average EBITDA multiple Delivered Corporate Reduction of >€70m in tax burden after tax change in French Finance law EUTELSAT Delivered C☑ 62#63SATELLITE PROGRAMME CAPEX PROFILE TYPICAL TIMING OF CAPEX PAYMENTS EUTELSAT BREAKDOWN OF CAPEX Other 6.0% 30% YEAR 1 Satellite 50.0% C Insurance 10% Launcher 34% 30% YEAR 2 40% YEAR 3 Capex generally split equally over three years prior to launch Insurance paid in year three 63#64EUTELSAT IR CONTACTS Joanna DARLINGTON T: +33 1 53 98 31 07 E: [email protected] Cédric PUGNI T: +33 1 53 98 31 54 E: [email protected] Alexandre ILLOUZ T: +33 1 53 98 46 81 E: [email protected] │ 64