Satellite Connectivity Market Opportunity
GROWTH FOR THE COMBINED ENTITY
Revenues (€m)
Double digit revenue CAGR
over the medium to long-term
1,320-1,420
c.1,200
1,550-1,750
c.2,000
Adjusted EBITDA (€m)
Double digit EBITDA CAGR
over the medium to long-term,
outpacing revenue growth
900-1,100
725-825
c.670
Capex
Leverage
c.1,400
Front-end loaded
Capex with average of
€725-875m p.a. over
FY24 FY30 including
synergies
Adjusted EBITDA-
Capex back in positive
territory in FY25 -
FY26 depending on
Gen 2 Capex phasing
Post Gen 2
deployment Capex will
consist of upgrade,
replacement and
maintenance of
existing fleet
c.4.0x
c.3.0x
FY23PF
Mid-term
Disciplined financial
policy focusing on
growth and
deleveraging
Dividend suspended
in FY23, FY24 and
FY25
FY23PF
FY24e
FY25e
FY27e
FY23PF1 FY24e
FY25e
FY27e
Guidance horizon
@EUTELSAT
Guidance horizon
All figures in Єm at June year end figures with €/$ parity
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