TL;DR: On October 29, 2026, Eutelsat reported first-quarter results showing revenue from its OneWeb low Earth orbit (LEO) constellation up about 30% from a year earlier, while its traditional video business fell nearly 18%. CEO Jean-François Fallacher also told investors that IRIS², the European Union's planned secure satellite network, will become Eutelsat's next-generation LEO system and set the stage for about 10 billion euros of OneWeb service revenue between 2032 and 2040. For space companies, the story is a live example of a business shifting from an old product to a new one, and of how backlog, government demand and a long-range target can carry the message while overall revenue is still flat.

Key takeaways

• Eutelsat's LEO revenue rose 30.1% like-for-like in the quarter ended September 30, 2026.
• Total quarterly revenue was 286 million euros, down 2.4% on a reported basis and 0.9% like-for-like.
• Video revenue fell nearly 18% to 110 million euros, while mobile connectivity and government services grew.
• IRIS² has entered its construction phase, and Eutelsat added 8.9 billion euros of related future revenue to its backlog.
• Eutelsat says IRIS² should support about 10 billion euros of OneWeb service revenue from 2032 to 2040.

What did Eutelsat announce?

Eutelsat published its quarterly numbers in a Eutelsat press release on October 29, and Via Satellite reported on the investor call the next day.

Here is what they report:

• LEO is growing fast. OneWeb revenue grew about 30% year over year, even though terminal sales were lower in the quarter. Fallacher called the terminal dip "nothing to worry about" and said it was not caused by a supply chain bottleneck.
• Video keeps shrinking. Video revenue fell nearly 18% to 110 million euros. Video was about 40% of operating revenue, with connectivity making up the other 60%.
• Growth sits in mobility and government. Via Satellite reports mobile connectivity, led by aviation, grew 39%, and government services grew about 15%. Fixed connectivity declined.
• IRIS² moved from planning to building. After a key program milestone, IRIS² entered construction, and Eutelsat added 8.9 billion euros of construction-related future revenue to its backlog. Only 5 million euros of that was recognized in the quarter, and the company expects that to rise over the rest of the fiscal year.
• The fleet is being renewed. Via Satellite says Eutelsat ordered 330 LEO satellites for IRIS² during the quarter and has 669 OneWeb refresh satellites on order.

Why does the Eutelsat news matter for the space business?

Eutelsat is a large satellite operator in the middle of the same shift many space companies face: an older product that still pays the bills is declining, and a newer one is growing but is not yet big enough to replace it. Fallacher told investors that LEO growth is expected to offset the decline in geostationary (GEO) revenue this year, including video.

That makes Eutelsat a useful contrast with Telesat, which reported shrinking GEO revenue and a delay to its own LEO network the same week, as we covered in our piece on the Telesat Lightspeed delay. Both companies are moving from GEO toward LEO. The difference is that Eutelsat already has a LEO network in service, so it can point to growing revenue today while it builds the next system.

Government demand is also part of the story. Fallacher said this quarter's milestone cements Eutelsat's role "at the heart of Europe's future sovereign and connectivity infrastructure," and Via Satellite notes he pointed to "recent events" speeding up terminal sales, likely a reference to recent Starlink disruptions affecting military operations in Ukraine.

The business lesson: when your core product is shrinking, investors and buyers judge you on proof that the new one is growing and on how clearly you show the path from one to the other.

Who wins and who loses from Eutelsat's OneWeb push?

This is our reading of the news, not a finding from Eutelsat or the outlets we cite. Real outcomes depend on how IRIS² construction and OneWeb sales go over the next several years.

Likely winners

• European satellite suppliers. Hundreds of IRIS² and OneWeb refresh satellites on order means long-running work for manufacturers and component makers in the supply chain.
• Aviation and maritime connectivity partners. Mobility is Eutelsat's fastest-growing area, which favors service providers and integrators that bring OneWeb to airlines and ships.
• Government and defense buyers in Europe. A funded, European-controlled LEO roadmap gives them more options for communications they can rely on.
• Multi-orbit service providers. Companies that combine GEO and LEO capacity into one offer can serve customers during the transition.

Likely losers or under pressure

• Video-dependent satellite businesses. An 18% drop in video revenue at a major operator is another warning for anyone whose revenue rests on broadcast.
• Operators without a working LEO network. Buyers and investors now compare plans against companies that already show LEO growth.
• Terminal sellers counting on smooth quarters. Eutelsat's lower terminal sales show hardware demand can be lumpy even when service revenue grows.
• Rivals in the European government market. A large, publicly backed program raises the bar for competing offers to European agencies.

What should space companies do now?

Here are five practical moves drawn from this story.

1. Lead with the growing part of your business

Eutelsat's headline was not flat total revenue. It was 30% LEO growth. If part of your business is declining, report it honestly, but lead with the metric that shows where you are heading. A sharp value proposition makes that story easy to follow.

2. Turn backlog into a credibility signal

The 8.9 billion euro backlog gives investors a concrete number behind a long-range promise. Signed contracts, renewals and backlog are your strongest proof points, and our contract announcement playbook shows how to share them for maximum effect.

3. Speak to sovereignty with facts

European governments want communications they control. If your product supports that, say so plainly and back it up, as we covered in our piece on Planet's sovereignty messaging. Dual-use positioning helps you speak to both government and commercial buyers.

4. Explain the bridge from old to new

Customers on an older product want to know what happens to them. Eutelsat frames its plan as continuity of service while capacity grows. Use the same approach: say what stays, what changes and when. Our guide to repositioning a space startup walks through how to do that without confusing customers.

5. Find partners where the growth is

Mobility and government are driving Eutelsat's growth, and large programs like IRIS² create work for suppliers. Build a short list of primes, integrators and channel partners in your fastest-growing segment, and use our guide to selling to prime contractors to approach them.

What does this mean for space marketing?

A company can have flat revenue and a strong story at the same time, as long as it shows clear proof that the new business is growing and a believable path ahead. Clear numbers, honest reasons for any decline and a visible roadmap build the trust that investors and buyers look for, a theme we also saw in Seraphim Space's investor sentiment. For the full playbook on building that trust, start with our space marketing guide.

Frequently asked questions

What is Eutelsat OneWeb?

OneWeb is the low Earth orbit satellite constellation owned by Eutelsat. It provides low-latency connectivity to customers such as airlines, ships, enterprises and governments, alongside Eutelsat's older geostationary satellites.

How fast is Eutelsat's OneWeb revenue growing?

Eutelsat reported that LEO revenue, which comes from OneWeb, grew 30.1% like-for-like in the quarter ended September 30, 2026, even though terminal sales were lower that quarter.

What is IRIS²?

IRIS² is the European Union's planned secure satellite communications network. Eutelsat says it will become the company's next-generation LEO infrastructure, and the program has now entered its construction phase.

What is Eutelsat's 10 billion euro target?

Eutelsat's CEO told investors that IRIS² will set the stage for about 10 billion euros of OneWeb service revenue between 2032 and 2040. It is a company projection, not a guaranteed result.

What can space companies learn from Eutelsat's results?

Lead with the growing part of your business, use backlog and contracts as proof, speak to sovereignty with facts, explain the bridge from old products to new ones and build partnerships in your fastest-growing segment.

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