Highlights

  • Eutelsat initiates EUR 670M rights issue following EUR 828M reserved capital increases in November.
  • French State, Bharti Space, UK Government and partners commit EUR 475M to the rights issue.
  • Rights issue priced at EUR 1.35 per share, trading from November 26 to December 5, 2025.

Eutelsat Communications S.A. (LSE:ETL) has launched a share capital increase with shareholders’ preferential subscription rights for approximately EUR 670M (the “Rights Issue”). The transaction follows the completion of EUR 828M reserved capital increases in November 2025, which were subscribed by the French State via the Agence des Participations de l’Etat (APE), Bharti Space Ltd, the UK Government, CMA CGM Participations, and the Fonds Stratégique de Participations (FSP).

These capital increases form part of a EUR 1.5B equity plan to support low Earth orbit (LEO) satellite initiatives and the IRIS2 constellation, while enabling debt reduction. The proceeds are expected to finance investments of around EUR 4B over 2026–2029 and contribute to reducing the leverage ratio to approximately 2.5x by the end of FY2025–26.

Terms of the Rights Issue

The Rights Issue will create 496,129,728 new shares at a subscription price of EUR 1.35 per share, consisting of EUR 1 nominal value and EUR 0.35 issue premium. Shareholders will receive one preferential subscription right per existing share held as of November 27, 2025, and each set of 11 rights entitles the holder to subscribe to 8 new shares. The preferential subscription rights will be tradable on Euronext Paris (ISIN FR0014012K95) from November 26 to December 5, 2025, and the subscription period will run from November 28 to December 9, 2025.

Any unexercised rights at the end of the subscription period will lapse automatically. Based on the closing share price of EUR 3.225 on November 21, 2025, the subscription price of EUR 1.35 represents a 58.1% discount on face value and a 44.6% discount on the theoretical ex-right share value of EUR 2.44, while the theoretical value of a preferential subscription right is estimated at EUR 0.79.

Subscription Commitments

The French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations, and the FSP have collectively committed approximately EUR 475M, representing roughly 71% of the total Rights Issue. These commitments are proportionate to their respective shareholdings following the completion of the reserved capital increases. No additional shareholder subscriptions have been reported beyond these commitments.

Timeline and Trading

The detachment of preferential rights and start of trading on Euronext Paris is scheduled for November 26, 2025, while the subscription period will begin on November 28 and end on December 9, 2025. Preferential rights trading will close on December 5, 2025. The Company will announce the results of subscriptions on December 12, 2025, and settlement and delivery of the new shares will take place on December 16, 2025, followed by trading of the new shares on Euronext Paris and the London Stock Exchange on December 17, 2025.

Share Price Snapshot

ETL was trading at EUR 4.27 per share as of 25 November 2025.