Core Insights - The company reported a decline in video revenue by 12.3% to EUR 260 million, attributed to sanctions on Russia, with an expected impact of EUR 16 million for the full year 2025-2026 [1] - Total revenue for the first half was EUR 592 million, stable on a like-for-like basis but down 2.4% on a reported basis, with LEO revenues increasing nearly 60% [3][4] - The company has made significant progress in its OneWeb satellite procurement and refinancing efforts, which are crucial for its strategic continuity [5][16] Financial Performance - "Other revenues" amounted to EUR 18 million, including EUR 8 million from hedging operations related to the IRIS² project [2] - Adjusted EBITDA for the half year was EUR 308 million, down 6.1% like-for-like, with a margin of 52.1% [13] - The net loss narrowed to EUR 236 million from EUR 873 million a year earlier, with lower depreciation and amortization contributing to this improvement [6][14] Connectivity Revenue Breakdown - Total connectivity revenues reached EUR 307 million, up 11.8%, with LEO revenues rising to EUR 110.5 million, offsetting a decline in GEO revenues [7][8] - Fixed connectivity revenue was EUR 132 million, up 17.2%, driven by growth in connectivity solutions [9] - Government services revenues increased by 7.7% to EUR 99 million, reflecting growth in LEO-enabled solutions [10] Strategic Developments - The company procured an additional 341 OneWeb satellites, bringing the total to 440, and signed a multi-launch agreement with MaiaSpace [19] - Management is advancing the IRIS² consortium work and is in a key phase with the European Commission [20] - The halted ground-segment sale is expected to positively impact EBITDA margins by up to 5 points [18] Refinancing and Capital Expenditure - A EUR 1.5 billion capital raise was completed, followed by rating upgrades from Moody's and Fitch [16] - Full-year gross CapEx guidance was revised to around EUR 900 million, down from a previous range of EUR 1.0 billion to EUR 1.1 billion [15] - Net debt was reported at EUR 1.3 billion, with a net debt to adjusted EBITDA ratio of 2.0x [17]