What happened? Management has just confirmed that it plans to execute a capital increase of EUR1.35bn by calendar year end 2025. This balance sheet restructuring will include a reserved capital increase of EUR716m at a price of EUR4 per share subscribed by the French State for EUR526m, Bharti Space Limited for EUR31m, CMACGM for EUR100m and FSP for EUR58m. The French State will own 29.99% of the capital and voting rights, while Barthi, CMG CGM and FSP will own 18.7%, 7.81% and 5.22% respectively. In addition, Eutelsat will make a EUR634m rights issue of which 61% has also been secured through Eutelsat anchor shareholders. Discussions with the UK Government are still ongoing. In addition, management provided mid term guidance indicating FY26 revenues would be in line with FY25 (FYE June 25) and EBITDA margin would be slightly below. Management also guided for EUR1.5-1.7bn of revenues for FY29 with double-digit growth in Connectivity and with an EBITDA margin of at least 60% (including a negative EUR75-80m EBITDA impact from the part-disposal of the passive ground segment). For FY26 Gross capex is guided at EUR1.0 to EUR1.1bn. Thanks to this capital increase management is expecting a net debt to EBITDA ratio of c 2.5x for the end of FY26 (ie June 26). BNPP Exane View: As we had discussed in EUTELSAT, SES: Space catalysts, Eutelsat capital increase does not come as a surprise. At EUR1.35bn the total amount is below the EUR2bn we had hypothesized and below the EUR1.5bn recently reported on Bloomberg. With 53% of the total capital raise reserved at a rate of EUR4 per share and assuming the current share price for the 47% rights issue suggest the total number of shares will increase by 84% from 475m to 872m. Our revenue forecasts are broadly in line with guidance for FY26 and FY29 as we forecast EUR1357m of revenues in FY29 (our forecasts do not yet have the EUR1bn 10-year contract with the French Army announced yesterday). Our 57% FY29 EBITDA margin...