What happened? Eutelsat reported stronger than expected Q4 revenues of EUR326m, 5% ahead of the company-compiled consensus. Eutelsat has increased the granularity of its financial disclosure and now reported LEO revenues and organic revenue growth. OneWeb generated EUR70.5m of revenues in Q4 up 31.5%, beating our EUR51.5m Q4 25 estimate and explaining most of the Q4 group revenue beat in our view. Q4 group revenues fell by 2% driven by Video revenues declining by 6.8%, Fixed Connectivity by 14.5% and Mobility by 7% with Government Services up 41% (driven by OneWeb and partly by Ukraine). Eutelsat FY25 revenues of EUR1244m came in 3% ahead of consensus and helped group EBITA beat by 2% to EUR676m. Net debt at June 25 was 2% below consensus at EUR2627m Management has reaffirmed all the elements of its guidance for FY26 (''revenues in line with FY25 and EBITDA margin slightly lower'') and for the medium term (FY29 revenues of EUR1.5-1.7bn and EBITDA margins of at least 60%''). It has also confirmed that it plans to conclude its capital increase of EUR1.5bn by the end of this calendar year. BNPP Exane View: OneWeb revenues accounted for 22% of Q4 25 revenues. Management reaffirmed its forecast of 50% organic revenue growth in OneWeb FY26 revenues. This would imply EUR280m of FY26 revenues, ahead, but consistent with our EUR263m. OneWeb is guided to account for 23% of group revenues in FY26. The strong performance of Government Services underpins our view that satellite operators are likely to play a key role in the ramp up of European defence. With a solid Q4 performance, with increased disclosure on OneWeb and its solid performance, with the FY26 and mid term outlook confirmed, we expect a positive share price reaction today.