Jean-François Fallacher, freshly installed as CEO after Eva Bernéke’s departure, beams from nearly every slide like he’s just inherited a business firing on all cylinders. In reality, he’s inherited a finely aged bottle of flat champagne. The margins are shrinking, the backlog is deflating, and the GEO video workhorse is trotting toward retirement. But sure, let’s lead with a headshot.

Eutelsat’s big headline, “all objectives met”, translates loosely to “we didn’t mess up more than we warned.” Revenues eked out a 1.6 percent like-for-like gain. That’s breathing through a straw. Strip out the LEO segment’s 84 percent rise and you’re looking at a business that’s flat at best, receding at worst. It’s the OneWeb bump and little else. They don’t break out how much of that LEO figure is recurring versus hardware or one-time bandwidth deals. That’s probably not an oversight.