Eutelsat's US government/DoD services renewal rate collapsed to <50% (vs. historical ~70-80%) starting the May 2025 trading call, still <50% as of the Oct 2025 call.
Management hedged the May 2025 drop as possibly a "knee-jerk reaction" tied to a single large non-renewed contract and the new US administration's DOGE cost-cutting, not a durable trend — but the Oct 2025 call shows it held. A genuine Q&A-hedge pattern per doctrine (the gap between "one-off" framing and a persisting number), though Eutelsat-side, not an SES contract.
Eutelsat leadership churn: CEO Eva Berneke departed end-May 2025 (€3.4M severance) and CFO Christophe Caudrelier was replaced by Sébastien Rouge by Feb 2026 — both transitions met with evasive non-answers when analysts asked directly about causes ("nothing real to comment on this one," "the Board evolves with shareholders").
Coincided with 4 additional board-director resignations on the same day as Berneke's exit, also unaddressed. Textbook Q&A-gap signal (per doctrine, what management won't explain is itself informative) even though dated.
Viasat's own transcripts spell its Space42 joint venture "Equitus," not "Equatys" as carried in `dossiers/mss-2ghz-spectrum.md`.
Flagging as a citation-consistency note for retro/dossier-deep-dive — unclear if this is a transcription artifact or an actual company-side rename; worth a quick primary-source check (Viasat/Space42 press materials) before the dossier's next update.
Three major US mobile carriers reportedly announced plans to form a joint venture around direct-to-device non-terrestrial-network services, per a passing reference on Viasat's 2026-05-28 call (Viasat frames itself as both a service provider and an Equatys technology provider to the JV).
Not independently corroborated this cycle — a single-source mention inside an earnings call, not a primary filing. Worth a follow-up search next cycle to identify the carriers and confirm the claim.
Viasat's Nov 2024 earnings call is the origin point of its "sum-of-the-parts undervaluation" framing
("we're not getting full value for those [businesses]... that's what's causing us to think about other alternatives") — predates and directly seeds the Strategic Review Committee/spin-off language that persists through the Aug 2025, Nov 2025, and May 2026 calls. Same call features a notable evasive non-answer when JPMorgan pressed Viasat on United Airlines' choice of Starlink for in-flight connectivity over Viasat, including a refusal to confirm or quantify any resulting backlog impact. Chronology-only value — dates the beginning of two still-live threads (Starlink competitive displacement of incumbent GEO/MEO providers; Viasat spin-off speculation).
Filename/content date mismatch on an Eutelsat investor-presentation PDF
the file named "..._IP_2026-03-31_English.pdf" actually contains a "Third Quarter 2025-26 Revenues, May 12, 2026" presentation — its title-page date doesn't match its filename. Flagging for inbox-naming hygiene; content itself was cross-checked and used correctly (folded into D6/context above), just noting the discrepancy for whoever named the file. [no clean thread match — process/hygiene note only] ---