Operator

Welcome to the Eutelsat Third Quarter 2025-2026 Revenues Call. [Operator Instructions] Now I will hand the conference over to the speaker Sébastien Rouge, Chief Financial Officer. Please go ahead.

Sébastien Rouge
Chief Financial Officer

Good evening. Welcome, and thank you for joining us today for Eutelsat's Third Quarter '25-'26 Revenue Presentation. I'm Sébastien Rouge, Chief Financial Officer; and here with me, Joanna Darlington, Head of Investor Relations and [ Hugo ] in her team. Let's start with the highlights of the past quarter. Third quarter operating verticals revenue of EUR 283.7 million, up 0.9% year-on-year, in line with our expectations. Connectivity saw further double-digit growth of 15%, driven by LEO-enabled solutions, up 65% year-on-year.

During the quarter, we successfully completed the closing of a EUR 1.5 billion senior note offering that was the final milestone in the group's comprehensive EUR 5 billion equity and debt refinancing strategy.

And finally, based on the performance of the first 9 months, we confirm our objectives of the full year. If we turn now to the Q3 performance. As a reminder, all comments are on a like-for-like basis, which means at current scope and currency.

Total revenues for the third quarter stood at EUR 293 million, up 3.1% on a like-for-like basis. They reflected a EUR 20 million negative currency effect and a EUR 10 million positive swing in other revenue, mainly driven by the recognition of IRIS2 and related to Eutelsat's involvement as consortium System Development Prime. Revenues of the 4 operating verticals were up 0.9% on a