Luxembourg, 2 March 2026 -- SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the year ended 31 December 2025
| FY25 Performance (€ million) | 2025 as reported (1) | 2024 as reported (1) | ∆ at constant FX (2) | 2025 like-for-like (3) | 2024 like-for-like (3) | ∆ at constant FX (2) |
| Average €/$ FX rate | 1.12 | 1.09 | 1.12 | 1.09 | ||
| Revenue (4) | 2,627 | 2,001 | +33.9% | 3,512 | 3,656 | -1.6% |
| Adjusted EBITDA (4) (5) | 1,196 | 1,028 | +19.1% | 1,529 | 1,783 | -12.1% |
1) ‘Reported basis’ with Intelsat fully consolidated from 17 July 2025
2) ’At constant FX’ refers to comparative figures restated at the current period FX to neutralise currency variations
3) ‘Like-for-like basis’ as if Intelsat fully consolidated from 1 January 2024
4) Full-year 2025 results include the effects of purchase price accounting (PPA) related to Intelsat acquisition: Negative impact of €6m on revenue & €8m on Adj. EBITDA
5) Excluding operating expenses/income recognised in relation to U.S. C-band repurposing, other income non-recurring, fair value movement on contingent value rights and other significant special items (disclosed separately)
• Intelsat acquisition closed on 17 July 2025, solid progress with company integration and synergy delivery fast tracked since Day 1
• Delivered FY25 reported results within financial outlook with lower than guided capital expenditures
• Networks - 4th consecutive year of growth, mainly supported by growth in Aviation and Government
• Media - delivered to expectations with important new long-term renewals signed
• €1.8 billion of new business and contract renewals signed in 2025 – with a total combined gross backlog of over €6.6 billion
• Reported Adjusted Free Cash Flow of €229 million and Capital Expenditures of €559 million with combined like-for-like net leverage at 3.9 times (including cash & cash equivalents of €674 million)
• Final 2025 dividend of €0.25 per A-share (€0.10 per B-share) to be paid in April 2026 (subject to shareholder approval)
• 2026 financial outlook: Both, Revenue and Adjusted EBITDA, expected to be stable yoy on a like-for-like and constant FX basis
• Remain committed to disciplined financial policy, investment grade metrics and net leverage target of 3.0 times or below
Adel Al-Saleh, CEO of SES, commented: “2025 was a milestone year for SES, a year of major progress, step-change in company’s scale, and decisive actions while integrating Intelsat and delivering on our synergy plan from Day 1. With the financial performance below our initial expectations for the first year of the combined company, we addressed the challenges head‑on and delivered 2025 financial results within our revised 2025 financial outlook with lower than guided capital expenditures, establishing a strong platform for future growth.
Across our Networks and Media businesses, we executed with focus and supported customers at scale. We believe our continued momentum in Government and Aviation reflects the market’s confidence in SES and the unique value of our scalable, multi‑orbit architecture.
Government demand for secure, resilient multi‑orbit solutions continued to grow. Despite the impact of the U.S. government shutdown and DOGE actions, our Government business delivered strong growth, supported by expanding demand in Europe and globally. We advanced key sovereign programs including IRIS², announced GovSat‑2 with the Luxembourg Government, extended our Australian Defence partnership, and secured major U.S. defense awards. We won significant new contracts, including selection as one of five companies on the U.S. Space Force’s Protected Tactical SATCOM‑Global (PTS‑G) IDIQ contract, and a strategic award from the Defense Innovation Unit for Secure Integrated Multi‑Orbit Networking (SIMON).
Aviation continued its strong momentum, with major wins and growing airline adoption of our multi‑orbit electronically steered antenna solution (ESA), now operational on more than 500 aircraft around the world. The multi-orbit system has been selected by 16 carriers for more than 1,000 aircraft, including American Airlines, Air Canada, Avianca, JAL, Skymark, Royal Brunei, and others.
In Fixed & Maritime we continued to see competitive pressures. In Fixed Data, we took decisive actions to transform the business and focus on areas where we believe we have a clear right to win. Our Maritime business remained resilient, with solid cruise renewals and continued adoption of SES Cruise mPOWERED. Our FlexMaritime solution provides critical services to the commercial shipping segment, serving more than 13,000 ships globally.
Our Media business continues to have a strong cash-generative profile serving over two billion people and nearly 700 million households worldwide. Despite headwinds, in 2025 we have secured around €450 million in renewals and new business, including multi‑year agreements with Sky, RTL, Warner Brothers Discovery, ORF/ORS, Telekom Srbija, PGA TOUR, and QVC while opening new free-to-air/free-to-view markets in Mexico and Spain. We are proud to be the partner to broadcasters distributing the Winter Olympics Games globally.
We also made critical progress in shaping our future space-based solutions. O3b mPOWER satellites 9 & 10 successfully launched on 22 July, with satellites 7, 8, 9 & 10 now in service and the launch of satellites 11 to 13 is planned for second half of 2026. SES continues building on its MEO capabilities through meoSphere, the company’s next‑generation multi‑mission MEO network supported by New Space innovators, such as Cailabs, Impulse Space, Kratos, Infinite Orbits, and an extended K2 Space partnership.
In 2026, we plan to accelerate integration, execute on synergies, grow in key markets, and continue innovating across our global multi‑orbit architecture. SES is operating at a new scale with the capabilities, culture, and momentum to lead our industry into the next era of satellite connectivity and space-based solutions. We are committed to deliver sustainable value for customers and shareholders alike.”
Read the press release in full.
For further information please contact:
Christian Kern
Investor Relations
Tel: +352 710 725 261
[email protected]
Steven Lott
Communications
Tel. +352 710 725 500
[email protected]
Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CET on 2 March 2026 and will be broadcast via webcast and conference call.
The details for the conference call and webcast are as follows:
Conference Call registration: https://engagestream.companywebcast.com/ses/fullyear2025-results/dial-in
Webcast registration: https://ses.engagestream.companywebcast.com/fullyear2025-results
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
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About SES
At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com
Forward looking statements
This press release contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “estimate,” “committed,” “expect,” “positioned,” “project,” “intend,” “plan,” “forecast,” “likely,” “believe,” “target,” “will,” and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our 2026 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities, anticipated future satellite launches, dividends, our share buyback programme, O3b mPOWER satellites, including expected service dates and settlements, and MEO capabilities through meoSphere, and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance.
Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company’s ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company’s dependence upon several large customers; changes in technology or the satellite communications market that could make the company’s satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, trade wars and tariffs and related uncertainties; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company’s information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; U.S. federal government shutdowns; and the company’s level of indebtedness.
Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form F-4. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
