SES Delivers Solid 9 Months and Q3 2025 Results
Luxembourg, 6 November 2025 -- SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the nine months and three months ended 30 September 2025 with solid operational and financial performance.
Solid 9 months 2025 financial performance on a reported basis (Intelsat fully consolidated from 17 July 2025)
• Revenue of €1,747 million (+19.8% yoy) and Adjusted EBITDA of €849 million (+11.0% yoy)
• Networks (+36.3% yoy) supported by growth in Aviation and Government; Media (+0.7% yoy) with important new long-term renewals signed
• Solid progress with company integration and synergy execution since Day 1 of transaction closure
• €1.4 billion of new business and contract renewals signed YTD 2025 – with a total combined gross backlog of €7.1 billion
• O3b mPOWER satellites 9 &10 successfully launched on 22 July, expected to be in service beginning 2026 – boosting O3b mPOWER network capacity and resilience
• Collected c.$87 million regarding insurance claim for O3b mPOWER satellites 1-4 with additional settlements expected
• Combined like-for-like net leverage at 3.7 times (including cash & cash equivalents of €965 million)
• Interim 2025 dividend of €104 million(€0.25 per A-share; €0.10 per B-share) paid on 16 October 2025; a final 2025 dividend (subject to shareholder approval) of at least €0.25 per A-share (€0.10 per B-share) to be paid in April 2026
• FY25 combined company financial outlook on a reported basis: Revenue expected to be in the range of €2.60-2.70 billion and Adjusted EBITDA to be in the range of €1.17-1.21 billion - well on track with solid 9 months financial results; CapEx reduced, now expected to be in the range of €0.6 to 0.7 billion
Adel Al-Saleh, CEO of SES, commented: “I am pleased to report our solid 9 months 2025 results which include the first quarter for the combined company following the successful close of the Intelsat acquisition on 17 July 2025. The results reflect continued operational strength and demonstrate continued delivery on the strategic execution of the newly combined and expanded SES.
The new SES is now a truly global multi-orbit operator with greater scale built for the future, positioning us for long-term growth, strong financial performance, and a more resilient business. We are excited about our potential to shape the future of space solutions and global connectivity. From Day 1, we have made significant progress with the integration of the two companies. We have begun to realise synergies across the business, and we expect to deliver on our synergy plan. We are confident in our ability to convert those operational gains into sustained Adjusted FCF and long-term shareholder value.
Read the press release in full.
For further information please contact:
Christian Kern
Investor Relations
Tel: +352 710 725 7787
[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 6 November 2025 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/9months-q32025-results/dial-in
Webcast registration: https://ses.engagestream.companywebcast.com/9months-q32025-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,” “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 2025 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 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; 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; the U.S. federal government shutdown; 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.
