SES S.A.

Latest Results (16.10.2025):

SES S.A. reported solid financial results for the first half of 2025, successfully completing its acquisition of Intelsat. The company demonstrated resilience with stable revenues and continued growth in its Networks segment, while maintaining a positive outlook for the full year.

Intelsat Acquisition Completed

On July 17, 2025, SES S.A. finalized its acquisition of Intelsat for €2.2 billion, enhancing its position as a global multi-orbit connectivity powerhouse. The merger is expected to generate €370 million in annual synergies and strengthen the company's financial foundation.

Financial Performance

For H1 2025, SES S.A. reported revenues of €978 million, a slight decrease of 0.2% year-on-year, and an adjusted EBITDA of €521 million, down by 0.7% compared to the same period last year. Despite the minor revenue dip, the company maintained a strong financial stance.

Segment Growth

The Networks division saw a robust growth of 10.3% year-on-year, driven by a 17.1% increase in Government and a 9.5% rise in Mobility. In contrast, the Media segment experienced a 12.1% decline, which was in line with expectations.

Strong Cash Flow and Balance Sheet

SES S.A. achieved an adjusted free cash flow of €193 million, marking a 32% increase year-on-year. The company's net leverage stood at 1.1 times, supported by €4.3 billion in cash and cash equivalents, highlighting a strong balance sheet.

Satellite Network Expansion

The O3b mPOWER satellites 7 and 8 have been operational since May 2025, with satellites 9 and 10 successfully launched on July 22, 2025. These additions enhance the network's capacity and resilience, positioning SES S.A. for long-term growth.

Future Outlook

SES S.A. reiterated its financial outlook for FY 2025, expecting stable revenues and broadly stable adjusted EBITDA year-on-year. The company remains confident in achieving its financial and operational objectives, supported by a combined backlog of over €8 billion.