SES Delivers Solid 9 Months and Q3 2025 Results

LUXEMBOURG–(BUSINESS WIRE)–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⁽¹⁾) and Adjusted EBITDA⁽²⁾ of €849 million (+11.0% yoy⁽¹⁾)
• Networks (+36.3% yoy⁽¹⁾) supported by growth in Aviation and Government; Media (+0.7% yoy⁽¹⁾) 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⁽³⁾ (including cash & cash equivalents of €965 million⁽⁴⁾)
• Interim 2025 dividend of €104 million⁽⁵⁾ (€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⁽⁶⁾: 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.

Our solid 9 months 2025 performance is underpinned by the strong growth in the Networks business, accounting for c.60% of revenues. We continue to see commercial traction across Government and Aviation, which underscores our strong positioning in high-value segments, driven by our differentiated and scalable multi-orbit offering.

We have a robust pipeline of Government opportunities supported by increased defence spending in Europe and NATO countries. We also have strong momentum with the US government, including the award to SES Space & Defense of a five-year Sustainment Tactical Network (STN) contract, to provide the U.S. Army with COMSATCOM services. In addition, the U.S. Space Force awarded five companies, including SES, positions on a five-year, $4 billion contract under the Protected Tactical Satellite Communications-Global (PTS-G) program. The program aims to provide resilient, anti-jam communications for tactical military operations, leveraging both commercial innovation and traditional defence expertise.

Our Aviation business expanded with the Intelsat acquisition and is now serving over 3,000 tails. This business remains a key growth driver, with continued momentum in securing global airline customers, such as American Airlines and, most recently, new carriers in Latin America and Asia Pacific. Our multi-orbit ESA solution, flexible business models, global coverage, low latency, and Ka and Ku band options are enabling airlines to meet rising bandwidth demands, especially with wide WiFi deployments. We now have 16 airlines that have opted for our ESA solution with commitments for over 1,000 aircraft installations. Since closing of the Intelsat transaction, we have won 200 new tails demonstrating the relevance of our aviation solutions.

Our Media business continues to deliver in-line with expectations and is extending important partnerships, such as the latest multi-year renewal with Arqiva, underpinning SES’s stable and cash-generative foundation.

O3b mPOWER satellites 9 and 10 were successfully launched in July with service entry expected in early 2026 to further boost network capacity and resilience. The remaining satellites 11-13 are scheduled to launch in 2026. The additional O3b mPOWER satellites will bring up to a threefold increase in available capacity by 2027 when the entire O3b mPOWER constellation is fully deployed, accelerating our profitable and long-term growth trajectory.

The strategic acquisition of Intelsat positions the new SES well to lead the next era of satellite connectivity and space-based solutions and deliver sustainable value for customers and shareholders alike.”

Key business and financial highlights

(Intelsat fully consolidated from 17 July 2025; at constant FX unless explained otherwise; the actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition)

SES regularly uses Alternative Performance Measures (APM) to present the performance of the group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

Fully consolidating Intelsat from 17 July 2025, Networks revenue of €1,053 million (60% of total revenue) increased 36.3% yoy driven by growth in Aero (+111.6% yoy) Government (+33.4% yoy) and Fixed and Maritime (+13.2% yoy; including periodic revenue of €19 million recognised in Q1 2025 vs €22 million in Q1 2024). YTD 2025, the Networks business secured over €970 million of renewals and new business.

Media revenue of €686 million (40% of total revenue) was stable at +0.7% yoy, benefiting from fully consolidating Intelsat from 17 July 2025. Underlying declines result from lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs as well as the full Q2 and Q3 impact of the Brazilian customer bankruptcy. YTD 2025, the business secured more than €440 million of renewals and new business.

Adjusted EBITDA of €849 million represented an Adjusted EBITDA margin of 49% (YTD 2024: 53%) including the contribution from the acquisition of Intelsat from 17 July 2025, equipment revenues from Aviation, flow through of the periodic revenue impact and some shifts in costs. Adjusted EBITDA excludes significant special items of €24 million net expenses (YTD 2024: €41 million net expenses), comprising of other income of €85 million (YTD 2024: nil), net C-band income of €1 million (YTD 2024: €2 million) and expenses related to other significant special items of €110 million, primarily related to restructuring and merger and acquisition activities (YTD 2024: €43 million).

Adjusted Net Profit of €71 million (YTD 2024: €116 million), mainly reflecting €96 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition and higher net financing costs of €44 million (YTD 2024: €6m). This was partly offset by higher Adjusted EBITDA, higher net non-operating income, higher minority interest and lower net income tax. Net financing costs included the benefit of earned interest income on the group’s cash & cash equivalents of €79 million (YTD 2024: €92 million), interest expense on external borrowings of €54 million (YTD 2024: €69 million), loan fees and origination costs and other of €55 million (YTD 2024: €21 million) and the impact of net foreign exchange loss of €14 million (YTD 2024: loss of €8 million).

Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of €73 million (YTD 2024: €25 million), M&A related net financing charges of €66 million (YTD 2024: nil) and net tax benefit of €37 million (YTD 2024: benefit of €26 million) associated with all the significant special items.

SES continues to engage with insurers on the insurance claim for O3b mPOWER satellites 1-4. To date, the company has collected approximately $87 million through settlements, with additional payments expected as negotiations progress.

Gross backlog on 30 September 2025 was €7.1 billion of which Media backlog was €3.3 billion and Networks backlog was €3.8 billion.

The interim FY2025 dividend of €104 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 16 October 2025. The final FY2025 dividend (subject to shareholder approval) of at least €0.25 per A-share (€0.10 per B-share) to be paid to shareholders in April 2026.

SES sets out its combined FY2025 outlook⁽⁷⁾ on a reported basis (Intelsat fully consolidated from 17 July 2025): Revenue is expected to be in the range of €2.60 to 2.70 billion and Adjusted EBITDA to be in the range of €1.17 to 1.21 billion. Capital expenditure (net cash absorbed by investing activities excluding acquisitions and financial investments) outlook reduced, now expected to be in the range of €0.6 to 0.7 billion in FY2025.

Operational performance

(Intelsat consolidated from 17 July 2025)

REVENUE BY BUSINESS UNIT

Anticipated future satellite launches

CONSOLIDATED INCOME STATEMENT

SUPPLEMENTARY FINANCIAL INFORMATION

1.) QUARTERLY INCOME STATEMENT

(Intelsat fully consolidated from 17 July 2025 – as reported)

2.) COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION

(Intelsat fully consolidated from 1 January 2024. Year-on-year change at Constant FX unless otherwise stated)

SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)

COMBINED LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT & ADJUSTED EBITDA

(Intelsat fully consolidated from 1 January 2024. Year-on-year change presented at ‘Constant FX’ unless otherwise stated)

COMBINED LIKE-FOR-LIKE ADJUSTED EBITDA RECONCILIATION

(Intelsat fully consolidated from 1 January 2024 – at Reported FX)

ADJUSTED NET DEBT RECONCILIATION

SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)

COMBINED LIKE-FOR-LIKE NET LEVERAGE

(Intelsat fully consolidated from 1 January 2024 – at Reported FX)

* Twelve-month rolling Like-for-like Adjusted EBITDA was calculated as follows:

COMBINED LIKE-FOR-LIKE QUARTERLY REVENUE BY BUSINESS UNIT & QUARTERLY ADJ. EBITDA

(Intelsat fully consolidated from 1 January 2024 – at Reported FX)

BASIS OF COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION

The supplemental combined like-for-like financial information included in this press release presents the historical consolidated financial information of the SES Group adjusted to give effect to the acquisition of Intelsat by SES as if it had taken place on 1 January 2024. This combined like-for-like financial information does not meet the requirements of Article 11 of Regulation S-X.

The SES Group’s consolidated financial statements were prepared in accordance with IFRS and the Intelsat Group’s consolidated financial statements were prepared in accordance with U.S. GAAP. The combined like-for-like financial information includes (i) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, such as fair value adjustments in respect of contract liabilities impacting combined like-for-like revenue, share-based compensation and employee benefits adjustments, as well as leases impacting combined like-for-like operating expenses, (ii) intercompany eliminations and (iii) restatement at constant FX of comparative figures.

The combined like-for-like financial information is presented for illustrative purposes only and is not necessarily indicative of the combined financial position or results of operations that would have been achieved had the Acquisition occurred on 1 January 2024, nor is it meant to be indicative of future results of operations of the Combined Group.

Contacts

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]

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