LUXEMBOURG–(BUSINESS WIRE)–SES S.A. completed Intelsat acquisition on 17 July 2025 and announces financial results for the six months ended 30 June 2025.
H1 2025 solid performance – reiterating FY25 outlook
- Revenue of €978 million (-0.2% yoy(1)) and Adjusted EBITDA(2) of €521 million (-0.7% yoy(1))
- Networks (+10.3% yoy(1)) supported by +17.1% yoy(1) growth in Government and +9.5% yoy(1) growth in Mobility; Media (-12.1% yoy(1)) in-line with expectations with important new long-term renewals signed
- €690 million of new business and contract renewals signed in H1 2025 – with a total gross contract backlog of €4.2 billion
- Adjusted FCF of €193 million (+32.0% yoy) and Net Leverage at 1.1 times(3) (including cash & cash equivalents of €4.3 billion(4))
- O3b mPOWER satellites 7&8 in service since May; 9&10 successfully launched 22 July – boosting O3b mPOWER network capacity and resilience
- SES and Luxembourg Government to develop and launch new defence satellite for GovSat
- FY 2025 financial outlook(5) well on track, reiterating stable Revenue and broadly stable Adjusted EBITDA yoy
- Final FY 2024 dividend of €103 million(6) (€0.25 per A-share; €0.10 per B-share) paid to shareholders on 17 April 2025; in October 2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B-share) to shareholders
Intelsat acquisition completed – creating a global multi-orbit connectivity powerhouse
- On 17 July 2025, SES announced the completion of its highly value accretive acquisition of Intelsat for a cash consideration of $2.6bn (€2.2bn)(2) and certain contingent value rights (‘CVRs’) – underpinned by €2.4 billion (NPV) of readily executable synergies
- Stronger multi-orbit operator – c.60% of Revenue in high growth segments, annual run rate of c.€370 million in synergies (70% within 3 years) and execution of synergy delivery from Day 1
- Stronger financial foundation – expecting low to mid-single digit Revenue CAGR 2024-28E and mid-single digit Adjusted EBITDA CAGR 2024-28E to drive ‘normalised’ Adjusted FCF of over €1 billion by 2027/28 (Pre IRIS2); supported by combined backlog of >€8 billion, providing visibility of future revenue streams
- Disciplined investment in future growth with annual capital expenditures averaging €600–€650 million from 2025-28E
- Strong balance sheet metrics with Net Leverage targeted at below 3 times within 12-18 months after closing
Adel Al-Saleh, CEO of SES, commented: “H1 2025 delivered solid operational and financial performance. Through continued strategic execution and solid commercial momentum, we have stabilised Revenue and Adjusted EBITDA and are firmly on track to meet our reiterated FY25 financial outlook.
The completion of the Intelsat acquisition on 17 July marked a defining milestone for SES, creating a stronger, truly global multi-orbit operator built for the future. We are now uniquely positioned to compete with end-to-end solutions across high-growth segments. Backed by a unified leadership team and clear strategic focus, we are delivering synergies from Day 1 and remain confident in achieving our financial and operational objectives. The combined company offers enhanced scale, complementary capabilities, a stronger balance sheet, and sustained growth in Adjusted FCF – driving long-term value for our customers and shareholders.
Our solid H1 2025 performance is underpinned by the strong growth in the Networks business, now c.60% of revenues. We continue to see commercial traction across Government and Mobility. This underscores our strong positioning in high-value segments, driven by our differentiated and scalable multi-orbit offering. In the first half, we secured €690 million in new business and renewals, reinforcing our future growth trajectory. We have a robust pipeline of Government opportunities supported by increased defence spending in Europe, including the development of a second satellite for GovSat jointly with the Luxembourg government, as well as strong momentum with the US government, including the selection of SES Space & Defense to provide a hybrid space-based architecture to the U.S. Department of Defense through a secure integrated multi-orbit network (SIMON™). In aero we are seeing increased traction with Open Orbits™ — including partners’ wins with Thai Airways, Turkish Airline, and Uzbekistan Airways. Our Media business continues to deliver in-line with expectations, underpinning SES’s stable and cash-generative foundation.
O3b mPOWER satellites 7 and 8 entered service in May and are already delivering advanced, high-performance connectivity to meet the evolving needs of our customers. On 22 July, we successfully launched satellites 9 and 10 on an optimised launch schedule, 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.
SES has also signed a transformative agreement with Impulse Space to use Helios, their medium-lift launcher to shorten the time required for the selected SES’s satellites to reach their final orbital position, extending the lifetime of our satellites and accelerating service delivery to our customers.
Together with Intelsat, SES is now better positioned to capture long-term growth in key segments and deliver sustainable value for customers and shareholders alike.”
|
1) |
At constant FX (comparative figures restated to neutralise currency variations) |
|
2) |
Excluding operating expenses/income recognised in relation to U.S. C-band repurposing and other significant special items (disclosed separately) |
|
3) |
Adjusted Net Debt to Adjusted EBITDA (treats hybrid bonds as 50% debt and 50% equity) |
|
4) |
Excluding €284 million of restricted cash with respect to the SES-led consortium’s involvement in IRIS2 |
|
5) |
Financial Outlook is stated at constant FX, assuming nominal satellite health and launch schedule |
|
6) |
Net of dividends received on treasury shares of €8 million |
|
7) |
Represents initial cash consideration of $3.1bn (€2.8bn) net of agreed disbursements |
Key business and financial highlights (at constant FX unless explained otherwise)
SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.
|
€million |
|
H1 2025 |
|
H1 2024 |
|
∆ as reported |
|
∆ at constant FX |
|
Average €/$ FX rate |
|
1.08 |
|
1.08 e |
|
|
|
|
|
Revenue |
|
978 |
|
978 |
|
0.0% |
|
-0.2% |
|
Adjusted EBITDA |
|
521 |
|
525 |
|
-0.6% |
|
-0.7% |
|
Adjusted Net Profit |
|
77 |
|
111 |
|
-30.9% |
|
n/m |
|
Adjusted Net Debt / Adjusted EBITDA |
|
1.1 times |
|
1.7 times |
|
n/m |
|
n/m |
|
“At constant FX” refers to comparative figures restated at the current period FX, to neutralise currency variations. |
||||||||
Networks revenue of €579 million (60% of total revenue) increased 10.3% yoy driven by growth in Government (+17.1% yoy) and Mobility (+9.5% including periodic revenue of €19 million recognised in Q1 2025 vs €22 million in Q1 2024), offsetting lower Fixed Data (-4.0% yoy). In H1 2025, the Networks business secured over €510 million of renewals and new business.
Media revenue of €398 million (40% of total revenue) reduced 12.1% yoy, on the back of lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs as well as the full Q2 impact of the Brazilian customer bankruptcy. In H1 2025, the business secured more than €175 million of renewals and new business.
Adjusted EBITDA of €521 million represented an Adjusted EBITDA margin of 53% (H1 2024: 54%) including flow through of the periodic revenue impact and some shifts in costs. Adjusted EBITDA excludes significant special items of €10 million income (H1 2024: €20 million expenses), comprising of other income of €49 million (H1 2024: nil), net C-Band income of €1 million (H1 2024: €2 million) and expenses related to other significant special items of €40 million, primarily related to merger and acquisition activities (H1 2024: €22 million).
Adjusted Net Profit of €77 million was lower than H1 2024 (€111 million), mainly reflecting year-on-year increased depreciation & amortisation, higher net financing costs of €12 million (H1 2024: nil), higher net income tax expense, as well as slightly lower Adjusted EBITDA. This was partly offset by higher net non-operating income. Net financing costs included the benefit of earned interest income on the group’s cash & cash equivalents of €52 million (H1 2024: €62 million), net interest expense on external borrowings of €41 million (2024: €45 million), loan fees and origination costs and other of €12 million (H1 2024: €12 million) and the impact of net foreign exchange loss of €11 million (H1 2024: loss of €5 million).
Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of €73 million (H1 2024: €25 million), M&A related net financing charges of €23 million (H1 2024: nil) and net tax benefit of €23 million (H1 2024: benefit of €7 million) associated with all the significant special items.
Adjusted Free Cash Flow (excluding significant special items) of €193 million was €47 million higher year-on-year, or 32.0% year-on-year including lower year-on-year cash tax payments of €21 million (H1 2024: €66 million), changes in working capital and lower interest and coupon paid of €64 million (H1 2024: €97 million). These items were partly offset by higher year-on-year capex of €248 million (H1 2024: €200 million) and other investing activities of €20 million (H1 2024: nil), lower interest received of €57 million (H1 2024: €61 million).
On 30 June 2025, Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of €1.524 billion of hybrid bonds as debt and 50% as equity) was 1.1 times (30 June 2024: 1.7 times). Cash & cash equivalents of €4.3 billion (excluding €284 million of restricted cash with respect to the SES-led consortium’s involvement in IRIS2) included the proceeds from the €1 billion Eurobonds issued in June 2025 and the €300m EIB financing.
SES is continuing to engage with insurers regarding the insurance claim relating to O3b mPOWER satellites 1-4. SES has finalised settlements with a small number of insurers, resulting in initial settlement payments of c.$58 million collected with further settlements expected to follow.
Gross backlog on 30 June 2025 was €4.2 billion (H1 2024: €4.7 billion) of which Media backlog was €1.9 billion and Networks backlog was €2.3 billion.
The final FY2024 dividend of €103 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 17 April 2025.
In October 2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B-share) to shareholders, followed by a final dividend (subject to shareholder approval) of at least €0.25 per A-share (€0.10 per B-share) in April 2026.
SES reaffirms its FY 2025 outlook (assuming nominal satellite health and launch schedule): FY 2025 Group Revenue is expected to be stable compared with 2024 (at constant FX) and Adjusted EBITDA is expected to be broadly stable year-on-year (at constant FX) on the better-than-expected 2024 outturn. Capital expenditure (net cash absorbed by investing activities excluding acquisitions and financial investments) is expected to be in the range of €425-475 million in 2025, followed by an average annual capital expenditure of approximately €325 million for 2026-2029.
In addition, SES’s expected capital expenditure relating to IRIS2 of up to €1.8 billion will start ramping mostly from 2027 and will translate into an average annual spend of around €400 million over 2027-2030 (subject to a rendezvous point at the end of 2025 to validate the project cost, technical requirements, and delivery timetable, whereby any party can exit in the event of excess expected cost, not meeting technical requirements, and/or delays to the in-service date).
The acquisition of Intelsat closed on 17 July 2025, following the receipt of required regulatory clearances. All previously communicated financial objectives for the combined company are reaffirmed (pre-IRIS2). As previously announced, SES expects the proposed acquisition to have a positive impact on free cash flow, increasing the Company’s financial flexibility. In terms of capital allocation, SES remains committed to investment grade metrics, profitable investments, and a stable to progressive dividend. As SES meets its net leverage target (Adjusted Net Debt to Adjusted EBITDA) of below 3 times within 12-18 months after closing the Intelsat transaction, the company intends to increase the annual base dividend and at least a majority of future exceptional cashflows of the combined company will be prioritised for shareholder returns.
SES secured financing for the Intelsat acquisition through a €3 billion Bridge Facility signed on 30 April 2024 which was subsequently fully syndicated in June 2024 including a USD 1 billion Term Loan Agreement (“TLA”). SES subsequently raised €1 billion in hybrid financing on 12 September 2024 and €1 billion in Senior Notes under the EMTN programme on 24 June 2025. These transactions enabled a progressive reduction of the Bridge Facility, which was ultimately fully cancelled by the end of June 2025.
On 17 July 2025 SES redeemed $3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings S.A.
Operational performance
REVENUE BY BUSINESS UNIT
|
|
Revenue (€ million) as reported |
Change (yoy) at constant FX |
||||||||||
|
|
Q1 2025 |
Q2 2025 |
H1 2025 |
Q1 2025 |
Q2 2025 |
H1 2025 |
||||||
|
Average €/$ FX rate |
1.04 |
1.12 |
1.08 |
|
|
|
||||||
|
Media |
206 |
192 |
398 |
-10.6% |
-13.6% |
-12.1% |
||||||
|
|
|
|
|
|
|
|
||||||
|
Networks |
302 |
277 |
579 |
+8.4% |
+12.5% |
+10.3% |
||||||
|
Government |
148 |
153 |
301 |
+13.1% |
+21.1% |
+17.1% |
||||||
|
Fixed Data |
59 |
49 |
109 |
-2.0% |
-6.3% |
-4.0% |
||||||
|
Mobility |
95 |
75 |
170 |
+8.5% |
+10.8% |
+9.5% |
||||||
|
Other |
0 |
1 |
1 |
n/m |
n/m |
n/m |
||||||
|
Group Total |
509 |
469 |
978 |
-0.5% |
+0.1% |
-0.2% |
||||||
|
“At constant FX” refers to comparative figures restated at the current period FX, to neutralise currency variations. |
||||||||||||
Future satellite launches
|
Satellite |
Region |
Application |
Launch Date |
|||
|
EAGLE-1 |
Europe |
Government |
2026 |
|||
|
O3b mPOWER (satellites 11-13) |
Global |
Fixed Data, Mobility, Government |
2026 |
|||
|
ASTRA 1Q |
Europe |
Media, Fixed Data, Mobility, Government |
2027 |
|||
|
SES-26 |
Africa, Asia, Europe, Middle East |
Media, Fixed Data, Mobility, Government |
2027 |
|||
|
GOVSAT-2 |
Europe |
Government |
TBD |
|||
|
Final launch dates are subject to confirmation by launch providers |
||||||
CONSOLIDATED INCOME STATEMENT
|
€ million |
H1 2025 |
H1 2024 |
||
|
Average €/$ FX rate |
1.08 |
1.08 |
||
|
Revenue |
978 |
978 |
||
|
U.S. C-band repurposing income |
3 |
5 |
||
|
Other Income |
49 |
– |
||
|
Operating expenses |
(499) |
(478) |
||
|
EBITDA |
531 |
505 |
||
|
Depreciation expense |
(320) |
(301) |
||
|
Amortisation expense |
(61) |
(68) |
||
|
Non-cash impairment |
(73) |
(25) |
||
|
Operating profit /(loss) |
77 |
111 |
||
|
Net financing income/(costs) |
(35) |
– |
||
|
Other non-operating income / expenses (net) |
2 |
– |
||
|
Profit/ (loss) before tax |
44 |
111 |
||
|
Income tax expense |
(26) |
(38) |
||
|
Non-controlling interest |
(4) |
– |
||
|
Net Profit attributable to owners of the parent |
14 |
73 |
||
|
|
|
|
||
|
Basic and diluted earnings per A-share (in €)(1) |
0.02 |
0.15 |
||
|
Basic and diluted earnings per B-share (in €)(1) |
0.01 |
0.06 |
||
|
1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds. |
||||
|
€ million |
H1 2025 |
H1 2024 |
||
|
Adjusted EBITDA |
521 |
525 |
||
|
U.S. C-band income |
3 |
5 |
||
|
Other Income |
49 |
– |
||
|
U.S. C-band operating expenses |
(2) |
(3) |
||
|
Other significant special items(1) |
(40) |
(22) |
||
|
EBITDA |
531 |
505 |
||
|
1) Other significant special items include restructuring charges of €6 million (H1 2024: €12 million), costs associated with the development and/or implementation of merger and acquisition activities (“M&A”) of €32 million (H1 2024: €10 million) and €2 million other infrastructure charges of non-recurring nature (H1 2024: nil million). |
||||
|
€ million |
H1 2025 |
H1 2024 |
||
|
Adjusted Net Profit |
77 |
111 |
||
|
U.S. C-band income |
3 |
5 |
||
|
U.S. C-band operating expenses |
(2) |
(3) |
||
|
Other income |
49 |
– |
||
|
Impairment expense (net) |
(73) |
(25) |
||
|
Other significant special items (2) |
(63) |
(22) |
||
|
Tax on significant special items |
23 |
7 |
||
|
Net profit attributable to owners of the parent |
14 |
73 |
||
|
2) Other significant special items comprise restructuring charges of €6 million (2024: €12 million), M&A costs of €55 million (2024: €10 million) and €2 million other infrastructure charges of non-recurring nature (2024: nil). M&A costs include net financing charges of €23 million (H1 2024: nil million) comprising an interest expense of €29 million (H1 2024: nil million) and interest income of €12 million (H1 2024: nil million) associated with the €1 billion hybrid financing issued in September 2024 in connection with the Intelsat transaction, and loan origination costs of €6 million (H1 2024: nil million). |
||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
€ million |
|
30 June 2025 |
|
31 December 2024 |
|
Closing €/$ FX rate |
|
1.17 |
|
1.04 |
|
Property, plant, and equipment |
|
2,757 |
|
2,924 |
|
Assets in the course of construction |
|
1,040 |
|
1,348 |
|
Intangible assets |
|
743 |
|
908 |
|
Other financial assets |
|
50 |
|
34 |
|
Prepayments |
|
7 |
|
2 |
|
Trade and other receivables(1) |
|
66 |
|
107 |
|
Deferred customer contract costs |
|
1 |
|
1 |
|
Deferred tax assets |
|
675 |
|
701 |
|
Total non-current assets |
|
5,339 |
|
6,025 |
|
Inventories |
|
42 |
|
49 |
|
Trade and other receivables(1) |
|
440 |
|
649 |
|
Deferred customer contract costs |
|
3 |
|
2 |
|
Prepayments |
|
71 |
|
58 |
|
Income tax receivable |
|
16 |
|
23 |
|
Cash and cash equivalents (A)(2) |
|
4,615 |
|
3,521 |
|
Assets classified as held for sale |
|
2 |
|
– |
|
Total current assets |
|
5,189 |
|
4,302 |
|
Total assets |
|
10,528 |
|
10,327 |
|
|
|
|
|
|
|
Equity attributable to the owners of the parent |
|
2,807 |
|
3,423 |
|
Non-controlling interests |
|
71 |
|
69 |
|
Total equity |
|
2,878 |
|
3,492 |
|
|
|
|
|
|
|
Borrowings (B) |
|
4,808 |
|
4,247 |
|
Provisions |
|
1 |
|
3 |
|
Deferred income |
|
269 |
|
338 |
|
Deferred tax liabilities |
|
172 |
|
212 |
|
Other long-term liabilities |
|
30 |
|
55 |
|
Lease liabilities |
|
35 |
|
32 |
|
Fixed assets suppliers |
|
110 |
|
426 |
|
Total non-current liabilities |
|
5,425 |
|
5,313 |
|
Borrowings (C) |
|
925 |
|
273 |
|
Provisions |
|
114 |
|
128 |
|
Deferred income |
|
194 |
|
225 |
|
Trade and other payables |
|
645 |
|
678 |
|
Lease liabilities |
|
23 |
|
19 |
|
Fixed assets suppliers |
|
315 |
|
184 |
|
Derivatives |
|
1 |
|
– |
|
Income tax liabilities |
|
8 |
|
15 |
|
Total current liabilities |
|
2,225 |
|
1,522 |
|
Total liabilities |
|
7,650 |
|
6,835 |
|
|
|
|
|
|
|
Total equity and liabilities |
|
10,528 |
|
10,327 |
|
Reported Net Debt (B + C – A) |
|
1,118 |
|
999 |
|
1) Trade and other receivables (current and non-current) include nil million related to U.S. C-band repurposing (31 December 2024: €87 million). 2) Including €284 million related to IRIS2 cash received (31 December 2024: €300 million). |
||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
€ million |
|
H1 2025 |
|
H1 2024 |
|
Profit before tax |
|
44 |
|
111 |
|
Taxes paid during the year |
|
(21) |
|
(155) |
|
Adjustment for non-cash items |
|
391 |
|
373 |
|
Changes in working capital(1) |
|
49 |
|
(78) |
|
Net cash generated by operating activities |
|
463 |
|
251 |
|
|
|
|
|
|
|
Payments for purchases of intangible assets |
|
(6) |
|
(8) |
|
Payments for purchases of tangible assets(2) |
|
(231) |
|
(132) |
|
Interest received(3) |
|
102 |
|
85 |
|
Insurance claim received |
|
49 |
|
– |
|
Proceeds from sale of business |
|
12 |
|
– |
|
Payment for acquisition of subsidiary, net cash acquired |
|
– |
|
(4) |
|
Other investing activities |
|
(20) |
|
(4) |
|
Net cash absorbed by investing activities |
|
(94) |
|
(63) |
|
|
|
|
|
|
|
Proceeds from borrowings |
|
1,304 |
|
– |
|
Repayment of borrowings |
|
(11) |
|
(708) |
|
Partial redemption of perpetual bond |
|
(59) |
|
– |
|
Transaction costs in respect of undrawn facilities |
|
(8) |
|
– |
|
Coupon paid on perpetual bond |
|
(1) |
|
(31) |
|
Dividends paid on ordinary shares(4) |
|
(103) |
|
(216) |
|
Interest paid on borrowings |
|
(63) |
|
(66) |
|
Payments for acquisition of treasury shares |
|
– |
|
(65) |
|
Lease payments |
|
(13) |
|
(12) |
|
Net cash generated/(absorbed) by financing activities |
|
1,046 |
|
(1,098) |
|
|
|
|
|
|
|
Net foreign exchange movements |
|
(321) |
|
66 |
|
Net increase in cash and cash equivalents |
|
1,094 |
|
(844) |
|
Cash and cash equivalents at beginning of the year |
|
3,521 |
|
2,907 |
|
Cash and cash equivalents at end of the year |
|
4,615 |
|
2,063 |
|
1) Including €49 million related to U.S. C-band repurposing (H1 2024: €113 million outflow) 2) net reimbursements of €11 million related to U.S. C-band repurposing (H1 2024: net reimbursements of €56 million). 3) Comprising €69 million interest received on deposit (H1 2024: €61 million) and €33 million interest received in relation to U.S. C-band clearing (H1 2024: €24 million). 4) Net of dividends received on treasury shares of €8 million (H1 2024: €7 million). |
||||
|
€ million |
|
H1 2025 |
|
H1 2024 |
|
Net cash generated by operating activities(1) |
|
463 |
|
251 |
|
Net cash absorbed by investing activities(2) |
|
(94) |
|
(63) |
|
Free cash flow before financing activities |
|
369 |
|
188 |
|
Coupon paid on perpetual bond |
|
(1) |
|
(31) |
|
Interest paid on borrowings |
|
(63) |
|
(66) |
|
Lease payments |
|
(13) |
|
(12) |
|
Free cash flow before equity distributions and treasury activities |
|
292 |
|
79 |
|
U.S. C-band cash flows (net) |
|
(93) |
|
33 |
|
Insurance claim received |
|
(49) |
|
– |
|
Proceeds from sales of business |
|
(12) |
|
– |
|
Payments for acquisition of subsidiary, net of cash acquired |
|
– |
|
4 |
|
Decrease in IRIS2 restricted cash |
|
16 |
|
– |
|
Payments in respect of other significant special items |
|
39 |
|
30 |
|
Adjusted Free Cash Flow |
|
193 |
|
146 |
|
1) Including net reimbursements of €49 million related to U.S. C-band repurposing (H1 2024: €113 million outflow). 2) Comprising net reimbursements of €11 million related to U.S. C-band repurposing (H1 2024: net reimbursements of €56 million) and €33 million interest received in relation to U.S. C-band clearing (H1 2024: €24 million). |
||||
SUPPLEMENTARY INFORMATION
QUARTERLY INCOME STATEMENT (AS REPORTED)
|
€ million |
|
Q1 2024 |
|
Q2 2024 |
|
Q3 2024 |
|
Q4 2024 |
|
Q1 2025 |
|
Q2 2025 |
|
Average €/$ FX rate |
|
1.09 |
|
1.08 |
|
1.09 |
|
1.09 |
|
1.04 |
|
1.12 |
|
Revenue |
|
498 |
|
480 |
|
497 |
|
526 |
|
509 |
|
469 |
|
U.S. C-band income |
|
1 |
|
4 |
|
1 |
|
82 |
|
1 |
|
2 |
|
Other income |
|
– |
|
– |
|
– |
|
3 |
|
1 |
|
48 |
|
Operating expenses |
|
(230) |
|
(248) |
|
(269) |
|
(352) |
|
(238) |
|
(261) |
|
EBITDA |
|
269 |
|
236 |
|
229 |
|
259 |
|
273 |
|
258 |
|
Depreciation expense |
|
(139) |
|
(162) |
|
(172) |
|
(177) |
|
(164) |
|
(156) |
|
Amortisation expense |
|
(19) |
|
(49) |
|
(38) |
|
(50) |
|
(31) |
|
(30) |
|
Non-cash impairment |
|
– |
|
(25) |
|
1 |
|
(99) |
|
– |
|
(73) |
|
Operating profit |
|
111 |
|
– |
|
20 |
|
(67) |
|
78 |
|
(1) |
|
Net financing (costs)/income |
|
5 |
|
(5) |
|
(6) |
|
3 |
|
(26) |
|
(9) |
|
Other non-operating income / expenses (net) |
|
– |
|
– |
|
– |
|
21 |
|
– |
|
2 |
|
(Loss)/Profit before tax |
|
116 |
|
(5) |
|
14 |
|
(43) |
|
52 |
|
(8) |
|
Income tax benefit/(expense) |
|
(43) |
|
5 |
|
(4) |
|
(13) |
|
(22) |
|
(4) |
|
Non-controlling interests |
|
– |
|
– |
|
(6) |
|
(6) |
|
(1) |
|
(3) |
|
Net (Loss)/Profit attributable to owners of the parent |
|
73 |
|
0 |
|
4 |
|
(62) |
|
29 |
|
(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss)/earnings per share (in €)(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A shares |
|
0.16 |
|
(0.01) |
|
0.00 |
|
(0.15) |
|
0.06 |
|
(0.04) |
|
Class B shares |
|
0.06 |
|
0.00 |
|
0.00 |
|
(0.06) |
|
0.03 |
|
(0.02) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
275 |
|
250 |
|
250 |
|
253 |
|
280 |
|
241 |
|
Adjusted EBITDA margin |
|
55% |
|
52% |
|
50% |
|
48% |
|
55% |
|
51% |
|
U.S. C-band income |
|
1 |
|
4 |
|
1 |
|
82 |
|
1 |
|
2 |
|
Other Income |
|
– |
|
– |
|
– |
|
3 |
|
1 |
|
48 |
|
U.S. C-band operating expenses |
|
(2) |
|
(1) |
|
(1) |
|
(1) |
|
(1) |
|
(1) |
|
Other significant special items |
|
(5) |
|
(17) |
|
(21) |
|
(78) |
|
(8) |
|
(32) |
|
EBITDA |
|
269 |
|
236 |
|
229 |
|
259 |
|
273 |
|
258 |
|
1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share. |
||||||||||||
Contacts
For further information please contact:
Christian Kern
Investor Relations
Tel: +352 710 725 7787
[email protected]
Suzanne Ong
Communications
Tel: +352 710 725 500
[email protected]
