SES Delivers €978 Million Revenue in H1, Launches Next Phase of Multi-Orbit Expansion

SES  S.A. has reported its financial results for the six months ended 30 June 2025, highlighting a solid performance and reaffirming confidence in its full-year 2025 outlook. The satellite operator also confirmed the successful completion of its $2.6 billion (€2.2 billion) acquisition of Intelsat  on 17 July, a move that firmly establishes the company as a global leader in multi-orbit connectivity.

Financial and Operational Highlights

SES generated revenue of €978 million in the first half of 2025, a marginal decline of 0.2 percent year-on-year, while Adjusted EBITDA came in at €521 million, down 0.7 percent. Adjusted free cash flow (FCF), however, increased significantly to €193 million, a 32 percent year-on-year rise, supported by a strong balance sheet and cash reserves of €4.3 billion. Net leverage stood at 1.1 times.

Growth was driven by the company’s Networks segment, which rose by 10.3 percent year-on-year. Government solutions saw a 17.1 percent increase, while Mobility grew by 9.5 percent. The Media segment declined by 12.1 percent, in line with expectations, though SES noted the signing of several important long-term renewals during the period.

A total of €690 million in new business and renewals was secured in H1 2025, bringing the company’s total gross contract backlog to €4.2 billion. The outlook for the full year remains on track, with SES reiterating expectations for stable revenue and broadly stable Adjusted EBITDA.

Strategic Milestone: Intelsat Acquisition Finalised

On 17 July 2025, SES officially closed its acquisition of Intelsat, marking one of the most significant consolidation moves in the satellite industry. The deal, valued at $2.6 billion in cash and accompanied by contingent value rights (CVRs), is backed by approximately €2.4 billion in net present value synergies. SES expects to achieve an annual run-rate of approximately €370 million in synergies, with 70 percent of that total expected within three years.

The combined company now derives roughly 60 percent of its revenue from high-growth segments. It is targeting a low to mid-single-digit revenue compound annual growth rate (CAGR) and a mid-single-digit Adjusted EBITDA CAGR between 2024 and 2028. By 2027–2028, SES aims to deliver normalised Adjusted FCF exceeding €1 billion annually, excluding IRIS2 programme effects. Capital expenditures will average between €600 million and €650 million per year over the same period, with net leverage expected to remain below 3 times within 12–18 months of the deal closing.

Network Expansion and Strategic Initiatives

The first half of the year saw further progress in the deployment of SES’s next-generation O3b mPOWER constellation. Satellites 7 and 8 entered service in May 2025, delivering high-performance connectivity to commercial and government clients. Satellites 9 and 10 were successfully launched on 22 July, with service entry anticipated in early 2026. The final satellites (11 to 13) are scheduled for launch later in 2026. Once complete, the full constellation will triple SES’s available capacity by 2027.

SES also signed a new agreement with Impulse Space to use its Helios medium-lift launch vehicle, which will shorten the time it takes to place satellites into their final orbital positions, enhance satellite longevity, and speed up service delivery.

In government markets, SES secured significant new business in Europe and the United States. This includes a new joint project with the Luxembourg government to develop a second satellite for GovSat, and a contract with the U.S. Department of Defense through SES Space & Defense, which will deliver a secure, integrated, multi-orbit architecture known as SIMON™. The company also reported strong momentum in the aero segment, noting partner wins with Thai Airways, Turkish Airlines, and Uzbekistan Airways through its Open Orbits™ offering.

Dividend and Shareholder Returns

SES paid its final FY 2024 dividend of €103 million in April 2025, translating to €0.25 per A-share and €0.10 per B-share. An interim dividend of €0.25 per A-share and €0.10 per B-share is scheduled for distribution in October 2025.

Adel Al-Saleh, CEO of SES, described the half-year results as reflective of solid operational and commercial progress, adding that the Intelsat acquisition marks a “defining milestone” for the company.

“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.”

-Adel Al-Saleh, CEO, SES. 

SES remains focused on executing its strategic roadmap, supported by an enlarged commercial footprint, enhanced scale, and a backlog exceeding €8 billion. With the integration of Intelsat underway, SES is poised to deliver sustainable value in an increasingly competitive global connectivity market.