SES Posts Strong 9-Month and Q3 2025 Results Following Intelsat Acquisition

SES S.A.  has announced its financial results for the nine months, and three months ended September 30, 2025, reporting a solid operational and financial performance. The results notably include the full consolidation of Intelsat from July 17, 2025, following the successful completion of the acquisition.

On a reported basis, with Intelsat consolidated from mid-July, SES posted revenue of €1,747 million for the nine-month period, marking a 19.8% year-over-year increase at constant foreign exchange (FX). Adjusted EBITDA rose to €849 million, up 11.0% yoy at constant FX. The company secured approximately €1.4 billion in new business and contract renewals year-to-date 2025, resulting in a total combined gross backlog of €7.1 billion, split between Media (€3.3 billion) and Networks (€3.8 billion).

An interim 2025 dividend of €104 million (€0.25 per A-share; €0.10 per B-share) was paid on October 16, 2025. A final 2025 dividend of at least the same amount is planned for April 2026, subject to shareholder approval. SES confirmed its full-year 2025 financial outlook, expecting revenue in the range of €2.60–2.70 billion and adjusted EBITDA between €1.17–1.21 billion, with CapEx now projected at €0.6–0.7 billion.

Networks Business Drives Growth

The company’s Networks business was the primary driver of growth, accounting for around 60% of total revenue. Networks revenue increased 36.3% yoy at constant FX, led by all segments. Aviation grew by 111.6% yoy, benefiting from the Intelsat acquisition and now serving over 3,000 aircraft tails, with 200 new tails secured since the transaction closed. Government revenue increased 33.4% yoy, supported by opportunities in Europe, NATO countries, and momentum with the U.S. government, including a five-year Sustainment Tactical Network (STN) contract for the U.S. Army and a position on the U.S. Space Force’s five-year, $4 billion Protected Tactical Satellite Communications-Global (PTS-G) program. Fixed & Maritime revenue rose 13.2% yoy.

The Media business remained stable, with revenue up 0.7% yoy at constant FX, benefiting from the Intelsat consolidation and long-term renewals, including a multi-year agreement with Arqiva.

“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.”

– Adel Al-Saleh, CEO, SES 

O3b mPOWER Expansion and Future Capacity

SES continues to expand its next-generation Medium Earth Orbit (MEO) constellation. Satellites 9 and 10 of the O3b mPOWER series were successfully launched on July 22, 2025, and are expected to enter service in early 2026. The remaining satellites (11–13) are scheduled for launch in 2026. Full deployment of the O3b mPOWER constellation is anticipated to provide up to a threefold increase in available capacity by 2027.

In addition, SES collected approximately $87 million in a settlement regarding the insurance claim for O3b mPOWER satellites 1–4, with further settlements expected. The combined like-for-like net leverage ratio, assuming full consolidation of Intelsat from January 1, 2024, stood at 3.7 times as of September 30, 2025.