SES Reports Strong 2025 Growth Following Intelsat Acquisition, Revenue Hits €2.63 Billion

SES S.A.  fully consolidated Intelsat  from 17 July 2025 and has announced its financial results for the year ended 31 December 2025. On a reported basis, revenue for FY25 reached €2,627 million, up 33.9% at constant FX from €2,001 million in 2024. Adjusted EBITDA rose to €1,196 million, representing a 19.1% increase at constant FX compared to €1,028 million in 2024. On a like-for-like basis, assuming Intelsat had been fully consolidated from 1 January 2024, combined revenue was €3,512 million versus €3,656 million in 2024, while adjusted EBITDA stood at €1,529 million, down 12.1% at constant FX. The results reflect the negative impact of purchase price accounting related to the Intelsat acquisition, with €6 million on revenue and €8 million on Adjusted EBITDA.

Intelsat’s acquisition, completed on 17 July 2025, marked a major milestone for SES, with integration and synergy delivery fast-tracked from Day 1. The company reported delivering FY25 results within its financial outlook while maintaining lower-than-guided capital expenditures. Networks revenue, which includes Aviation, Government, and Fixed & Maritime segments, saw its fourth consecutive year of growth, with Aviation up 145.5% and Government up 47.0%. Media revenue reached €977 million, up 7.9%, supported by the full consolidation of Intelsat. The company signed €1.8 billion in new business and contract renewals during 2025, contributing to a combined gross backlog exceeding €6.6 billion. Reported adjusted free cash flow was €229 million, with capital expenditures of €559 million and like-for-like net leverage at 3.9 times, including cash and cash equivalents of €674 million. The company declared a final 2025 dividend of €0.25 per A-share (€0.10 per B-share), payable in April 2026 subject to shareholder approval. SES expects both revenue and adjusted EBITDA to remain stable in 2026 on a like-for-like and constant FX basis.

“2025 was a milestone year for SES, a year of major progress, step-change in company’s scale, and decisive actions while integrating Intelsat and delivering on our synergy plan from Day 1. With the financial performance below our initial expectations for the first year of the combined company, we addressed the challenges head‑on and delivered 2025 financial results within our revised 2025 financial outlook with lower than guided capital expenditures, establishing a strong platform for future growth. Across our Networks and Media businesses, we executed with focus and supported customers at scale. We believe our continued momentum in Government and Aviation reflects the market’s confidence in SES and the unique value of our scalable, multi‑orbit architecture. Government demand for secure, resilient multi‑orbit solutions continued to grow. Despite the impact of the U.S. government shutdown and DOGE actions, our government business delivered strong growth, supported by expanding demand in Europe and globally. We advanced key sovereign programs including IRIS², announced GovSat‑2 with the Luxembourg Government, extended our Australian Defence partnership, and secured major U.S. defense awards. We won significant new contracts, including selection as one of five companies on the U.S. Space Force’s Protected Tactical SATCOM‑Global (PTS‑G) IDIQ contract, and a strategic award from the Defense Innovation Unit for Secure Integrated Multi‑Orbit Networking (SIMON). Aviation continued its strong momentum, with major wins and growing airline adoption of our multi‑orbit electronically steered antenna solution (ESA), now operational on more than 500 aircraft worldwide.”

– Adel Al-Saleh, CEO, SES

SES’s Media business remained cash-generative, serving over two billion people across nearly 700 million households, and secured approximately €450 million in renewals and new business, including agreements with Sky, RTL, Warner Brothers Discovery, ORF/ORS, Telekom Srbija, PGA TOUR, and QVC. The company also supported global broadcasting of the Winter Olympics Games. In space-based developments, O3b mPOWER satellites 9 & 10 were successfully launched, with satellites 7 to 10 now in service, and the launch of satellites 11 to 13 planned for the second half of 2026. SES continues developing its meoSphere multi-mission MEO network, in collaboration with New Space innovators such as Cailabs, Impulse Space, Kratos, Infinite Orbits, and K2 Space.

The company’s balance sheet reflected significant growth in assets, with property, plant, and equipment totaling €5,399 million and intangible assets of €2,810 million. Total equity stood at €2,714 million, with total borrowings of €6,305 million. Net cash absorbed by investing activities amounted to €1,665 million, reflecting the acquisition of Intelsat, purchases of tangible and intangible assets, and other investing activities. Free cash flow before equity distributions and treasury activities was negative €1,097 million, while adjusted free cash flow was €229 million.

SES reaffirmed its commitment to disciplined financial allocation, investment-grade metrics, and a net leverage target of 3.0 times or below. The Board also established a dedicated CapEx taskforce to enhance oversight and ensure disciplined capital allocation. The company is actively progressing through Rendez‑Vous 1 of the IRIS² program, collaborating with the European Commission to validate costs, technical requirements, and delivery timelines, reinforcing its commitment to a sovereign, secure, and competitive European space-based connectivity infrastructure.

Looking ahead, SES plans to accelerate integration, execute synergies, grow in key markets, and continue innovating across its multi-orbit architecture, aiming to deliver sustainable value to both customers and shareholders.