SES Delivers Solid H1 2025 Results & Completes Intelsat Acquisition

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) and Adjusted EBITDA of €521 million (-0.7% yoy)
•    Networks (+10.3% yoy) supported by +17.1% yoy growth in Government and +9.5% yoy(1) growth in Mobility; Media (-12.1% yoy) 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 (including cash & cash equivalents of €4.3 billion) 
•    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 well on track, reiterating stable Revenue and broadly stable Adjusted EBITDA yoy
•    Final FY 2024 dividend of €103 million (€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) 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 more than €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.”

Read the press release in full.
suzanne.ong@ses.com

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A presentation of the results for investors and analysts will be hosted at 9.30 CET on 31 July 2025 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

U.K.    +44 (0) 33 0551 0200 
France      +33 (0) 1 70 37 71 66 
Germany     +49 (0) 30 3001 90612 
U.S.A.      +1 786 697 3501

Confirmation code     SES

Webcast registration    https://channel.royalcast.com/landingpage/ses/20250731_1/
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.

At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

This press release contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “forecast,” “likely,” “believe,” “target,” “will,” and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance.
Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company’s ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company’s dependence upon several large customers; changes in technology or the satellite communications market that could make the company’s satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, trade wars and tariffs; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company’s information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; and the company’s level of indebtedness.
Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form F-4. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.