Luxembourg, 31 July 2025 — 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)(7) 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.
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
