SES: Full Year 2025 Results

SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the year ended 31 December 2025

• Intelsat acquisition closed on 17 July 2025, solid progress with company integration and synergy delivery fast tracked since Day 1
• Delivered FY25 reported results within financial outlook with lower than guided capital expenditures
• Networks - 4^th consecutive year of growth, mainly supported by growth in Aviation and Government
• Media - delivered to expectations with important new long-term renewals signed
• €1.8 billion of new business and contract renewals signed in 2025 – with a total combined gross backlog of over €6.6 billion
• Reported Adjusted Free Cash Flow of €229 million and Capital Expenditures of €559 million with combined like-for-like net leverage at 3.9 times⁽¹⁾ (including cash & cash equivalents of €674 million⁽²⁾)
• Final 2025 dividend of €0.25 per A-share (€0.10 per B-share) to be paid in April 2026 (subject to shareholder approval)
• 2026 financial outlook: Both, Revenue and Adjusted EBITDA, expected to be stable yoy on a like-for-like and constant FX basis⁽³⁾
• Remain committed to disciplined financial policy, investment grade metrics and net leverage target of 3.0 times or below

Adel Al-Saleh, CEO of SES, commented: “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 around the world. The multi-orbit system has been selected by 16 carriers for more than 1,000 aircraft, including American Airlines, Air Canada, Avianca, JAL, Skymark, Royal Brunei, and others.

In Fixed & Maritime we continued to see competitive pressures. In Fixed Data, we took decisive actions to transform the business and focus on areas where we believe we have a clear right to win. Our Maritime business remained resilient, with solid cruise renewals and continued adoption of SES Cruise mPOWERED. Our FlexMaritime solution provides critical services to the commercial shipping segment, serving more than 13,000 ships globally.

Our Media business continues to have a strong cash-generative profile serving over two billion people and nearly 700 million households worldwide. Despite headwinds, in 2025 we have secured around €450 million in renewals and new business, including multi‑year agreements with Sky, RTL, Warner Brothers Discovery, ORF/ORS, Telekom Srbija, PGA TOUR, and QVC while opening new free-to-air/free-to-view markets in Mexico and Spain. We are proud to be the partner to broadcasters distributing the Winter Olympics Games globally.

We also made critical progress in shaping our future space-based solutions. O3b mPOWER satellites 9 & 10 successfully launched on 22 July, with satellites 7, 8, 9 & 10 now in service and the launch of satellites 11 to 13 is planned for second half of 2026. SES continues building on its MEO capabilities through meoSphere, the company’s next‑generation multi‑mission MEO network supported by New Space innovators, such as Cailabs, Impulse Space, Kratos, Infinite Orbits, and an extended K2 Space partnership.

In 2026, we plan to accelerate integration, execute on synergies, grow in key markets, and continue innovating across our global multi‑orbit architecture. SES is operating at a new scale with the capabilities, culture, and momentum to lead our industry into the next era of satellite connectivity and space-based solutions. We are committed to deliver sustainable value for customers and shareholders alike.”

Financial Outlook

SES sets out its 2026 financial outlook on a like-for-like (as if Intelsat consolidated from 1st January 2024) and constant FX basis⁽¹⁾ (assuming nominal satellite health and launch schedule).

On this basis, SES’s 2026 financial outlook expects both, Revenue and Adjusted EBITDA, to be stable year-on-year.

Capital expenditures (net cash absorbed by investing activities excluding acquisitions and financial investments; including IRIS² and first phase of meoSphere capital expenditures) is expected to be around €700 million⁽²⁾, ~€100 million lower than prior guidance.

SES will continue building on its MEO capabilities through meoSphere, the company’s next‑generation multi‑mission MEO network supported by New Space innovators, including extended K2 Space partnership.

Key business and financial highlights

(Intelsat fully consolidated from 17 July 2025; at constant FX unless explained otherwise; actual results and financial outlook are presented including the effects of purchase price accounting related to the Intelsat acquisition)

SES regularly uses Alternative Performance Measures (APM) to present the performance of the group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

Fully consolidating Intelsat from 17 July 2025, Networks revenue of €1,633 million (62% of total revenue) increased +55.2% yoy driven by growth in Aviation (+145.5% yoy), Government (+47.0% yoy), and Fixed and Maritime (+30.5% yoy; including periodic revenue of €19 million recognised in Q1 2025 vs €22 million in Q1 2024). In 2025, the Networks business secured close to €1.4 billion of renewals and new business.

Media revenue of €977 million (37% of total revenue) was up +7.9% yoy, benefiting from fully consolidating Intelsat from 17 July 2025. Underlying declines result from lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs as well as the full Q2 to Q4 impact of the Brazilian customer bankruptcy. In 2025, the business secured close to €450 million of renewals and new business.

Gross backlog on 31 December 2025 was over €6.6 billion of which Media backlog was €3.0 billion and Networks backlog was €3.6 billion.

Adjusted EBITDA of €1,196 million represented an Adjusted EBITDA margin of 45.4% (2024: 51.4%) including the contribution from the acquisition of Intelsat from 17 July 2025, impacted by profitability diluting equipment sales in Aviation, continued weakness in the Fixed Data business, the effects of the IS‑33e failure, and timing of government contracts, also including the flow through of the periodic revenue impact and some cost shifts. Adjusted EBITDA excludes significant special items of €10 million net expenses (2024: €35 million net expenses), comprising of other income (non-recurring) of €175 million (2024: €3 million), net C-band income of €1 million (2024: €83 million), advisory charges of non-recurring nature of €16 million (2024: nil), fair value movement on contingent value rights of €28 million (2024: nil), and expenses related to other significant special items of €142 million (2024: €121 million), primarily related to restructuring and merger and acquisition activities.

Adjusted Net Profit of €47 million (2024: €126 million), mainly reflecting €170 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net non-operating expense of €7 million (2024: net income of €21 million) and higher net financing costs of €136 million (2024: €3 million). This was partly offset by higher Adjusted EBITDA, higher minority interest and lower net income tax. Net financing costs included the benefit of earned interest income on the group’s cash & cash equivalents of €123 million (2024: €127 million), finance lease income of nil (2024: €5 million), interest expense on external borrowings of €136 million (2024: €104 million), other net interest expense of €65 million (2024: €35 million), and the impact of net foreign exchange loss of €58 million (2024: gain of €4 million).

Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of €146 million (2024: €123 million), M&A related net financing charges of €36 million (2024: nil) and net tax benefit of €50 million (2024: benefit of €47 million) associated with all the significant special items.

Adjusted Free Cash Flow (excluding significant special items) of €229 million included investing activities of €559 million (2024: €560 million), cash interest received of €77 million (2024: €127 million), and cash interest paid of €280 million (2024: €159 million).

On 31 December 2025, the Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of €1.525 billion of hybrid bonds as debt and 50% as equity) was 3.9 times (31 December 2024: 1.1 times). Cash & cash equivalents of €674 million (excluding €401 million of restricted cash with respect to the SES-led consortium’s involvement in IRIS²) included the proceeds from the €300 million EIB financing, the €1 billion Eurobonds issued in June 2025, and the $1 billion term loan drawn in July 2025.

In 2025, SES repaid debt maturities of around €2,906 million, including $3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings S.A in relation to the acquisition of Intelsat, €250 million Schuldschein Loan, €16 million LuxGovSat Credit Facility and €6 million other debt obligations.

SES continues to engage with insurers on the insurance claim for O3b mPOWER satellites 1-4. In 2025, the company has collected approximately $189 million (€164 million) through settlements, with additional payments expected as negotiations progress.

A share buyback program of €150 million was completed in respect of the A-shares in October 2024 with 24 million A-shares purchased at an average price of €5.22 per A-share and 12 million B-shares were purchased at an average price of €2.09 per B-share. The shares acquired are expected to be cancelled in 2026, which would reduce the total number of voting and economic shares in issue.

The interim FY2025 dividend of €104 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 16 October 2025. The final FY2025 dividend of €0.25 per A-share (€0.10 per B-share) is expected to be paid to shareholders in April 2026. The final dividend is subject to shareholder approval at the Annual General Meeting on 2 April 2026.

SES restates its commitment to disciplined financial allocation, investment grade metrics and net leverage target of 3.0 times or below. Once the company meets its net leverage target, the company intends to increase the annual base dividend and at least a majority of future exceptional cashflows will be prioritised for shareholder returns.

The Board evolved its composition and established a dedicated CapEx taskforce to enhance oversight and ensure disciplined capital allocation aligned with long-term strategic objectives. These changes accommodate the increased scale and complexity of the company and strengthen corporate governance in support of SES’s strategic priorities and long-term ambitions.

SES is currently progressing through Rendez‑Vous 1 of the IRIS² program, working closely with the European Commission to validate project cost, technical requirements, and delivery timelines. SES remains fully committed to the European Union’s vision for a sovereign, secure, and competitive space‑based connectivity infrastructure. As the lead member of the SpaceRise consortium, SES collaborates with all partners to ensure the timely and successful delivery of IRIS².

Operational performance

(Intelsat consolidated from 17 July 2025)

REVENUE BY BUSINESS UNIT

Anticipated future satellite launches

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

SUPPLEMENTARY FINANCIAL INFORMATION

1.) QUARTERLY INCOME STATEMENT

(Intelsat fully consolidated from 17 July 2025 – as reported)

2.) COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION

(Intelsat fully consolidated from 1 January 2024. Year-on-year change at Constant FX unless otherwise stated)

SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)

COMBINED LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT & ADJUSTED EBITDA

(Intelsat fully consolidated from 1 January 2024. Year-on-year change presented at ‘Constant FX’ unless otherwise stated)

COMBINED LIKE-FOR-LIKE ADJUSTED EBITDA RECONCILIATION

(Intelsat fully consolidated from 1 January 2024 – at Reported FX)

ADJUSTED NET DEBT RECONCILIATION

SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)

COMBINED LIKE-FOR-LIKE NET LEVERAGE

(Intelsat fully consolidated from 1 January 2024 – at Reported FX)

COMBINED LIKE-FOR-LIKE QUARTERLY REVENUE BY BUSINESS UNIT & QUARTERLY ADJ. EBITDA

(Intelsat fully consolidated from 1 January 2024 – at Reported FX)

BASIS OF COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION

The supplemental combined like-for-like financial information included in this press release presents the historical consolidated financial information of the SES Group adjusted to give effect to the acquisition of Intelsat by SES as if it had taken place on 1 January 2024. This combined like-for-like financial information does not meet the requirements of Article 11 of SEC Regulation S-X.

The SES Group’s consolidated financial statements are prepared in accordance with IFRS and the Intelsat Group’s pre-acquisition financial information was prepared in accordance with U.S. GAAP. The combined like-for-like financial information includes (i) adjustments to convert the pre-acquisition financial information of the Intelsat Group from U.S. GAAP to IFRS, such as fair value adjustments in respect of contract liabilities impacting combined like-for-like revenue, share-based compensation and employee benefits adjustments, as well as leases impacting combined like-for-like operating expenses, (ii) intercompany eliminations and (iii) restatement at constant FX of comparative figures.

The combined like-for-like financial information is presented for illustrative purposes only and is not necessarily indicative of the combined financial position or results of operations that would have been achieved had the Acquisition occurred on 1 January 2024, nor is it meant to be indicative of future results of operations of the Combined Group. The combined like-for-like financial information is based on the SES Group’s accounting policies. Further review of the pre-acquisition financial information may have identified additional differences between the accounting policies of the SES Group and the Intelsat Group that, when conformed, could have a material impact on the like-for-like financial information of the Combined Group.

ALTERNATIVE PERFORMANCE MEASURES

SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles and thus should not be considered substitutes for the information contained in the Group’s financial statements.

Presentation of Results:

A presentation of the results for investors and analysts will be hosted at 9.30 CET on 2 March 2026 and will be broadcast via webcast and conference call.

The details for the conference call and webcast are as follows:

Conference Call registration: https://engagestream.companywebcast.com/ses/fullyear2025-results/dial-in
Webcast registration: https://ses.engagestream.companywebcast.com/fullyear2025-results

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.

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About SES

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.

Forward looking statements

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,” “committed,” “expect,” “positioned,” “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 2026 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, anticipated future satellite launches, dividends, our share buyback programme, O3b mPOWER satellites, including expected service dates and settlements, and MEO capabilities through meoSphere, 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 and related uncertainties; 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; U.S. federal government shutdowns; 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.

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