Luxembourg, 2 March 2026 -- SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the year ended 31 December 2025
FY25 Performance
( million) 2025
as reported (1) 2024
as reported (1) at
constant FX (2) 2025
like-for-like (3) 2024
like-for-like (3) at constant FX (2)
Average /$ FX rate 1.12 1.09 1.12 1.09
Revenue (4) 2,627 2,001 +33.9% 3,512 3,656 -1.6%
Adjusted EBITDA (4) (5) 1,196 1,028 +19.1% 1,529 1,783 -12.1%
1) Reported basis' with Intelsat fully consolidated from 17 July 2025
2) 'At constant FX' refers to comparative figures restated at the current period FX to neutralise currency variations
3) Like-for-like basis' as if Intelsat fully consolidated from 1 January 2024
4) Full-year 2025 results include the effects of purchase price accounting (PPA) related to Intelsat acquisition: Negative impact of 6m on revenue & 8m on Adj. EBITDA
5) Excluding operating expenses/income recognised in relation to U.S. C-band repurposing, other income non-recurring, fair value movement on contingent value rights and other significant special items (disclosed separately)
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 - 4th 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 (including cash & cash equivalents of 674 million)
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
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 IRIS , 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 capabi
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
03/03/2026
Luxembourg, 2 March 2026 -- SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the year ended 31 December 2025
FY25 Pe...
03/03/2026
RT Media Sales has announced Spry Finance has renewed it's sponsorship of M...
02/03/2026
Rohde & Schwarz demonstrates FR1-FR3 carrier aggregation, advancing 6G readiness Rohde & Schwarz and Qualcomm Technologies, Inc. have reached another pivotal ...
02/03/2026
aconnic AG (ISIN: DE000A0LBKW6), Munich, and Arqit Quantum Inc. (Nasdaq: ARQQ, A...
02/03/2026
Luxembourg, February 26, 2026 - SES and Africa Mobile Network (AMN) have expande...
02/03/2026
Monday 2 March 2026
Saturday Night Live UK announces writing team
L-R: Jonno Johnson; Charlie Skelton; Celya AB; Omar Badawy; Gr inne Maguire; Laura Claxton; ...
27/02/2026
Since its inception, Gorillaz has been known for blending art with genre-bending...
27/02/2026
This week, Spotify introduced Audiobook Charts for the U.S. and U.K. The charts make it easy to discover your next favorite book by showing what's popular a...
27/02/2026
Rohde & Schwarz and Viasat to collaborate on NB-NTN IoT test plan for connectivi...
27/02/2026
In media technology, big features often steal the spotlight - AI integrations, cloud transformations, automation frameworks. But for the people who use these to...
27/02/2026
Digital Asset Management systems sit at the heart of most marcoms operations. They centralise content, organise it, and make it discoverable. Integrated with th...
27/02/2026
The AI Wild West comes to NAB 2026 and Blue Lucy is bringing the Sheriff
The AI Wild West is here, and media organisations are feeling the heat. On Booth W23...
27/02/2026
A deeply personal, uncompromising portrait of the legendary punk rock iconFriday...
27/02/2026
One of Ireland's favourite lifestyle shows Home of the Year, returns for its 12th series and will be proudly sponsored by SIRO. The brand-new series will ai...
27/02/2026
Our Farm: A GIY Story lands on RT One and RT Player from March 3
From walled garden to community farm, new six-part series captures the unfiltered realities...
27/02/2026
Note: English version included below the Irish language version.
Seachtain na Gaeilge 2026 ar RT
A Ghaeilge mo cheol th '
T feachtas athnuaite i n...
26/02/2026
Rohde & Schwarz awarded contract by Israel Airports Authority for QPS201 securit...
26/02/2026
Rohde & Schwarz highlights its unique CMX500 one-box tester tailored for NTN tes...
26/02/2026
Rohde & Schwarz high-efficiency transmitter powers next-gen broadcast services i...
26/02/2026
Rohde & Schwarz highlights its comprehensive embedded systems test solutions at ...
26/02/2026
Rohde & Schwarz to showcase spectrum security and network efficiency solutions a...
26/02/2026
Rohde & Schwarz and Broadcom showcase first Wi-Fi 8 RF signaling tests, paving w...
26/02/2026
Rohde & Schwarz advances AI-RAN testing using digital twins with NVIDIA Rohde & Schwarz, in collaboration with NVIDIA, continues to drive AI-RAN innovation fo...
26/02/2026
Rohde & Schwarz and LITEON demonstrate high throughput 5G femtocell testing with...
26/02/2026
The agreement ensures Europe's satellite-based augmentation continues enhanc...
26/02/2026
There were two big wins for RT KIDS shows at the 17th Kidscreen Awards in San Diego this week with Maddie Triggs and BeddyByes both taking home gongs.
The K...
26/02/2026
26 Feb 2026
VEON to Release FY25 Earnings Update on March 13, 2026 Dubai and New York, February 26, 2026 - VEON Ltd. (NASDAQ: VEON), a global digital operator ...
26/02/2026
What can I watch on UKTV and stream on U this week?
This week's highlights include new episodes of Will and Ralf Should Know Better, The Marlow Murder Club...
26/02/2026
Thursday 26 February 2026
Sky partners with STARZ on high-impact boxing drama F...
26/02/2026
Thursday 26 February 2026
An Open Letter to Our Fellow Leaders in Global Media
From:
Tim Davie, BBC Director-General
Jon Slade, CEO, Financial Times
Anna B...
26/02/2026
Wuppertal February 26, 2026
Teatro alla Scala Elevates Backstage Communication with Riedel's BoleroRiedel Communications today announced that Fondazione T...
26/02/2026
RT has confirmed that it has today received payment from the GAA for its 50% share of GAAGO.
RT confirmed in February 2025 that it had agreed in principle wi...
26/02/2026
RT Statement regarding the broadcast of Republic of Ireland vs Israel Nations League fixture
If the match goes ahead and that is a decision for the FAI as ...
25/02/2026
It's never been easier to customize your Spotify listening experience. Last year, we introduced more control over the way your playlist sounds, giving Premi...
25/02/2026
Hip-hop thrives on constant reinvention, with bold voices and fearless experimentation continually pushing the genre's boundaries. Every era brings new lead...
25/02/2026
In 2025, Magyar Telekom continued the consistent execution of its long-term stra...
25/02/2026
Joe Wilkinson and Joe Marler reunite for a tongue-in-cheek campaign exploring the hilarious extremes of modern loveWednesday 25 February 2026
Mix Tapes to Vide...
25/02/2026
Harmonic's XOS Advanced Media Processor Leverages AI-Powered Encoding to Deliver Exceptional Video Quality to Alcom Customers SAN JOSE, Calif. - Feb. 25, 2...
24/02/2026
Life needs music. So does the afterlife. That's why Spotify has partnered wi...
24/02/2026
Last weekend, S o Paulo buzzed with energy as Bad Bunny took the stage for two n...
24/02/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
24/02/2026
Paul C. Brunson: Red Flag to be produced by FirstLookTV and launch in 2026
UKTV...
24/02/2026
This year, we're back at the Media Production and Technology Show (MPTS) in London. As always, we're looking forward to catching up with existing contac...
24/02/2026
We are pleased to announce that Pete Whiteway is joining the dB Technology Group as a Senior Systems Engineer. Pete brings over 20 years of experience in broadc...
Luxembourg, 2 March 2026 -- SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the year ended 31 December 2025 
