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
