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) 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 > 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.
Europe Stories
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
08/08/2025
The Hills Are Alive: A Year at Kylemore Abbey starts Sunday at 6.30pm on RT One and RT Player
The Hills Are Alive: A Year at Kylemore Abbey, a new RT obser...
08/08/2025
Kieran's last C il House will be live from Fleadh Cheoil na h ireann this Saturday August 9
After three decades at the helm of RT Radio 1's C il Hou...
07/08/2025
Increasing uncertainty about the future development of global trade, tariff incr...
07/08/2025
07 Aug 2025
VEON 2Q25 Earnings Release: Direct Digital Revenues Up 57% YoY. Sol...
07/08/2025
RT has today announced the appointment of Mark Simpson to the role of Managing Editor, RT Radio 1.
Reporting to the Head of RT Radio 1, Tara Campbell, Mark ...
07/08/2025
July 8 2025, 22:30 (PDT) Tata Motors & Dolby Bring Dolby Atmos to Harrier.ev, R...
06/08/2025
GROWTH IN DATA USAGE, DYNAMIC NETWORK DEVELOPMENT, AND CONSISTENT OPERATION - MA...
06/08/2025
Wednesday 6 August 2025
Filming has commenced in London on the second series of...
06/08/2025
Hosted by comedian Kevin McGahern, the companion show will spill the cloak-and-dagger secrets from The Traitors Ireland
Trust no one except maybe the host
G...
05/08/2025
Since we announced our global partnership with FC Barcelona in 2022, we've been finding new ways to unite the worlds of music and football-amplifying artist...
05/08/2025
In early July, Tras Ltd., a Japan-based company, unveiled the new natural fiber body for the Toyota Hilux, which will compete in the Asia Cross Country Rally in...
05/08/2025
Comscore Reports Second Quarter 2025 ResultsRESTON, Va., August 5, 2025 Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluat...
05/08/2025
Nick Cave and Matt Smith to appear at the Southbank Centres London Literature Festival for a special preview of the Clerkenwell Films-produced series on 30 Octo...
05/08/2025
Tuesday 5 August 2025
As the 2025/26 Premier League season kicks off on Friday ...
05/08/2025
OBJECT MATRIX
OverviewObject Matrix
OM Cloud
Quattro
SWARMOverviewSwarmSingl...
05/08/2025
Fox Corporation Reports Fourth Quarter and Full Year Fiscal 2025 NEW YORK, NY, August 5, 2025 - Fox Corporation (Nasdaq: FOXA, FOX; FOX or the Company ) to...
05/08/2025
FOX One Announces August 21 Launch Date and Pricing FOX's New Streaming Service Will be Offered at $19.99 Per Month New York, NY and Los Angeles, CA - Aug...
05/08/2025
Visit us at IBC 2025, with Baselight demonstrations at the Hotel nhow Amsterdam RAI and Nara on the show floor.
Baselight 13-14 September
Location
Meet us ...
05/08/2025
Arvato Systems Receives BSI Certification for First Sovereign Gateway Administra...
05/08/2025
Alastair takes up the position on 01 September, 2025
London, UK, 05 August, 2025 Arqiva Financing plc today announces the appointment of Alastair Cochran as ...
04/08/2025
At Spotify, we're committed to delivering a world-class, personalized experience for every user. To continue to innovate on our product offerings and featur...
04/08/2025
En Spotify, estamos comprometidos a ofrecer una experiencia personalizada y de primer nivel para cada usuario. Para seguir innovando en nuestras funciones y pro...
04/08/2025
No Spotify, temos o compromisso de oferecer uma experi ncia personalizada e de alto n vel para cada usu rio. Para continuar inovando em nossos produtos e recurs...
04/08/2025
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 2...
04/08/2025
UKTV has commissioned a new series of Canal Boat Diaries (10x60) for its free streaming service U and leading factual channel U&YESTERDAY, under licence from th...
01/08/2025
Over the past six weeks, Spotify's been in the vibrant city of Durban in the...
01/08/2025
How does a customer request become a finished product? Around 120 school student...
01/08/2025
A military gala event held in London's Royal Albert Hall, the Mountbatten Festival of Music raises funds for Royal Navy and Royal Marines charities. The fir...
01/08/2025
Friday 1 August 2025
It's been a busy year, but there's still an almighty line-up of new telly and brand-new movies coming to Sky and NOW for you to en...
01/08/2025
CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2025 third quarter ended June 28, 2025. The Company posted quarterly revenue of $94...
01/08/2025
This August, RT is delighted to support National Heritage Week, Waterford Walls, Kilkenny Arts Festival and 23 other arts and cultural events across the countr...
31/07/2025
Next month, Spotify teams up with Live Nation Urban for an exciting new live mus...
31/07/2025
aconnic AG (ISIN: DE000A0LBKW6), Munich, is extending an existing debt financing in the amount of EUR 23 million. The financing agreement, concluded in 2023, ha...
31/07/2025
GovSat-2 is aimed at meeting growing demand for highly secure, flexible MILSATCO...
31/07/2025
Record recommission will take show past 200 episodes and into 2028. Spin-off, Ba...
31/07/2025
Thursday 31 July 2025
First Look Teaser HERE
Download images HERE
Sky today r...
31/07/2025
Thursday 31 July 2025
To view this content, please enable our use of cookies. To do so, click Privacy Options below and Accept All
Privacy options
Gemma Coll...
31/07/2025
Shaping the future of broadcast with Rohde & Schwarz at IBC2025 Innovative, efficient and future-ready technology for next gen broadcasting
8.B70, IBC 2025...
31/07/2025
Arvato Systems Achieves the AWS Digital Sovereignty Competency
From left: Sebastian Kespohl (Leiter Souver ne IT) / Volker auf der Landwehr (AWS Alliance Lead...
31/07/2025
It is with profound sadness that RT announces the death of radio presenter and actor Se n Rocks. Se n died last night following a brief illness at the age of 6...
30/07/2025
At Spotify, we're always working to enhance your listening experience and connect you more deeply with the artists and music you love. That means helping yo...
30/07/2025
Sky Sports' cricket team were put through their paces by the next generation of reporters with some mischievous help from current stars of The Hundred.Wedne...
30/07/2025
Ahead of the 80th anniversary of the Nuremberg trials, Sky will release James Va...
30/07/2025
Leagues Cup, the first in-season club tournament in North America across all men's professional sports, begins today, July 29, and MLS Season Pass on Apple ...
29/07/2025
Staines-upon-Thames, UK, 29 July, 2025 Yospace, the global leader in Dynamic Ad ...
29/07/2025
Today, we announced our second quarter 2025 earnings, fueled by standout subscriber and MAU growth. In the first half of 2025, subscriber net additions grew mor...
29/07/2025
Idag rapporterar vi resultatet f r andra kvartalet 2025, med stark tillv xt av antalet prenumeranter och m natliga aktiva anv ndare. Under f rsta halv ret kade...
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.
