SES Delivers Solid H1 2025 Results & Completes Intelsat Acquisition

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.

LINK:	https://www.ses.com/press-release/ses-delivers-solid-h1-2025-results-c...
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