LUXEMBOURG--(BUSINESS WIRE)--November 06, 2025--
SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the nine months and three months ended 30 September 2025 with solid operational and financial performance.
Solid 9 months 2025 financial performance on a reported basis (Intelsat fully consolidated from 17 July 2025)
-- Revenue of EUR1,747 million (+19.8% yoy(1)) and Adjusted EBITDA(2) of
EUR849 million (+11.0% yoy(1))
-- Networks (+36.3% yoy(1)) supported by growth in Aviation and Government;
Media (+0.7% yoy(1)) with important new long-term renewals signed
-- Solid progress with company integration and synergy execution since Day 1
of transaction closure
-- EUR1.4 billion of new business and contract renewals signed YTD 2025 --
with a total combined gross backlog of EUR7.1 billion
-- O3b mPOWER satellites 9 &10 successfully launched on 22 July, expected to
be in service beginning 2026 -- boosting O3b mPOWER network capacity and
resilience
-- Collected c.$87 million regarding insurance claim for O3b mPOWER
satellites 1-4 with additional settlements expected
-- Combined like-for-like net leverage at 3.7 times(3) (including cash &
cash equivalents of EUR965 million(4))
-- Interim 2025 dividend of EUR104 million(5) (EUR0.25 per A-share; EUR0.10
per B-share) paid on 16 October 2025; a final 2025 dividend (subject to
shareholder approval) of at least EUR0.25 per A-share (EUR0.10 per
B-share) to be paid in April 2026
-- FY25 combined company financial outlook on a reported basis(6): Revenue
expected to be in the range of EUR2.60-2.70 billion and Adjusted EBITDA
to be in the range of EUR1.17-1.21 billion - well on track with solid 9
months financial results; CapEx reduced, now expected to be in the range
of EUR0.6 to 0.7 billion
Adel Al-Saleh, CEO of SES, commented: "I am pleased to report our solid 9 months 2025 results which include the first quarter for the combined company following the successful close of the Intelsat acquisition on 17 July 2025. The results reflect continued operational strength and demonstrate continued delivery on the strategic execution of the newly combined and expanded SES.
The new SES is now a truly global multi-orbit operator with greater scale built for the future, positioning us for long-term growth, strong financial performance, and a more resilient business. We are excited about our potential to shape the future of space solutions and global connectivity. From Day 1, we have made significant progress with the integration of the two companies. We have begun to realise synergies across the business, and we expect to deliver on our synergy plan. We are confident in our ability to convert those operational gains into sustained Adjusted FCF and long-term shareholder value.
Our solid 9 months 2025 performance is underpinned by the strong growth in the Networks business, accounting for c.60% of revenues. We continue to see commercial traction across Government and Aviation, which underscores our strong positioning in high-value segments, driven by our differentiated and scalable multi-orbit offering.
We have a robust pipeline of Government opportunities supported by increased defence spending in Europe and NATO countries. We also have strong momentum with the US government, including the award to SES Space & Defense of a five-year Sustainment Tactical Network $(STN)$ contract, to provide the U.S. Army with COMSATCOM services. In addition, the U.S. Space Force awarded five companies, including SES, positions on a five-year, $4 billion contract under the Protected Tactical Satellite Communications-Global (PTS-G) program. The program aims to provide resilient, anti-jam communications for tactical military operations, leveraging both commercial innovation and traditional defence expertise.
Our Aviation business expanded with the Intelsat acquisition and is now serving over 3,000 tails. This business remains a key growth driver, with continued momentum in securing global airline customers, such as American Airlines and, most recently, new carriers in Latin America and Asia Pacific. Our multi-orbit ESA solution, flexible business models, global coverage, low latency, and Ka and Ku band options are enabling airlines to meet rising bandwidth demands, especially with wide WiFi deployments. We now have 16 airlines that have opted for our ESA solution with commitments for over 1,000 aircraft installations. Since closing of the Intelsat transaction, we have won 200 new tails demonstrating the relevance of our aviation solutions.
Our Media business continues to deliver in-line with expectations and is extending important partnerships, such as the latest multi-year renewal with Arqiva, underpinning SES's stable and cash-generative foundation.
O3b mPOWER satellites 9 and 10 were successfully launched in July 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.
The strategic acquisition of Intelsat positions the new SES well to lead the next era of satellite connectivity and space-based solutions and deliver sustainable value for customers and shareholders alike."
________________________________________ 1) At constant FX (comparative figures restated to neutralise currency variations) 2) Excluding operating expenses/income recognised in relation to U.S. C-band repurposing and other significant special items (disclosed separately) 3) As if Intelsat fully consolidated from 1(st) January 2024; Adjusted Net Debt to Adjusted EBITDA (treats hybrid bonds as 50% debt and 50% equity; includes lease liabilities) 4) Excluding EUR266 million of restricted cash primarily with respect to the SES-led consortium's involvement in the IRIS2 program 5) Net of dividends received on treasury shares of EUR8 million 6) FY25 outlook is based on (i) reported basis (Intelsat fully consolidated from 17 July 2025), (ii) 2025 average EUR/USD exchange rate at 1.12 , (iii) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, (iv) adjustments for intercompany eliminations, (v) assumption of nominal satellite launch schedule and nominal satellite health status. The actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition.
Key business and financial highlights
(Intelsat fully consolidated from 17 July 2025; at constant FX unless explained otherwise; the actual results and financial outlook are presented excluding 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.
EUR million YTD 2025 YTD 2024 at reported FX at constant FX ----------------- ---------- ---------- ---------------- ----------------- Average EUR/$ FX rate 1.11 1.09 ----------------- ---------- ---------- ---------------- ----------------- Revenue 1,747 1,475 +18.4% +19.8% ----------------- ---------- ---------- ---------------- ----------------- Adjusted EBITDA 849 775 +9.6% +11.0% ----------------- ---------- ---------- ---------------- ----------------- Adjusted Net Profit 71 116 -38.6% n/m ----------------- ---------- ---------- ---------------- ----------------- "At constant FX" refers to comparative figures restated at the current period FX to neutralise currency variations.
Fully consolidating Intelsat from 17 July 2025, Networks revenue of EUR1,053 million (60% of total revenue) increased 36.3% yoy driven by growth in Aero (+111.6% yoy) Government (+33.4% yoy) and Fixed and Maritime (+13.2% yoy; including periodic revenue of EUR19 million recognised in Q1 2025 vs EUR22 million in Q1 2024). YTD 2025, the Networks business secured over EUR970 million of renewals and new business.
Media revenue of EUR686 million (40% of total revenue) was stable at +0.7% 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 and Q3 impact of the Brazilian customer bankruptcy. YTD 2025, the business secured more than EUR440 million of renewals and new business.
Adjusted EBITDA of EUR849 million represented an Adjusted EBITDA margin of 49% (YTD 2024: 53%) including the contribution from the acquisition of Intelsat from 17 July 2025, equipment revenues from Aviation, flow through of the periodic revenue impact and some shifts in costs. Adjusted EBITDA excludes significant special items of EUR24 million net expenses (YTD 2024: EUR41 million net expenses), comprising of other income of EUR85 million (YTD 2024: nil), net C-band income of EUR1 million (YTD 2024: EUR2 million) and expenses related to other significant special items of EUR110 million, primarily related to restructuring and merger and acquisition activities (YTD 2024: EUR43 million).
Adjusted Net Profit of EUR71 million (YTD 2024: EUR116 million), mainly reflecting EUR96 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition and higher net financing costs of EUR44 million (YTD 2024: EUR6m). This was partly offset by higher Adjusted EBITDA, higher net non-operating income, 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 EUR79 million (YTD 2024: EUR92 million), interest expense on external borrowings of EUR54 million (YTD 2024: EUR69 million), loan fees and origination costs and other of EUR55 million (YTD 2024: EUR21 million) and the impact of net foreign exchange loss of EUR14 million (YTD 2024: loss of EUR8 million).
Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of EUR73 million (YTD 2024: EUR25 million), M&A related net financing charges of EUR66 million (YTD 2024: nil) and net tax benefit of EUR37 million (YTD 2024: benefit of EUR26 million) associated with all the significant special items.
SES continues to engage with insurers on the insurance claim for O3b mPOWER satellites 1-4. To date, the company has collected approximately $87 million through settlements, with additional payments expected as negotiations progress.
Gross backlog on 30 September 2025 was EUR7.1 billion of which Media backlog was EUR3.3 billion and Networks backlog was EUR3.8 billion.
The interim FY2025 dividend of EUR104 million equal to EUR0.25 per A-share and EUR0.10 per B-share was paid to shareholders on 16 October 2025. The final FY2025 dividend (subject to shareholder approval) of at least EUR0.25 per A-share (EUR0.10 per B-share) to be paid to shareholders in April 2026.
SES sets out its combined FY2025 outlook(7) on a reported basis (Intelsat fully consolidated from 17 July 2025): Revenue is expected to be in the range of EUR2.60 to 2.70 billion and Adjusted EBITDA to be in the range of EUR1.17 to 1.21 billion. Capital expenditure (net cash absorbed by investing activities excluding acquisitions and financial investments) outlook reduced, now expected to be in the range of EUR0.6 to 0.7 billion in FY2025.
________________________________________ 7) FY25 outlook is based on (i) reported basis (Intelsat fully consolidated from 17 July 2025), (ii) 2025 average EUR/USD exchange rate at $1.12 , (iii) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, (iv) adjustments for intercompany eliminations, (v) assumption of nominal satellite launch schedule and nominal satellite health status. The actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition.
Operational performance
(Intelsat consolidated from 17 July 2025)
REVENUE BY BUSINESS UNIT
Revenue (EUR million) as Change (year-on-year) at constant
2025 reported FX
--------------- --------------------------- ----------------------------------
Q1 Q2 Q3 Q1 Q2
2025 2025 2025 YTD 2025 2025 2025 Q3 2025 YTD 2025
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Average EUR/$
FX rate 1.04 1.12 1.16 1.11
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Media 206 192 288 686 -10.5% -13.5% +25.8% +0.7%
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Networks 302 277 474 1,053 +8.7% +12.6% +90.4% +36.3%
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Government 142 150 199 491 +13.6% +23.0% +64.2% +33.4%
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Fixed &
Maritime 113 80 145 339 -2.7% -10.7% +56.5% +13.2%
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Aviation 47 47 130 223 +28.1% +36.9% +271.1% +111.6%
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Other 0 1 7 8 n/m n/m n/m n/m
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
Group Total 509 469 769 1,747 -0.5% +0.1% +60.8% +19.8%
--------------- ---- ---- ---- --------- ------ ------ ------- ---------
At 'Constant FX' refers to comparative figures restated at the current period
FX, to neutralise currency variations.
Anticipated future satellite launches
Satellite Region Application Launch Date
--------------------- -------------------- -------------------- -----------
O3b mPOWER Global Aviation, Fixed & H2 2026
(satellites 11-13) Maritime,
Government
--------------------- -------------------- -------------------- -----------
ASTRA 1Q Europe Media, Aviation, 2027
Fixed & Maritime,
Government
--------------------- -------------------- -------------------- -----------
SES-26 Africa, Asia, Media, Aviation, 2027
Europe, Middle Fixed & Maritime,
East Government
--------------------- -------------------- -------------------- -----------
EAGLE-1 Europe Government 2027
--------------------- -------------------- -------------------- -----------
IS-42 N. Atlantic, W. Aviation, Fixed & 2027
Europe, W. Africa Maritime,
Government
--------------------- -------------------- -------------------- -----------
IS-43 Indian Ocean Aviation, Fixed & 2027
Region, Europe, Maritime,
Middle East, Government
Africa
--------------------- -------------------- -------------------- -----------
IS-45 Middle East Government 2027
--------------------- -------------------- -------------------- -----------
IS-41 N. America, Latin Aviation, Fixed & 2028
America Maritime,
Government
--------------------- -------------------- -------------------- -----------
IS-44 Asia Pacific, East Media, Aviation, 2028
Asia, SE Asia, and Fixed & Maritime,
Oceanic regions Government
--------------------- -------------------- -------------------- -----------
GOVSAT-2 Europe Government 2029
--------------------- -------------------- -------------------- -----------
Final launch dates are subject to confirmation by launch providers
CONSOLIDATED INCOME STATEMENT
EUR million YTD 2025 YTD 2024 --------------------------------------------------- -------- -------- Average EUR/$ FX rate 1.11 1.09 --------------------------------------------------- -------- -------- Revenue 1,747 1,475 --------------------------------------------------- -------- -------- U.S. C-band repurposing income 3 6 --------------------------------------------------- -------- -------- Other Income 87 - --------------------------------------------------- -------- -------- Operating expenses (1,012) (747) --------------------------------------------------- -------- -------- EBITDA 825 734 --------------------------------------------------- -------- -------- Depreciation expense (567) (473) --------------------------------------------------- -------- -------- Amortisation expense (107) (106) --------------------------------------------------- -------- -------- Non-cash impairment (73) (24) --------------------------------------------------- -------- -------- Operating profit/ (loss) 78 131 --------------------------------------------------- -------- -------- Net financing income/(costs) (110) (6) --------------------------------------------------- -------- -------- Other non-operating income / expenses (net) 4 --------------------------------------------------- -------- -------- Profit/ (loss) before tax (28) 125 --------------------------------------------------- -------- -------- Income tax expense (22) (42) --------------------------------------------------- -------- -------- Non-controlling interests (5) (6) --------------------------------------------------- -------- -------- Net Profit attributable to owners of the parent (55) 77 --------------------------------------------------- -------- -------- Basic and diluted earnings per A-share (in EUR)(1) (0.15) 0.15
--------------------------------------------------- -------- --------
Basic and diluted earnings per B-share (in EUR)(1) (0.06) 0.06
--------------------------------------------------- -------- --------
1) Earnings per share is calculated as profit attributable to owners of the
parent divided by the weighted average number of shares outstanding
during the year, as adjusted to reflect the economic rights of each class
of share. For the purposes of the EPS calculation only, the net profit
for the year attributable to ordinary shareholders has been adjusted to
include the assumed coupon, net of tax, on the perpetual bonds.
EUR million YTD 2025 YTD 2024
----------------------------------- -------- --------
Adjusted EBITDA 849 775
----------------------------------- -------- --------
U.S. C-band income 3 6
----------------------------------- -------- --------
Other Income non-recurring(2) 85 -
----------------------------------- -------- --------
U.S. C-band operating expenses (2) (4)
----------------------------------- -------- --------
Other significant special items(3) (110) (43)
----------------------------------- -------- --------
EBITDA 825 734
----------------------------------- -------- --------
2) Other Income non-recurring includes EUR73 million associated with mPOWER
insurance claims and EUR10 million related to gain from sale of
business.
3) Other significant special items include restructuring charges of EUR29
million (Q3 2024: EUR19 million), costs associated with the development
and/or implementation of merger and acquisition activities ("M&A") of
EUR78 million (H1 2024: EUR22 million) and EUR3 million other
infrastructure charges of non-recurring nature (H1 2024: EUR2 million).
EUR million YTD 2025 YTD 2024
------------------------------------------------ -------- --------
Adjusted Net Profit 71 116
------------------------------------------------ -------- --------
U.S. C-band income 3 6
------------------------------------------------ -------- --------
U.S. C-band operating expenses (2) (4)
------------------------------------------------ -------- --------
Other income non-recurring 85 -
------------------------------------------------ -------- --------
Impairment expense (net) (73) (24)
------------------------------------------------ -------- --------
Other significant special items (4) (176) (43)
------------------------------------------------ -------- --------
Tax on significant special items 37 26
------------------------------------------------ -------- --------
Net profit attributable to owners of the parent (55) 77
------------------------------------------------ -------- --------
4) Other significant special items comprise restructuring charges of EUR29
million (2024: EUR19 million), M&A costs of EUR144 million (2024: EUR22
million) and EUR3 million other infrastructure charges of non-recurring
nature (2024: EUR2 million). M&A costs include net financing charges of
EUR66 million (Q3 2024: nil million) comprising an interest expense of
EUR72 million (Q3 2024: nil million) and loan origination costs of EUR7
million (Q3 2024: nil million), partly offset by interest income of EUR13
million (Q3 2024: nil million) associated mainly with the EUR1 billion
hybrid financing issued in September 2024 in connection with the Intelsat
transaction.
SUPPLEMENTARY FINANCIAL INFORMATION
1.) QUARTERLY INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 -- as reported)
Q1 Q2
EUR million 2024 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
----------------- ------ ------ ------- ------- ------- ------- -------
Average EUR/$ FX
rate 1.09 1.08 1.09 1.09 1.04 1.12 1.16
----------------- ------ ------ ------- ------- ------- ------- -------
Revenue 498 480 497 526 509 469 769
----------------- ------ ------ ------- ------- ------- ------- -------
U.S. C-band
income 1 4 1 82 1 2 -
----------------- ------ ------ ------- ------- ------- ------- -------
Other income - - - 3 1 48 38
----------------- ------ ------ ------- ------- ------- ------- -------
Operating
expenses (230) (248) (269) (352) (238) (261) (513)
----------------- ------ ------ ------- ------- ------- ------- -------
EBITDA 269 236 229 259 273 258 294
----------------- ------ ------ ------- ------- ------- ------- -------
Depreciation
expense (139) (162) (172) (177) (164) (156) (247)
----------------- ------ ------ ------- ------- ------- ------- -------
Amortisation
expense (19) (49) (38) (50) (31) (30) (46)
----------------- ------ ------ ------- ------- ------- ------- -------
Non-cash
impairment - (25) 1 (99) - (73) -
----------------- ------ ------ ------- ------- ------- ------- -------
Operating profit
/ (loss) 111 - 20 (67) 78 (1) 1
----------------- ------ ------ ------- ------- ------- ------- -------
Net financing
income /
(expense) 5 (5) (6) 3 (26) (9) (75)
----------------- ------ ------ ------- ------- ------- ------- -------
Other
non-operating
income/(expense)
(net) 21 - 2 2
----------------- ------ ------ ------- ------- ------- ------- -------
Profit / (loss)
before tax 116 (5) 14 (43) 52 (8) (72)
----------------- ------ ------ ------- ------- ------- ------- -------
Income tax
benefit /
(expense) (43) 5 (4) (13) (22) (4) 4
----------------- ------ ------ ------- ------- ------- ------- -------
Non-controlling
interests - - (6) (6) (1) (3) (1)
----------------- ------ ------ ------- ------- ------- ------- -------
Net profit /
(loss)
attributable to
owners of the
parent 73 0 4 (62) 29 (15) (69)
----------------- ------ ------ ------- ------- ------- ------- -------
Basic earnings /
(loss) per share
(in EUR)(1)
----------------- ------ ------ ------- ------- ------- ------- -------
Class A shares 0.16 (0.01) 0.00 (0.15) 0.06 (0.04) (0.17)
----------------- ------ ------ ------- ------- ------- ------- -------
Class B shares 0.06 0.00 0.00 (0.06) 0.03 (0.02) (0.07)
----------------- ------ ------ ------- ------- ------- ------- -------
Adjusted EBITDA 275 250 250 253 280 241 328
----------------- ------ ------ ------- ------- ------- ------- -------
Adjusted EBITDA
margin 55% 52% 50% 48% 55% 51% 43%
----------------- ------ ------ ------- ------- ------- ------- -------
U.S. C-band
income 1 4 1 82 1 2 -
----------------- ------ ------ ------- ------- ------- ------- -------
Other
non-recurring
income - - - 3 1 48 36
----------------- ------ ------ ------- ------- ------- ------- -------
U.S. C-band
operating
expenses (2) (1) (1) (1) (1) (1) -
----------------- ------ ------ ------- ------- ------- ------- -------
Other significant
special items (5) (17) (21) (78) (8) (32) (70)
----------------- ------ ------ ------- ------- ------- ------- -------
EBITDA 269 236 229 259 273 258 294
----------------- ------ ------ ------- ------- ------- ------- -------
1) Earnings per share is calculated as profit attributable to owners of the
parent divided by the weighted average number of shares outstanding
during the year, as adjusted to reflect the economic rights of each class
of share. For the purposes of the EPS calculation only, the net profit
for the year attributable to ordinary shareholders has been adjusted to
include the coupon, net of tax, on the perpetual bonds. Fully diluted
earnings per share are not significantly different from basic earnings
per share.
2.) COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION
(Intelsat fully consolidated from 1 January 2024. Year-on-year change at Constant FX unless otherwise stated)
EUR million YTD 2025 YTD 2024 at reported FX at Constant FX ------------------------- --------- -------- -------------- -------------- Average EUR/$ FX rate 1.11 1.09 ------------------------- --------- -------- -------------- -------------- Combined like-for-like Revenue 2,631 2,714 -3.0% -1.8% ------------------------- --------- -------- -------------- -------------- Combined like-for-like Adjusted EBITDA 1,174 1,328 -11.6% -10.2% ------------------------- --------- -------- -------------- -------------- Adjusted Net Debt / 3.7 times - - - Like-for-like Adjusted EBITDA ------------------------- --------- -------- -------------- -------------- At 'Constant FX' refers to comparative figures restated at the current period FX, to neutralise currency variations.
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)
Like-for-like revenue (EUR Change year-on-year at Constant
2025 million) at reported FX FX
--------------- ------------------------------- ---------------------------------
Q1 Q2 Q3 Q1 Q2 Q3
2025 2025 2025 YTD 2025 2025 2025 2025 YTD 2025
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Average EUR/$
FX rate 1.04 1.12 1.16 1.11
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Media 346 323 309 979 -9.7% -9.9% -13.7% -11.1%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Networks 553 558 515 1,625 -0.9% +9.6% +6.9% +5.0%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Government 197 209 206 612 +10.1% +10.6% +18.8% +13.0%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Fixed &
Maritime 213 179 160 551 -15.9% -12.0% -19.5% -15.8%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Aviation 143 171 149 462 +13.4% +45.6% +36.3% +31.2%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Other 11 9 8 27 n/m n/m n/m n/m
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Total revenue 909 890 832 2,631 -4.7% +1.5% -1.8% -1.8%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
Adjusted EBITDA 425 399 350 1,174 -10.3% -4.8% -15.7% -10.2%
--------------- ---- ---- ---- ------------- ------ ------ ------ ---------
At 'Constant FX' refers to comparative figures restated at the current period FX,
to neutralise currency variations.
COMBINED LIKE-FOR-LIKE ADJUSTED EBITDA RECONCILIATION
(Intelsat fully consolidated from 1 January 2024 -- at Reported FX)
EUR million YTD 2025 YTD 2024
--------------------------------------- -------- --------
Average EUR/$ FX rate 1.11 1.09
--------------------------------------- -------- --------
Combined like-for-like Adjusted EBITDA 1,174 1,328
--------------------------------------- -------- --------
U.S. C-band income 3 133
--------------------------------------- -------- --------
Other non-recurring income 85 -
--------------------------------------- -------- --------
U.S. C-band operating expenses (2) (8)
--------------------------------------- -------- --------
Other significant special items(1) (227) (104)
--------------------------------------- -------- --------
Combined like-for-like EBITDA 1,033 1,349
--------------------------------------- -------- --------
1) Other significant special items include restructuring charges of EUR48
million (Q3 2024: EUR45 million), costs associated with the development
and/or implementation of merger and acquisition activities ("M&A") of
EUR176 million (Q3 2024: EUR56 million) and EUR3 million other
infrastructure charges of non-recurring nature (Q3 2024: EUR3 million).
ADJUSTED NET DEBT RECONCILIATION
EUR million YTD 2025 YTD 2024 ---------------------------------------------------------- -------- -------- Borrowings -- non-current 5,642 4,420 ---------------------------------------------------------- -------- -------- Borrowings -- current 925 16 ---------------------------------------------------------- -------- -------- Borrowings -- total 6,567 4,436 ---------------------------------------------------------- -------- -------- Lease liabilities -- non-current 548 22 ---------------------------------------------------------- -------- -------- Lease liabilities -- current 82 14 ---------------------------------------------------------- -------- -------- Add: Lease Liabilities -- total 630 36 ---------------------------------------------------------- -------- -------- Add: 50% of the Group's EUR 525 million (2024: EUR 625 million) of Perpetual Bonds 262 313 ---------------------------------------------------------- -------- -------- Deduct: 50% of the Group's EUR 1 billion hybrid dual-tranche bond (2024: EUR 1 billion) (500) (500) ---------------------------------------------------------- -------- -------- Less: Cash and cash equivalents (1,231) (3,187) ---------------------------------------------------------- -------- -------- Add: Cash and cash equivalents subject to contractual restrictions 266 - ---------------------------------------------------------- -------- -------- Adjusted Net Debt 5,994 1,098 ---------------------------------------------------------- -------- --------
SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)
COMBINED LIKE-FOR-LIKE NET LEVERAGE
(Intelsat fully consolidated from 1 January 2024 -- at Reported FX)
EUR million YTD 2025 ------------------------------------------------------------------ --------- Adjusted Net Debt as of 30 September 2025 5,994 ------------------------------------------------------------------ --------- Twelve-month rolling combined like-for-like Adjusted EBITDA* 1,629 ------------------------------------------------------------------ --------- Adjusted Net Debt to combined like-for-like Adjusted EBITDA ratio 3.7 times ------------------------------------------------------------------ ---------
* Twelve-month rolling Like-for-like Adjusted EBITDA was calculated as follows:
EUR million YTD 2025 -------------------------------------------------------------------- -------- Combined like-for-like Adjusted EBITDA for current 9-month period 1,174 -------------------------------------------------------------------- -------- Add: Combined like-for-like Adjusted EBITDA for previous calendar year 1,783 -------------------------------------------------------------------- -------- Less: Combined like-for-like Adjusted EBITDA for prior 9-month period (1,328) -------------------------------------------------------------------- -------- Combined like-for-like 12-month rolling Adjusted EBITDA 1,629 -------------------------------------------------------------------- --------
COMBINED LIKE-FOR-LIKE QUARTERLY REVENUE BY BUSINESS UNIT & QUARTERLY ADJ. EBITDA
(Intelsat fully consolidated from 1 January 2024 -- at Reported FX)
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
EUR million 2024 2024 2024 2024 2024 2025 2025 2025
-------------- ------ ------ ------ ------ ------ ------ ------ ------
Average EUR/$
FX rate 1.09 1.08 1.09 1.09 1.09 1.04 1.12 1.16
-------------- ------ ------ ------ ------ ------ ------ ------ ------
Media 374 366 372 368 1,480 346 323 309
-------------- ------ ------ ------ ------ ------ ------ ------ ------
Networks 534 527 511 552 2,125 553 558 515
-------------- ------ ------ ------ ------ ------ ------ ------ ------
Government 171 195 183 204 754 197 209 206
-------------- ------ ------ ------ ------ ------ ------ ------ ------
Fixed &
Maritime 243 211 212 207 872 213 179 160
-------------- ------ ------ ------ ------ ------ ------ ------ ------
Aviation 120 121 117 140 498 143 171 149 -------------- ------ ------ ------ ------ ------ ------ ------ ------ Other 12 9 8 23 51 11 9 8 -------------- ------ ------ ------ ------ ------ ------ ------ ------ Combined like-for-like revenue 919 903 891 943 3,656 909 890 832 -------------- ------ ------ ------ ------ ------ ------ ------ ------ Adjusted EBITDA 457 434 438 455 1,783 425 399 350 -------------- ------ ------ ------ ------ ------ ------ ------ ------
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 Regulation S-X.
The SES Group's consolidated financial statements were prepared in accordance with IFRS and the Intelsat Group's consolidated financial statements were prepared in accordance with U.S. GAAP. The combined like-for-like financial information includes (i) adjustments to convert the 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 may identify additional differences between the accounting policies of the SES Group and the Intelsat Group that, when conformed, could have a material impact on the financial statements of the Combined Group. The combined like-for-like financial information does not reflect any adjustment for liabilities or related costs of any integration and similar activities, or benefits, including potential synergies that may be derived in future periods, from the Acquisition.
For the purpose of this combined like-for-like financial information, the assumed allocation of the estimated purchase price is based upon the carrying value of Intelsat's assets and liabilities acquired which are assumed to approximate fair value. The actual fair values of assets and liabilities will be determined after the completion of the Acquisition and may vary materially from the currently assumed allocation.
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.
Alternative Performance Measure Definition
-------------------------------------- --------------------------------------
Reported EBITDA and EBITDA margin EBITDA is profit for the period
before depreciation, amortisation,
impairment, net financing cost, other
non-operating income / expense (net)
and income tax. EBITDA margin is
EBITDA divided by the sum of revenue
and other income including U.S.
C-band repurposing income.
-------------------------------------- --------------------------------------
Adjusted EBITDA and Adjusted EBITDA EBITDA adjusted to exclude
margin significant special items of a
non-recurring nature. The primary
such items are the net impact of U.S.
C-band spectrum repurposing, other
income, restructuring charges, costs
associated with the development
and/or implementation of merger and
acquisition activities ("M&A"),
specific business taxes and one-off
regulatory charges arising outside
ongoing operations. Adjusted EBITDA
margin is Adjusted EBITDA divided by
revenue.
-------------------------------------- --------------------------------------
Combined Like-for-like Adjusted EBITDA Combined Like-for-like Adjusted
EBITDA includes Intelsat fully
consolidated from 1 January 2024, at
reported FX.
-------------------------------------- --------------------------------------
Adjusted Free Cash Flow Net cash generated by operating
activities less net cash absorbed by
investing activities, interest paid
on borrowings, coupon paid on
perpetual bond and lease payments,
and adjusted to exclude the net cash
flow impact of significant special
items of a non-recurring nature,
primarily U.S. C-band spectrum
repurposing, other income,
restructuring charges, M&A (including
net financing income / costs),
specific business taxes and one-off
regulatory charges arising outside
ongoing operations.
-------------------------------------- --------------------------------------
Adjusted Net Debt Adjusted Net Debt is defined as
current and non-current borrowings
(including lease liabilities) less
cash and cash equivalents (excluding
amounts subject to contractual
restrictions) and excluding 50% of
the Hybrid Bond (classified as
borrowings) and including 50% of the
Perpetual Bond (classified as
equity). The treatment of the Hybrid
Bond and Perpetual Bond is consistent
with rating agency methodology.
-------------------------------------- --------------------------------------
Adjusted Net Debt to Adjusted EBITDA The Adjusted Net Debt to Adjusted
EBITDA ratio is defined as Adjusted
Net Debt divided by Adjusted EBITDA.
-------------------------------------- --------------------------------------
Combined Like-for-like Net leverage The Combined Like-for-like Net
leverage ratio is defined as Adjusted
Net Debt divided by twelve-month
rolling Combined Like-for-like
Adjusted EBITDA.
-------------------------------------- --------------------------------------
Adjusted Net Profit Net profit attributable to owners of
the parent adjusted to exclude the
after-tax impact of significant
special items including M&A net
financing income / costs.
-------------------------------------- --------------------------------------
Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CET on 6 November 2025 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/9
months-q32025-results/dial-in
Webcast registration: https://ses.engagestream.companywebcast.com/9
months-q32025-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," "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 2025 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 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; 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; the U.S. federal government shutdown; 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251105551389/en/
CONTACT: For further information please contact:
Christian Kern
Investor Relations
Tel: +352 710 725 7787
christian.kern@ses.com
Steven Lott
Communications
Tel. +352 710 725 500
SES.Press@ses.com
(END) Dow Jones Newswires
November 06, 2025 01:30 ET (06:30 GMT)