LUXEMBOURG--(BUSINESS WIRE)--March 02, 2026--
SES S.A. fully consolidates Intelsat from 17 July 2025 and announces financial results for the year ended 31 December 2025
FY25 2025 as 2024 as at 2025 2024 at
Performance reported reported constant like-for-like like-for-like constant
(EUR million) (1) (1) FX (2) (3) (3) FX (2)
-------------- -------- -------- -------- ------------- ------------- --------
Average EUR/$
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 EUR6m on
revenue & EUR8m 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
-- EUR1.8 billion of new business and contract renewals signed in 2025 --
with a total combined gross backlog of over EUR6.6 billion
-- Reported Adjusted Free Cash Flow of EUR229 million and Capital
Expenditures of EUR559 million with combined like-for-like net leverage
at 3.9 times(1) (including cash & cash equivalents of EUR674 million(2))
-- Final 2025 dividend of EUR0.25 per A-share (EUR0.10 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(3)
-- Remain committed to disciplined financial policy, investment grade
metrics and net leverage target of 3.0 times or below
________________________________________
1) As if Intelsat fully consolidated from 1st January 2024; Adjusted Net
Debt to Adjusted EBITDA (treats hybrid bonds as 50% debt and 50% equity;
includes lease liabilities)
2) Excluding EUR401 million of restricted cash primarily with respect to
the SES-led consortium's involvement in the IRIS2 program
3) Financial outlook is based on i) constant FX; ii) like-for-like basis is
as if Intelsat fully consolidated from 1 January 2024; iii) adjustments
to convert the financial information of the Intelsat Group from U.S.
GAAP to IFRS; (iv) adjustments for intercompany eliminations; and (v)
assumption of nominal satellite launch schedule and nominal satellite
health status. The actual results and financial outlook are presented
including the effects of purchase price accounting related to the
Intelsat acquisition
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(2), 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 EUR450 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 capabilities, culture, and momentum to lead our industry into the next era of satellite connectivity and space-based solutions. We are committed to deliver sustainable value for customers and shareholders alike."
Financial Outlook
SES sets out its 2026 financial outlook on a like-for-like (as if Intelsat consolidated from 1st January 2024) and constant FX basis(1) (assuming nominal satellite health and launch schedule).
On this basis, SES's 2026 financial outlook expects both, Revenue and Adjusted EBITDA, to be stable year-on-year.
Capital expenditures (net cash absorbed by investing activities excluding acquisitions and financial investments; including IRIS(2) and first phase of meoSphere capital expenditures) is expected to be around EUR700 million(2) , EUR100 million lower than prior guidance.
SES will continue building on its MEO capabilities through meoSphere, the company's next--generation multi--mission MEO network supported by New Space innovators, including extended K2 Space partnership.
________________________________________
1) Financial outlook is based on i) constant FX; ii) like-for-like basis is
as if Intelsat fully consolidated from 1 January 2024; iii) adjustments
to convert the financial information of the Intelsat Group from U.S. GAAP
to IFRS; (iv) adjustments for intercompany eliminations; and (v)
assumption of nominal satellite launch schedule and nominal satellite
health status. The actual results and financial outlook are presented
including the effects of purchase price accounting related to the
Intelsat acquisition
2) Includes capital expenditures relating to SES involvement in IRIS2
program and first phase of meoSphere; Excludes any capital expenditures
related to potential C-band clearance; is set at a EUR/USD exchange rate
of 1.20.
Key business and financial highlights
(Intelsat fully consolidated from 17 July 2025; at constant FX unless explained otherwise; actual results and financial outlook are presented including 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 2025(1) 2024 at reported FX at constant FX ------------------ ---------- ------ ------------------ ------------------ Average EUR/$ FX rate 1.12 1.09 ------------------ ---------- ------ ------------------ ------------------ Revenue 2,627 2,001 +31.3% +33.9% ------------------ ---------- ------ ------------------ ------------------ Adjusted EBITDA 1,196 1,028 +16.3% +19.1% ------------------ ---------- ------ ------------------ ------------------ Adjusted Net Profit 47 126 -62.8% n/m ------------------ ---------- ------ ------------------ ------------------ 'At constant FX' refers to comparative figures restated at the current period FX to neutralise currency variations. 1) Full-year 2025 results include the effects of purchase price accounting (PPA) related to the Intelsat acquisition: Negative impact of EUR6 million on revenue and of EUR8 million on Adjusted EBITDA.
Fully consolidating Intelsat from 17 July 2025, Networks revenue of EUR1,633 million (62% of total revenue) increased +55.2% yoy driven by growth in Aviation (+145.5% yoy), Government (+47.0% yoy), and Fixed and Maritime (+30.5% yoy; including periodic revenue of EUR19 million recognised in Q1 2025 vs EUR22 million in Q1 2024). In 2025, the Networks business secured close to EUR1.4 billion of renewals and new business.
Media revenue of EUR977 million (37% of total revenue) was up +7.9% 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 to Q4 impact of the Brazilian customer bankruptcy. In 2025, the business secured close to EUR450 million of renewals and new business.
Gross backlog on 31 December 2025 was over EUR6.6 billion of which Media backlog was EUR3.0 billion and Networks backlog was EUR3.6 billion.
Adjusted EBITDA of EUR1,196 million represented an Adjusted EBITDA margin of 45.4% (2024: 51.4%) including the contribution from the acquisition of Intelsat from 17 July 2025, impacted by profitability diluting equipment sales in Aviation, continued weakness in the Fixed Data business, the effects of the IS--33e failure, and timing of government contracts, also including the flow through of the periodic revenue impact and some cost shifts. Adjusted EBITDA excludes significant special items of EUR10 million net expenses (2024: EUR35 million net expenses), comprising of other income (non-recurring) of EUR175 million (2024: EUR3 million), net C-band income of EUR1 million (2024: EUR83 million), advisory charges of non-recurring nature of EUR16 million (2024: nil), fair value movement on contingent value rights of EUR28 million (2024: nil), and expenses related to other significant special items of EUR142 million (2024: EUR121 million), primarily related to restructuring and merger and acquisition activities.
Adjusted Net Profit of EUR47 million (2024: EUR126 million), mainly reflecting EUR170 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net non-operating expense of EUR7 million (2024: net income of EUR21 million) and higher net financing costs of EUR136 million (2024: EUR3 million). This was partly offset by higher Adjusted EBITDA, 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 EUR123 million (2024: EUR127 million), finance lease income of nil (2024: EUR5 million), interest expense on external borrowings of EUR136 million (2024: EUR104 million), other net interest expense of EUR65 million (2024: EUR35 million), and the impact of net foreign exchange loss of EUR58 million (2024: gain of EUR4 million).
Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of EUR146 million (2024: EUR123 million), M&A related net financing charges of EUR36 million (2024: nil) and net tax benefit of EUR50 million (2024: benefit of EUR47 million) associated with all the significant special items.
Adjusted Free Cash Flow (excluding significant special items) of EUR229 million included investing activities of EUR559 million (2024: EUR560 million), cash interest received of EUR77 million (2024: EUR127 million), and cash interest paid of EUR280 million (2024: EUR159 million).
On 31 December 2025, the Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of EUR1.525 billion of hybrid bonds as debt and 50% as equity) was 3.9 times (31 December 2024: 1.1 times). Cash & cash equivalents of EUR674 million (excluding EUR401 million of restricted cash with respect to the SES-led consortium's involvement in IRIS(2) ) included the proceeds from the EUR300 million EIB financing, the EUR1 billion Eurobonds issued in June 2025, and the $1 billion term loan drawn in July 2025.
In 2025, SES repaid debt maturities of around EUR2,906 million, including $3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings S.A in relation to the acquisition of Intelsat, EUR250 million Schuldschein Loan, EUR16 million LuxGovSat Credit Facility and EUR6 million other debt obligations.
SES continues to engage with insurers on the insurance claim for O3b mPOWER satellites 1-4. In 2025, the company has collected approximately $189 million (EUR164 million) through settlements, with additional payments expected as negotiations progress.
A share buyback program of EUR150 million was completed in respect of the A-shares in October 2024 with 24 million A-shares purchased at an average price of EUR5.22 per A-share and 12 million B-shares were purchased at an average price of EUR2.09 per B-share. The shares acquired are expected to be cancelled in 2026, which would reduce the total number of voting and economic shares in issue.
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 of EUR0.25 per A-share (EUR0.10 per B-share) is expected to be paid to shareholders in April 2026. The final dividend is subject to shareholder approval at the Annual General Meeting on 2 April 2026.
SES restates its commitment to disciplined financial allocation, investment grade metrics and net leverage target of 3.0 times or below. Once the company meets its net leverage target, the company intends to increase the annual base dividend and at least a majority of future exceptional cashflows will be prioritised for shareholder returns.
The Board evolved its composition and established a dedicated CapEx taskforce to enhance oversight and ensure disciplined capital allocation aligned with long-term strategic objectives. These changes accommodate the increased scale and complexity of the company and strengthen corporate governance in support of SES's strategic priorities and long-term ambitions.
SES is currently progressing through Rendez--Vous 1 of the IRIS(2) program, working closely with the European Commission to validate project cost, technical requirements, and delivery timelines. SES remains fully committed to the European Union's vision for a sovereign, secure, and competitive space--based connectivity infrastructure. As the lead member of the SpaceRise consortium, SES collaborates with all partners to ensure the timely and successful delivery of IRIS(2).
Operational performance
(Intelsat consolidated from 17 July 2025)
REVENUE BY BUSINESS UNIT
2025 Revenue (EUR million) as reported Change (year-on-year) at constant FX
-------------- ------------------------------------- -----------------------------------------
Q1 Q2 Q3 Q4 Q1 Q2
2025 2025 2025(1) 2025(1) 2025(1) 2025 2025 Q3 2025 Q4 2025 2025
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Average EUR/$
FX rate 1.04 1.12 1.16 1.16 1.12
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Media 206 192 281 298 977 -10.7% -13.5% +22.7% +33.0% +7.9%
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Networks 302 277 478 577 1,633 +8.7% +12.6% +91.9% +106.5% +55.2%
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Government 139 147 199 241 726 +14.2% +24.7% +67.6% +78.0% +47.0%
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Fixed &
Maritime 117 83 148 178 526 -2.9% -11.5% +55.5% +89.6% +30.5%
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Aviation 47 47 131 158 382 +28.1% +36.9% +273.2% +215.4% +145.5%
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Other 0 1 7 9 17 n/m n/m n/m n/m n/m
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
Group Total 509 469 765 884 2,627 -0.5% +0.1% +60.0% +75.5% +33.9%
-------------- ---- ---- ------- ------- ------- ------ ------ ------- ------- -------
At 'Constant FX' refers to comparative figures restated at the current period FX, to neutralise currency variations. 1) Full-year 2025 results include the effects of purchase price accounting (PPA) related to the Intelsat acquisition: Q3 2025 negative PPA impact of EUR4 million on Revenue and of EUR4 million on Adjusted EBITDA; Q4 2025 negative PPA impact of EUR2 million on Revenue and of EUR4 million on Adjusted EBITDA; Full year 2025 negative impact of EUR6 million on Revenue and of EUR8 million on Adjusted EBITDA.
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 East Fixed & Maritime,
Government
--------------------- -------------------- -------------------- -----------
EAGLE-1 Europe Government 2027
--------------------- -------------------- -------------------- -----------
IS-42 N. Atlantic, W. Aviation, Fixed & 2027
Europe, W. Africa Maritime,
Government
--------------------- -------------------- -------------------- -----------
IS-43 Indian Ocean Region, Aviation, Fixed & 2027
Europe, Middle East, Maritime,
Africa Government
--------------------- -------------------- -------------------- -----------
IS-45 Middle East Government 2027
--------------------- -------------------- -------------------- -----------
IS-41 N. America, Latin Aviation, Fixed & 2027
America Maritime,
Government
--------------------- -------------------- -------------------- -----------
IS-44 Asia Pacific, East Media, Aviation, 2027
Asia, SE Asia, and Fixed & Maritime,
Oceanic regions Government
--------------------- -------------------- -------------------- -----------
GOVSAT-2 Europe Government 2029
--------------------- -------------------- -------------------- -----------
Launch dates are based on satellite manufacturer's estimated delivery dates as
of December 2025. Final launch dates are subject to confirmation by launch
providers. "Networks" refers to Government, Aviation, and Fixed & Maritime
applications.
CONSOLIDATED INCOME STATEMENT
EUR million 31 December 2025 31 December 2024
------------------------------------------ ---------------- ----------------
Average EUR/$ FX rate 1.12 1.09
------------------------------------------ ---------------- ----------------
Revenue 2,627 2,001
------------------------------------------ ---------------- ----------------
U.S. C-band repurposing income 3 88
------------------------------------------ ---------------- ----------------
Other Income 182 3
------------------------------------------ ---------------- ----------------
Operating expenses (1,598) (1,099)
------------------------------------------ ---------------- ----------------
Fair value movement on contingent value
rights (28) -
------------------------------------------ ---------------- ----------------
EBITDA 1,186 993
------------------------------------------ ---------------- ----------------
Depreciation expense (836) (650)
------------------------------------------ ---------------- ----------------
Amortisation expense (140) (156)
------------------------------------------ ---------------- ----------------
Non-cash impairment (146) (123)
------------------------------------------ ---------------- ----------------
Operating profit / (loss) 64 64
------------------------------------------ ---------------- ----------------
Net financing income / (costs) (172) (3)
------------------------------------------ ---------------- ----------------
Other non-operating income / (expenses)
(net) (7) 21
------------------------------------------ ---------------- ----------------
Profit / (loss) before tax (115) 82
------------------------------------------ ---------------- ----------------
Income tax benefit / (expense) 21 (55)
------------------------------------------ ---------------- ----------------
Non-controlling interests (1) (12)
------------------------------------------ ---------------- ----------------
Net Profit attributable to owners of the
parent (95) 15
------------------------------------------ ---------------- ----------------
Basic and diluted earnings per A-share
(in EUR)(1) (0.26) 0.00
------------------------------------------ ---------------- ----------------
Basic and diluted earnings per B-share
(in EUR)(1) (0.10) 0.00
------------------------------------------ ---------------- ----------------
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 31 December 2025 31 December 2024
------------------------------------------ ---------------- ----------------
Adjusted EBITDA 1,196 1,028
------------------------------------------ ---------------- ----------------
U.S. C-band income 3 88
------------------------------------------ ---------------- ----------------
Other income non-recurring(2) 175 3
------------------------------------------ ---------------- ----------------
U.S. C-band operating expenses (2) (5)
------------------------------------------ ---------------- ----------------
Other significant special items(3) (158) (121)
------------------------------------------ ---------------- ----------------
Fair value movement on contingent value
rights (28) -
------------------------------------------ ---------------- ----------------
EBITDA 1,186 993
------------------------------------------ ---------------- ----------------
2) Other Income non-recurring includes EUR164 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 EUR43
million (2024: EUR63 million), costs associated with the development
and/or implementation of merger and acquisition activities ("M&A") of
EUR95 million (2024: EUR55 million), EUR16 million advisory charges of
non-recurring nature (2024: nil) and EUR4 million other charges of
non-recurring nature (2024: EUR3 million).
EUR million 31 December 2025 31 December 2024
------------------------------------------ ---------------- ----------------
Adjusted Net Profit 47 126
------------------------------------------ ---------------- ----------------
U.S. C-band income 3 88
------------------------------------------ ---------------- ----------------
U.S. C-band operating expenses (2) (5)
------------------------------------------ ---------------- ----------------
Other income non-recurring 175 3
------------------------------------------ ---------------- ----------------
Impairment expense (net) (146) (123)
------------------------------------------ ---------------- ----------------
Other significant special items (4) (194) (121)
------------------------------------------ ---------------- ----------------
Fair value movement on contingent value
rights (28) -
------------------------------------------ ---------------- ----------------
Tax on C-band net income - (19)
------------------------------------------ ---------------- ----------------
Tax on significant special items 50 66
------------------------------------------ ---------------- ----------------
Net profit attributable to owners of the
parent (95) 15
------------------------------------------ ---------------- ----------------
4) Other significant special items comprise restructuring charges of EUR43
million (2024: EUR63 million), M&A costs of EUR131 million (2024: EUR55
million), EUR16 million advisory charges of non-recurring nature (2024:
nil) and EUR4 million other charges of non-recurring nature (2024: EUR3
million). M&A costs include net financing charges of EUR36 million
(2024: nil) comprising an interest expense of EUR43 million (2024: nil)
and loan origination costs of EUR6 million (2024: nil), partly offset by
interest income of EUR13 million (2024: nil) associated mainly with the
EUR1 billion hybrid financing issued in September 2024 in connection
with the Intelsat transaction.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 31 December 2025 31 December 2024 ------------------------------------- ---------------- ---------------- Closing EUR/$ FX rate 1.18 1.04 -------------------------------------- ---------------- ---------------- Property, plant, and equipment 5,399 2,924 -------------------------------------- ---------------- ---------------- Assets in the course of construction 1,750 1,348 -------------------------------------- ---------------- ---------------- Intangible assets 2,810 908 -------------------------------------- ---------------- ---------------- Other financial assets 135 34 -------------------------------------- ---------------- ---------------- Derivatives 9 - -------------------------------------- ---------------- ---------------- Lease receivable 13 - -------------------------------------- ---------------- ---------------- Investments accounted for using the equity method 77 - -------------------------------------- ---------------- ---------------- Prepayments 28 2 -------------------------------------- ---------------- ---------------- Income tax receivable 155 - -------------------------------------- ---------------- ---------------- Trade and other receivables 91 107 -------------------------------------- ---------------- ---------------- Deferred customer contract costs 19 1 -------------------------------------- ---------------- ---------------- Deferred tax assets 644 701 -------------------------------------- ---------------- ---------------- Total non-current assets 11,130 6,025 -------------------------------------- ---------------- ---------------- Inventories 196 49 -------------------------------------- ---------------- ---------------- Trade and other receivables 770 649 -------------------------------------- ---------------- ---------------- Deferred customer contract costs 8 2 -------------------------------------- ---------------- ---------------- Other financial assets 9 - -------------------------------------- ---------------- ---------------- Prepayments 117 58 -------------------------------------- ---------------- ---------------- Income tax receivable 65 23 -------------------------------------- ---------------- ---------------- Cash and cash equivalents(1) 1,075 3,521 -------------------------------------- ---------------- ---------------- Total current assets 2,240 4,302 -------------------------------------- ---------------- ---------------- Total assets 13,370 10,327 -------------------------------------- ---------------- ---------------- Equity attributable to the owners of the parent 2,623 3,423 -------------------------------------- ---------------- ---------------- Non-controlling interests 91 69 -------------------------------------- ---------------- ---------------- Total equity 2,714 3,492 -------------------------------------- ---------------- ---------------- Borrowings 5,507 4,247 -------------------------------------- ---------------- ---------------- Provisions 46 3 -------------------------------------- ---------------- ---------------- Deferred income 522 338 -------------------------------------- ---------------- ---------------- Deferred tax liabilities 455 212 -------------------------------------- ---------------- ---------------- Other long-term liabilities 35 41 -------------------------------------- ---------------- ---------------- Contingent value rights 749 - -------------------------------------- ---------------- ---------------- Employee benefit obligations 48 14 -------------------------------------- ---------------- ---------------- Lease liabilities 559 32 -------------------------------------- ---------------- ---------------- Fixed assets suppliers 164 426 -------------------------------------- ---------------- ---------------- Total non-current liabilities 8,085 5,313 -------------------------------------- ---------------- ---------------- Borrowings 798 273 -------------------------------------- ---------------- ---------------- Provisions 64 128 -------------------------------------- ---------------- ---------------- Deferred income 303 225 -------------------------------------- ---------------- ---------------- Trade and other payables 1,032 678 -------------------------------------- ---------------- ---------------- Employee benefit obligations 1 - -------------------------------------- ---------------- ---------------- Lease liabilities 76 19 -------------------------------------- ---------------- ---------------- Fixed assets suppliers 279 184 -------------------------------------- ---------------- ---------------- Income tax liabilities 18 15 -------------------------------------- ---------------- ---------------- Total current liabilities 2,571 1,522 -------------------------------------- ---------------- ---------------- Total liabilities 10,656 6,835 -------------------------------------- ---------------- ---------------- Total equity and liabilities 13,370 10,327 -------------------------------------- ---------------- ---------------- 1) Including EUR401 million related to IRIS(2) cash received (31 December 2024: EUR300 million).
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 2025 2024 ---------------------------------------------------------- ------- ----- Profit / (loss) before tax (115) 82 ---------------------------------------------------------- ------- ----- Taxes paid during the year (35) (168) ---------------------------------------------------------- ------- ----- Adjustment for non-cash items 1,133 861 ---------------------------------------------------------- ------- ----- Changes in working capital(1) (75) 231 ---------------------------------------------------------- ------- ----- Net cash generated by operating activities 908 1,006 ---------------------------------------------------------- ------- ----- Payments for acquisition of subsidiary, net of cash acquired (1,454) - ---------------------------------------------------------- ------- ----- Payments for purchases of intangible assets (26) (23) ---------------------------------------------------------- ------- ----- Payments for purchases of tangible assets(2) (522) (280) ---------------------------------------------------------- ------- ----- Proceeds from sale of tangible assets 3 - ---------------------------------------------------------- ------- ----- Interest received(3) 123 158 ---------------------------------------------------------- ------- ----- Insurance claim received 164 - ---------------------------------------------------------- ------- ----- Proceeds from sale of business 12 - ---------------------------------------------------------- ------- ----- Other investing activities 35 (14) ---------------------------------------------------------- ------- ----- Net cash absorbed by investing activities (1,665) (159) ---------------------------------------------------------- ------- ----- Proceeds from borrowings 2,159 1,034 ---------------------------------------------------------- ------- ----- Repayment of borrowings (2,906) (717) ---------------------------------------------------------- ------- ----- Partial redemption of perpetual bond (59) (35) ---------------------------------------------------------- ------- ----- Transaction costs in respect of undrawn facilities (10) (22) ---------------------------------------------------------- ------- ----- Coupon paid on perpetual bond (16) (49) ---------------------------------------------------------- ------- ----- Dividends paid on ordinary shares(4) (207) (320) ---------------------------------------------------------- ------- ----- Interest paid on borrowings (264) (110) ---------------------------------------------------------- ------- ----- Payments for acquisition of treasury shares - (128) ---------------------------------------------------------- ------- ----- Proceeds from treasury shares sold and exercise of stock options 2 - ---------------------------------------------------------- ------- ----- Lease payments (60) (26) ---------------------------------------------------------- ------- ----- Payment in respect of changes in ownership interest in subsidiaries - (2) ---------------------------------------------------------- ------- ----- Net cash absorbed by financing activities (1,361) (375) ---------------------------------------------------------- ------- ----- Net foreign exchange movements (328) 142 ---------------------------------------------------------- ------- ----- Net increase / (decrease) in cash and cash equivalents (2,446) 614 ---------------------------------------------------------- ------- ----- Cash and cash equivalents at beginning of the year 3,521 2,907 ---------------------------------------------------------- ------- ----- Cash and cash equivalents at end of the year 1,075 3,521 ---------------------------------------------------------- ------- ----- 1) Including EUR101 million IRIS(2) cash received (2024: 2024: EUR300 million) and EUR237 million payments in respect of other significant special items 2) Including net reimbursements of EUR11 million related to U.S. C-band repurposing (2024: net reimbursements of EUR257 million) 3) Comprising EUR89 million interest received on deposit and EUR34 million interest received in relation to U.S. C-band clearing (2024: EUR127 million and EUR31 million respectively). 4) Net of dividends received on treasury shares of EUR17 million (2024: EUR15 million).
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
EUR million 2025 2024
--------------------------------------------------------- ------- -----
Net cash generated by operating activities(1) 908 1,006
---------------------------------------------------------- ------- -----
Net cash absorbed by investing activities(2) (1,665) (159)
---------------------------------------------------------- ------- -----
Free cash flow before financing activities (757) 847
---------------------------------------------------------- ------- -----
Coupon paid on perpetual bond (16) (49)
---------------------------------------------------------- ------- -----
Interest paid on borrowings (264) (110)
---------------------------------------------------------- ------- -----
Lease payments (60) (26)
---------------------------------------------------------- ------- -----
Free cash flow before equity distributions and treasury
activities (1,097) 662
-----
Payment for acquisition of subsidiary, net of cash
acquired 1,454 -
---------------------------------------------------------- ------- -----
Insurance claims received (164) -
---------------------------------------------------------- ------- -----
U.S. C-band cash flows (net) (100) (202)
---------------------------------------------------------- ------- -----
IRIS(2) cash received (101) (300)
---------------------------------------------------------- ------- -----
Payments in respect of other significant special
items(3) 237 93
---------------------------------------------------------- ------- -----
Adjusted Free Cash Flow 229 253
---------------------------------------------------------- ------- -----
1) Including EUR101 million IRIS(2) cash received (2024: EUR300 million)
and C-band net cash outflow generated by operating activities of EUR55
million (2024: EUR87 million).
2) Including net reimbursements of EUR11 million related to U.S. C-band
repurposing (2024: net reimbursements of EUR257 million) and EUR34 million
interest received in relation to U.S. C-band clearing (2024: EUR31
million).
3) Payments in respect of other significant special items comprise
restructuring payments of EUR58 million, EUR172 million payments
associated with the development and / or implementation of merger and
acquisition activities and EUR7 million other net payments of
non-recurring nature
SUPPLEMENTARY FINANCIAL INFORMATION
1.) QUARTERLY INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 -- as reported)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
EUR million 2024 2024 2024 2024 2025 2025 2025(2) 2025(2)
----------------- ----- ------ ----- ------ ----- ------ ------- -------
Average EUR/$ FX
rate 1.09 1.08 1.09 1.09 1.04 1.12 1.16 1.16
----------------- ----- ------ ----- ------ ----- ------ ------- -------
Revenue 498 480 497 526 509 469 765 884
----------------- ----- ------ ----- ------ ----- ------ ------- -------
U.S. C-band
income 1 4 1 82 1 2 - -
----------------- ----- ------ ----- ------ ----- ------ ------- -------
Other income - - - 3 1 48 37 96
----------------- ----- ------ ----- ------ ----- ------ ------- -------
Operating
expenses (230) (248) (269) (352) (238) (261) (513) (586)
----------------- ----- ------ ----- ------ ----- ------ ------- -------
Fair value
movement on
contingent value
rights - - - - - - - (28)
----------------- ----- ------ ----- ------ ----- ------ ------- -------
EBITDA 269 236 229 259 273 258 289 366
----------------- ----- ------ ----- ------ ----- ------ ------- -------
Depreciation
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