Satellite operator SES S.A. announced financial results for the year ended December 31, 2025. The combined SES and Intelsat (whose acquisition closed on July 2025) reported revenues of € 2.627 Billion and Adjusted EBITDA of € 1,196 Billion.
Highlights of the results include:
- Networks - 4th consecutive year of growth, mainly supported by growth in Aviation and Government
- Media - delivered to expectations with important new long-term renewals signed
- €1.8 billion of new business and contract renewals signed in 2025 – with a total combined gross backlog of over €6.6 billion
- Reported Adjusted Free Cash Flow of €229 million and Capital Expenditures of €559 million with combined like-for-like net leverage at 3.9 times (including cash & cash equivalents of €674 million)
- Final 2025 dividend of €0.25 per A-share (€0.10 per B-share) to be paid in April 2026 (subject to shareholder approval)
- 2026 financial outlook: Both, Revenue and Adjusted EBITDA, expected to be stable yoy on a like-for-like and constant FX basis
- Remain committed to disciplined financial policy, investment grade metrics and net leverage target of 3.0 times or below
Adel Al-Saleh, CEO of SES, commented on the results:
“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 IRIS², announced GovSat‑2 with the Luxembourg Government, extended our Australian Defence partnership, and secured major U.S. defense awards. We won significant new contracts, including selection as one of five companies on the U.S. Space Force’s Protected Tactical SATCOM‑Global (PTS‑G) IDIQ contract, and a strategic award from the Defense Innovation Unit for Secure Integrated Multi‑Orbit Networking (SIMON).
Aviation continued its strong momentum, with major wins and growing airline adoption of our multi‑orbit electronically steered antenna solution (ESA), now operational on more than 500 aircraft around the world. The multi-orbit system has been selected by 16 carriers for more than 1,000 aircraft, including American Airlines, Air Canada, Avianca, JAL, Skymark, Royal Brunei, and others.
In Fixed & Maritime we continued to see competitive pressures. In Fixed Data, we took decisive actions to transform the business and focus on areas where we believe we have a clear right to win. Our Maritime business remained resilient, with solid cruise renewals and continued adoption of SES Cruise mPOWERED. Our FlexMaritime solution provides critical services to the commercial shipping segment, serving more than 13,000 ships globally.
Our Media business continues to have a strong cash-generative profile serving over two billion people and nearly 700 million households worldwide. Despite headwinds, in 2025 we have secured around €450 million in renewals and new business, including multi‑year agreements with Sky, RTL, Warner Brothers Discovery, ORF/ORS, Telekom Srbija, PGA TOUR, and QVC while opening new free-to-air/free-to-view markets in Mexico and Spain. We are proud to be the partner to broadcasters distributing the Winter Olympics Games globally.
We also made critical progress in shaping our future space-based solutions. O3b mPOWER satellites 9 & 10 successfully launched on 22 July, with satellites 7, 8, 9 & 10 now in service and the launch of satellites 11 to 13 is planned for second half of 2026. SES continues building on its MEO capabilities through meoSphere, the company’s next‑generation multi‑mission MEO network supported by New Space innovators, such as Cailabs, Impulse Space, Kratos, Infinite Orbits, and an extended K2 Space partnership.
In 2026, we plan to accelerate integration, execute on synergies, grow in key markets, and continue innovating across our global multi‑orbit architecture. SES is operating at a new scale with the 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.”
