SES Generates €978 Million in First Half Revenue, Commences New Stage of Multi-Orbit Development
Following the acquisition of Intelsat on July 17, 2025, SES S.A. has reported a robust financial and operational performance for the first half of the year.
Financial Highlights
The company's revenue for the period stood at €978 million, a marginal decline of 0.2% year-on-year. Adjusted EBITDA was €521 million, down 0.7% year-on-year, reflecting a stable performance despite integration activities.
The Networks segment saw a significant growth of 10.3% year-on-year, driven by strong gains in the Government (+17.1%) and Mobility (+9.5%) sectors. Conversely, the Media segment declined by 12.1%, consistent with expectations.
SES secured €690 million in new business and contract renewals during the first half of 2025, building a total gross contract backlog of €4.2 billion. Moreover, adjusted free cash flow increased by 32% year-on-year to €193 million, and net leverage improved to 1.1 times, indicating strong financial health.
Operational Highlights
Operationally, the O3b mPOWER satellite network has seen capacity and resilience boosted with satellites 7 & 8 in service since May and satellites 9 & 10 successfully launched on July 22, 2025. Once complete, the O3b mPOWER constellation is expected to triple SES's available capacity by 2027. The final satellites (11 to 13) of the constellation are scheduled for launch later in 2026.
Strategic Initiatives
SES has won a contract with the U.S. Department of Defense through SES Space & Defense for a secure, integrated, multi-orbit architecture known as SIMONTM. Additionally, a new joint project with the Luxembourg government to develop a second satellite for GovSat was announced.
Future Outlook
SES reaffirmed its financial objectives for the combined company and expects the Intelsat acquisition to positively impact free cash flow and financial flexibility. The company also plans to increase its annual base dividend within 12-18 months post-acquisition, emphasizing investment grade metrics and profitability. Furthermore, SES expects to achieve an annual run-rate of approximately €370 million in synergies from the Intelsat acquisition.
[1] SES Press Release: SES Reports Solid Financial and Operational Performance for H1 2025
[2] SES Press Release: SES Secures Financing for Intelsat Acquisition
[3] SES Press Release: SES Launches Satellites 7 and 8 of O3b mPOWER Constellation
[4] SES Press Release: SES Successfully Launches Satellites 9 and 10 of O3b mPOWER Constellation
- SES's O3b mPOWER satellite network, following the launch of satellites 9 and 10 on July 22, 2025, has experienced a boost in capacity and resilience, with the expectation that the entire constellation will triple SES's available capacity by 2027, marking a significant advancement in space-and-astronomy and technology.
- The successful acquisition of Intelsat on July 17, 2025, will not only positively impact SES's free cash flow and financial flexibility, as reaffirmed by SES in its recent financial outlook, but also enable the company to broadcast its services to a wider audience in the realm of science and space.
