SES (SESGL) Q3 2025 earnings summary

Executive summary

• Completed transformational acquisition and full consolidation of Intelsat from July 17, 2025, creating a global multi-orbit connectivity leader with ~60% of revenue from growth markets and expanded scale across media, government, aviation, and maritime.

• Integration progressing rapidly, with new operating model, leadership, and brand established; synergy delivery ahead of plan with €2.4 billion NPV targeted and €370 million annual run-rate synergies, 70% to be realized within three years.

• Focused on profitable growth, disciplined capital allocation, innovation in space-based solutions, and shareholder value creation.

• Networks segment drove growth, accounting for 60% of revenues, with strong performance in Aviation and Government, and Media segment remained stable with key contract renewals.

• O3b mPOWER satellites 9 & 10 launched in July 2025, with service entry expected in early 2026, enhancing network capacity and resilience.

Financial highlights

• Nine-month 2025 revenue reached €1,747 million, up 19.8% year-over-year, with all verticals contributing to growth.

• Adjusted EBITDA for nine months was €849 million, up 11% year-over-year, with a margin of 48.6%.

• Gross backlog stands at €7.1 billion, with €1.4 billion in renewals and new contracts secured in the first nine months, including €1 billion in growth segments.

• Adjusted Net Profit was €71 million, down from €116 million year-over-year, mainly due to higher depreciation, amortization, and financing costs post-acquisition.

• Interim 2025 dividend of €104 million (€0.25 per A-share, €0.10 per B-share) paid in October, with a final dividend of at least the same amount proposed for April 2026.

Outlook and guidance

• Full-year 2025 revenue expected between €2.60–2.70 billion; Adjusted EBITDA between €1.17–1.21 billion; CapEx guidance for 2025 reduced to €0.6–0.7 billion.

• Integration activities and synergy execution remain top priorities for 2025, with further clarity on midterm guidance to be provided in early 2026.