SES (SESGL) Q4 2025 earnings summary

Executive summary

• Completed full consolidation of Intelsat from July 2025, driving a step-change in scale and integration progress across all business segments.

• Achieved FY2025 revenue of €2,627 million, up 33.9% year-over-year, and Adjusted EBITDA of €1,196 million, up 19.1%, with a margin of 45.4%.

• Delivered positive adjusted free cash flow of €229 million and secured €1.8 billion in renewals and new contracts, with a gross backlog exceeding €6.6 billion.

• Fast-tracked synergy realization, achieving €370 million annual run rate synergies and €2.4 billion NPV, with a new operating model and OpEx/CapEx savings ahead of plan.

• Positioned as a leader in multi-orbit space solutions, with defense and government as key growth verticals.

Financial highlights

• FY2025 revenue: €2,627 million (+33.9% year-over-year); like-for-like revenue down 1.6%.

• Adjusted EBITDA: €1,196 million (+19.1% year-over-year); like-for-like Adjusted EBITDA down 12.1%.

• CapEx: €559 million (reported), below guidance, with €707 million on a like-for-like basis.

• Adjusted net debt to Adjusted EBITDA ratio: 3.9x at year-end 2025; cash and cash equivalents: €674 million.

• Interim 2025 dividend paid; final dividend proposed for April 2026.

Outlook and guidance

• 2026 revenue and Adjusted EBITDA expected to be stable year-over-year on a like-for-like and constant FX basis.

• 2026 CapEx guidance at €700 million, including IRIS² and meoSphere, about €100 million lower than prior guidance.

• Continued focus on deleveraging to reach net leverage target of 3.0x or below and maintain investment grade metrics.

• Midterm guidance to be provided at Capital Markets Day later in the year.