SES reported first-half 2025 revenues of €978 million, essentially flat year-over-year, with adjusted EBITDA of €521 million. The Networks segment grew 10.3% driven by government (+17.1%) and mobility (+9.5%) services, while Media declined 12.1% in line with expectations. SES signed €690 million in new business and renewals, maintaining a contract backlog of €4.2 billion. Free cash flow reached €193 million, up 32% from last year, with net leverage at 1.1 times.
On July 17, SES closed its $2.6 billion (€2.2 billion) acquisition of Intelsat, a deal expected to generate €2.4 billion in net present value synergies, including €370 million in annual run-rate synergies within three years. The combined backlog now exceeds €8 billion, with management targeting over €1 billion in normalized annual free cash flow by 2027/28. SES plans to keep capital expenditures at €600–€650 million per year through 2028, while reducing net leverage below 3 times within 12–18 months.
SES also advanced its O3b mPOWER constellation, with satellites 7 and 8 entering service in May and satellites 9 and 10 launched in July. Full deployment by 2027 is expected to triple available capacity. SES is collaborating with the Luxembourg government on a second GovSat defense satellite and with the U.S. Department of Defense on its SIMON™ hybrid space network. In the aero market, SES’s Open Orbits™ gained traction with wins at Thai Airways, Turkish Airlines, and Uzbekistan Airways.
• Revenue €978 million (-0.2% yoy), Adjusted EBITDA €521 million (-0.7% yoy)
• Networks up 10.3% yoy; Government +17.1%, Mobility +9.5%
• Media down 12.1% yoy; long-term renewals secured
• €690 million in H1 new business/renewals; backlog at €4.2 billion
• Intelsat acquisition closed July 17, creating €8+ billion combined backlog
• €370 million annual synergy run-rate targeted, majority within 3 years
• O3b mPOWER constellation expansion underway, full deployment by 2027
• GovSat 2 program with Luxembourg and U.S. DoD SIMON™ hybrid network win
Adel Al-Saleh, CEO of SES, said: “The completion of the Intelsat acquisition on 17 July marked a defining milestone for SES, creating a stronger, truly global multi-orbit operator built for the future. We are now uniquely positioned to compete with end-to-end solutions across high-growth segments.”
🌐 Why it Matters: SES’s acquisition of Intelsat consolidates two of the largest satellite operators into a single multi-orbit platform, significantly reshaping the competitive landscape in satellite connectivity. The move positions SES to compete more directly with Starlink, Amazon’s Project Kuiper, and OneWeb by combining scale, government contracts, and a multi-orbit architecture.
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