SES Reports Mixed 2025 Results Post-Intelsat Integration
Event summary
- SES fully consolidated Intelsat from July 17, 2025, reporting €2.63 billion in revenue for 2025, up 33.9% year-over-year.
- Adjusted EBITDA increased by 19.1% to €1.20 billion, but like-for-like EBITDA declined by 12.1% due to integration challenges.
- Networks revenue grew by 55.2% year-over-year, driven by Aviation (+145.5%) and Government (+47.0%) segments.
- Media revenue increased by 7.9% year-over-year, with significant new long-term renewals signed.
- SES expects stable revenue and Adjusted EBITDA in 2026 on a like-for-like and constant FX basis.
The big picture
SES's 2025 results reflect the complexities of integrating Intelsat, a deal that significantly expanded its scale but introduced operational and financial challenges. The company's strategic focus on multi-orbit solutions and government contracts positions it in high-demand sectors, but it must navigate competitive pressures in Fixed Data and Maritime. The stability in 2026 outlook suggests a cautious approach to growth amid ongoing integration efforts.
What we're watching
- Integration Challenges
- How SES will address the profitability dilution from equipment sales in Aviation and continued weakness in Fixed Data.
- Market Demand
- Whether the strong momentum in Government and Aviation can offset declines in mature Media markets.
- Financial Discipline
- The pace at which SES can reduce its net leverage ratio to meet its target of 3.0 times or below.
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