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SES (SESGL) investor relations material
SES Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Completed Intelsat acquisition on 17 July 2025, creating a global multi-orbit connectivity leader with significant synergies and enhanced scale.
H1 2025 revenue was €978 million, flat year-over-year at constant FX, with strong Networks growth offsetting Media decline.
Networks now represent 60% of total revenue, driven by government and mobility demand.
Integration and synergy execution on track, targeting €2.4 billion NPV in synergies, with 70% of savings to be achieved within three years.
Ongoing transformation and efficiency initiatives reduced OpEx by 5% year-over-year.
Financial highlights
H1 2025 revenue was €978 million, down 0.2% year-over-year; Networks up 10.3% year-over-year.
Adjusted EBITDA for H1 2025 was €521 million (53% margin), down 0.7% year-over-year.
Adjusted net profit for H1 2025 was €77 million, mainly due to higher depreciation, financing costs, and tax.
Adjusted free cash flow rose 32% year-over-year to €193 million.
Net leverage at June 30 was 1.1x, with €4.3 billion in cash and equivalents.
Outlook and guidance
FY 2025 revenue and adjusted EBITDA expected to remain stable year-over-year at constant FX.
Capital expenditure for 2025 guided at €425–475 million; annual average of €325 million for 2026–2029 (excluding IRIS²).
IRIS² capex of up to €1.8 billion to ramp from 2027, with annual spend of ~€400 million over 2027–2030.
Combined company targets low to mid-single digit revenue and mid-single digit adjusted EBITDA CAGR 2024–28E, with normalized adjusted FCF over €1 billion by 2027/28.
Net leverage targeted below 3x within 12–18 months post-Intelsat closing; dividend increases planned as leverage target is met.
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Q3 20256 Nov, 2025
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Frequently asked questions
SES S.A. is a global satellite operator that provides a range of communication services via its extensive fleet of geostationary and medium Earth orbit satellites. The company offers satellite-based data transmission, video broadcasting, and broadband services to various sectors, including telecommunications, government, maritime, and aviation. SES S.A. also supports critical infrastructure for broadcasting, enabling content delivery to television, radio, and internet streaming platforms across the world. Additionally, the company provides managed services for complex network operations and satellite-enabled cloud services. The company is headquartered in Betzdorf, Luxembourg, and its shares are listed on the Luxembourg Stock Exchange.
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