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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 transformational acquisition of Intelsat on 17 July 2025, creating a global multi-orbit satellite operator with significant synergies and enhanced scale.
H1 2025 revenue was €978 million, flat year-over-year at constant FX, with Networks growth offsetting Media decline.
Adjusted EBITDA reached €521 million (53% margin), slightly down year-over-year, with strong Networks performance.
Networks segment now represents 60% of total revenue, driven by government and mobility demand.
Integration plan and new leadership team in place, with efficiency initiatives reducing OpEx by 5% year-over-year.
Financial highlights
H1 2025 revenue of €978 million, Networks up 10.3% year-over-year, Media down 12.1%, and Fixed Data down 4%.
Adjusted EBITDA of €521 million (53% margin), adjusted net profit of €77 million, and adjusted free cash flow of €193 million, up 32% year-over-year.
Net leverage at 1.1x, with €4.3 billion in cash and equivalents.
Basic EPS for H1 2025: €0.02 per A-share, €0.01 per B-share.
Gross contract backlog at €4.2 billion, with €690 million in new business and renewals.
Outlook and guidance
FY 2025 revenue and adjusted EBITDA expected to remain stable year-over-year at constant FX.
CapEx guidance: €425–475 million for 2025, annual average €325 million for 2026–2029 (excluding IRIS²); IRIS² capex to ramp up from 2027.
Combined company targets low to mid-single digit revenue and mid-single digit adjusted EBITDA CAGR 2024–2028, with normalized adjusted FCF over €1 billion by 2027/28.
Net leverage targeted below 3x within 12–18 months post-acquisition; dividend increases planned as leverage target is met.
Commitment to investment grade metrics, progressive dividend, and prioritizing shareholder returns.
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Next SES earnings date
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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