)
SES (SESGL) investor relations material
SES Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
Next SES earnings date
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage
)
)