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SES (SESGL) investor relations material
SES Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Completed transformational acquisition and full consolidation of Intelsat from July 17, 2025, creating a global multi-orbit connectivity leader with ~60% of revenue from growth markets and expanded scale across media, government, aviation, and maritime.
Integration progressing rapidly, with new operating model, leadership, and brand established; synergy delivery ahead of plan with €2.4 billion NPV targeted and €370 million annual run-rate synergies, 70% to be realized within three years.
Focused on profitable growth, disciplined capital allocation, innovation in space-based solutions, and shareholder value creation.
Networks segment drove growth, accounting for 60% of revenues, with strong performance in Aviation and Government, and Media segment remained stable with key contract renewals.
O3b mPOWER satellites 9 & 10 launched in July 2025, with service entry expected in early 2026, enhancing network capacity and resilience.
Financial highlights
Nine-month 2025 revenue reached €1,747 million, up 19.8% year-over-year, with all verticals contributing to growth.
Adjusted EBITDA for nine months was €849 million, up 11% year-over-year, with a margin of 48.6%.
Gross backlog stands at €7.1 billion, with €1.4 billion in renewals and new contracts secured in the first nine months, including €1 billion in growth segments.
Adjusted Net Profit was €71 million, down from €116 million year-over-year, mainly due to higher depreciation, amortization, and financing costs post-acquisition.
Interim 2025 dividend of €104 million (€0.25 per A-share, €0.10 per B-share) paid in October, with a final dividend of at least the same amount proposed for April 2026.
Outlook and guidance
Full-year 2025 revenue expected between €2.60–2.70 billion; Adjusted EBITDA between €1.17–1.21 billion; CapEx guidance for 2025 reduced to €0.6–0.7 billion.
Integration activities and synergy execution remain top priorities for 2025, with further clarity on midterm guidance to be provided in early 2026.
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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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