SES (SESGL) Q3 2025 earnings summary

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.

• Integration progressing rapidly, with synergy delivery ahead of plan; €2.4B NPV targeted, €370M annual run-rate, 70% to be realized within three years.

• Focused on profitable growth, innovation, disciplined capital allocation, and shareholder value creation across media, government, aviation, and fixed/maritime.

• Networks segment now drives 60% of revenues, with strong performance in Aviation and Government; Media remains stable with key contract renewals.

• O3b mPOWER satellites 9 & 10 launched in July 2025, with service entry expected in early 2026, enhancing network capacity.

Financial highlights

• Nine-month 2025 revenue reached €1,747 million, up 19.8% year-on-year; Adjusted EBITDA €849 million, up 11% year-on-year, margin 48.6%.

• Q3 2025 revenue was €769 million; Q3 Adjusted EBITDA €328 million, margin 42.7%.

• Like-for-like, nine-month revenue declined 1.8% and Adjusted EBITDA fell 10.2% year-on-year, mainly due to equipment sales, timing impacts, and structural headwinds.

• Gross backlog stands at €7.1 billion, with €1.4 billion in renewals and new contracts secured in nine months.

• Adjusted Net Profit was €71 million, down from €116 million year-over-year, mainly due to higher depreciation, amortization, and financing costs post-acquisition.

Outlook and guidance

• Full-year 2025 revenue expected at €2.60–2.70 billion; Adjusted EBITDA €1.17–1.21 billion; CapEx €0.6–0.7 billion, reduced from prior guidance.

• Underlying media revenue expected to decline mid-single digits; aviation and government segments forecasted to drive future growth.

• Company expects to deliver on synergy plans and sustain long-term shareholder value through operational gains.