Steady SES as media reduces again
July 31, 2025 14.21 Europe/London By Julian Clover


SES has published its final set of financials before numbers from Intelsat are included in the totals.

In the first half of 2025, the Luxembourg-based satellite company recorded revenues of €978 million and Adjusted EBITDA of €521 million, both on a par with the corresponding period in 2024.

Adel Al-Saleh, CEO of SES, said the company was firmly on track to meet its financial outlook. “The completion of the Intelsat acquisition on 17 July marked a defining milestone for SES, creating a stronger, truly global multi-orbit operator built for the future. We are now uniquely positioned to compete with end-to-end solutions across high-growth segments.”

Media revenue of €398 million (40% of total revenue) reduced 12.1% year-on-year, on the back of lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs.

In H1 2025, the business secured more than €175 million of renewals and new business.