SES: “Strong platform for future growth”

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SES: “Strong platform for future growth”
March 2, 2026

By Chris Forrester



SES, releasing its full year results for 2025, says that it has won €1.8 billion of new business during the year. SES now serves more than 2 billion viewers and some 700 million homes with its signals.

However, overall revenues fell back by -1.6 per cent (2024 like for like €3.65 billion. 2025 €3.51 billion). When measured by EBITDA (at constant foreign exchange) the fall measured at -12.1 per cent. The ‘like for like’ calculations assume that its purchase of Intelsat (which closed in July 2025) and as if Intelsat had been consolidated on January 1st 2024.


SES ‘Networks’ revenues now exceed ‘Media’.

SES said it had made critical progress in shaping its future space-based solutions. O3b mPOWER satellites 9 & 10 successfully launched on July 22nd, with satellites 7, 8, 9 & 10 now in service and the launch of satellites 11 to 13 is planned for second half of 2026. SES continues building on its MEO capabilities through meoSphere, the company’s next‑generation multi‑mission MEO network supported by New Space innovators, such as Cailabs, Impulse Space, Kratos, Infinite Orbits, and an extended K2 Space partnership.

Adel Al-Saleh, CEO of SES, commented: “2025 was a milestone year for SES, a year of major progress, step-change in company’s scale, and decisive actions while integrating Intelsat and delivering on our synergy plan from Day 1. With the financial performance below our initial expectations for the first year of the combined company, we addressed the challenges head‑on and delivered 2025 financial results within our revised 2025 financial outlook with lower than guided capital expenditures, establishing a strong platform for future growth.”

“Across our Networks and Media businesses, we executed with focus and supported customers at scale. We believe our continued momentum in Government and Aviation reflects the market’s confidence in SES and the unique value of our scalable, multi‑orbit architecture.”

“Government demand for secure, resilient multi‑orbit solutions continued to grow. Despite the impact of the US government shutdown and DOGE actions, our Government business delivered strong growth, supported by expanding demand in Europe and globally. We advanced key sovereign programmes including IRIS², announced GovSat‑2 with the Luxembourg Government, extended our Australian Defence partnership, and secured major US defence awards. We won significant new contracts, including selection as one of five companies on the US Space Force’s Protected Tactical SATCOM‑Global (PTS‑G) IDIQ contract, and a strategic award from the Defense Innovation Unit for Secure Integrated Multi‑Orbit Networking (SIMON).”

“Aviation continued its strong momentum, with major wins and growing airline adoption of our multi‑orbit electronically steered antenna solution (ESA), now operational on more than 500 aircraft around the world. The multi-orbit system has been selected by 16 carriers for more than 1,000 aircraft, including American Airlines, Air Canada, Avianca, JAL, Skymark, Royal Brunei, and others.”

“In Fixed & Maritime we continued to see competitive pressures. In Fixed Data, we took decisive actions to transform the business and focus on areas where we believe we have a clear right to win. Our Maritime business remained resilient, with solid cruise renewals and continued adoption of SES Cruise mPOWERED. Our FlexMaritime solution provides critical services to the commercial shipping segment, serving more than 13,000 ships globally.”

“Our Media business continues to have a strong cash-generative profile serving over two billion people and nearly 700 million households worldwide. Despite headwinds, in 2025 we have secured around €450 million in renewals and new business, including multi‑year agreements with Sky, RTL, Warner Brothers Discovery, ORF/ORS, Telekom Srbija, PGA TOUR, and QVC while opening new free-to-air/free-to-view markets in Mexico and Spain. We are proud to be the partner to broadcasters distributing the Winter Olympics Games globally,” he concluded.

Gross backlog on December 31st 2025 was over €6.6 billion of which Media backlog was €3 billion and Networks backlog was €3.6 billion.

SES has repeated its commitment to a progressive dividend for shareholders. This coming April it will pay a final dividend of €0.25 per share to ‘A’ Class shareholders. SES says once it has reached a net leverage target of 3.0 times (or below) it will increase the annual base dividend and at least a majority of future exceptional cashflows will be prioritised for shareholder returns.

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SES publishes first results after Intelsat consolidation
March 2, 2026 11.15 Europe/London By Julian Clover


Luxembourg-based satellite operator SES S.A. reported a net loss of €95 million for 2025, its first full year of results following the acquisition of rival Intelsat in July.

The company said the loss reflected acquisition and restructuring costs linked to the takeover, as it worked through the integration of the enlarged group.

SES reduced capital expenditure by around €100 million during 2025 after performance fell short of earlier expectations for the first year of the combined business.

Chief executive Adel Al-Saleh told analysts that labour costs were cut by 7%, with staff redundancies resulting from the merger as part of efforts to streamline operations.

The group signed €1.8 billion in new business and contract renewals during 2025, bringing total combined gross backlog to more than €6.6 billion.

For 2026, SES expects both revenue and adjusted EBITDA to remain stable year-on-year on a like-for-like, constant FX basis.

Networks delivered a fourth consecutive year of growth, driven primarily by Aviation and Government.

The Media division delivered in line with expectations, securing around €450 million in renewals and new business in 2025. Multi-year agreements were signed with Sky, RTL, Warner Bros Discovery, ORF/ORS, Telekom Srbija, PGA Tour and QVC, alongside expansion into new free-to-air and free-to-view markets in Mexico and Spain. SES also distributed coverage of the Winter Olympic Games globally.

In Government, SES cited continued demand for secure multi-orbit solutions, despite disruption from the US government shutdown. The company advanced programmes including IRIS, announced GovSat-2 with the Luxembourg government, extended its Australian Defence partnership and secured positions on the US Space Force’s Protected Tactical SATCOM-Global (PTS-G) IDIQ contract as well as a Defence Innovation Unit award for Secure Integrated Multi-Orbit Networking (SIMON).

In Aviation, SES said its multi-orbit electronically steered antenna (ESA) solution is now operational on more than 500 aircraft worldwide and has been selected by 16 carriers for over 1,000 aircraft, including American Airlines, Air Canada, Avianca, JAL, Skymark and Royal Brunei.

In Fixed & Maritime, SES acknowledged ongoing competitive pressure in Fixed Data and said it is reshaping the business to focus on core strengths. Maritime remained resilient, supported by cruise renewals and uptake of SES Cruise mPOWERED, while FlexMaritime serves more than 13,000 vessels globally.

On the satellite front, O3b mPOWER satellites 9 and 10 were launched in July 2025, with satellites 7 to 10 now in service. Launch of satellites 11 to 13 is planned for the second half of 2026. SES is also developing its next-generation MEO network, meoSphere, with partners including Cailabs, Impulse Space, Kratos, Infinite Orbits and K2 Space.

Al-Saleh said 2025 represented a step-change in scale for SES and that the company is now positioned to accelerate integration, deliver synergies and pursue growth across its global multi-orbit architecture.