SES Generates €978 Million in Revenue During First Half, initiates the next stage of Multi-Orbit Development
Satellite communications company, SES, has announced its financial results for the first half of 2025, following the successful acquisition of Intelsat on 17 July 2025. The company reported a revenue of €978 million, a slight 0.2% decrease year-on-year, and an Adjusted EBITDA of €521 million, a decrease of 0.7% [1][3].
The Networks segment, now accounting for approximately 60% of SES's revenues, showed strong growth of +10.3%, driven by the Government (+17.1%) and Mobility (+9.5%) sectors [1]. In contrast, the Media segment declined by 12.1% due to capacity optimization and factors like SD channel switch-offs in mature markets [1][3].
SES secured a total of €690 million in new contracts and renewals in H1 2025, building a gross contract backlog of €4.2 billion [1]. The Adjusted Free Cash Flow improved by 32% to €193 million, and net leverage remained low at 1.1 times, including €4.3 billion in cash [1].
Post-acquisition, SES has redeemed $3 billion of Intelsat’s senior secured notes, strengthening the financial position [4]. The company reaffirms its 2025 outlook of stable group revenue compared to 2024 and expects the Intelsat acquisition to positively impact free cash flow and increase financial flexibility [2]. SES plans to maintain investment-grade credit metrics and profitable investments, aiming to reduce net leverage (Adjusted Net Debt to Adjusted EBITDA) below 3 times within 12-18 months after close [2].
Looking ahead, SES will ramp up capital expenditure related to its IRIS2 satellite program, with an average annual spend of about €400 million from 2027, subject to project validation at the end of 2025 [2]. The acquisition creates a stronger multi-orbit global telecommunications operator, well-positioned to deliver end-to-end connectivity across high-growth market segments [4].
SES has also secured significant new business in Europe and the United States, including a new joint project with the Luxembourg government for a second satellite for GovSat [5]. The company launched satellites 7 and 8 in May 2025, delivering high-performance connectivity [5]. Satellites 9 and 10 were successfully launched on 22 July, with service entry anticipated in early 2026 [5]. The final satellites (11 to 13) of SES's next-generation O3b mPOWER constellation are scheduled for launch later in 2026 [5].
Once complete, the full constellation will triple SES's available capacity by 2027 [5]. SES also secured a contract with the U.S. Department of Defense through SES Space & Defense for a secure, integrated, multi-orbit architecture known as SIMONTM [5].
SES has announced an interim dividend of €0.25 per A-share and €0.10 per B-share, scheduled for distribution in October 2025 [6]. The company has also signed an agreement with Impulse Space to use its Helios medium-lift launch vehicle [7].
In summary, SES's financial and operational performance is stable with solid cash flow generation post-Intelsat acquisition. The company is focused on profitable growth, deleveraging, increasing dividends, and investing in future satellite infrastructure to support long-term expansion in government, mobility, and network services [1][2][4].
[1] SES Group. (2025). SES reports H1 2025 results. Retrieved from https://www.ses.com/media-center/press-releases/2025/ses-reports-h1-2025-results [2] SES Group. (2025). SES reaffirms 2025 outlook and financial targets. Retrieved from https://www.ses.com/media-center/press-releases/2025/ses-reaffirms-2025-outlook-and-financial-targets [3] SES Group. (2025). SES reports H1 2025 results - presentation. Retrieved from https://www.ses.com/media-center/presentations/2025/ses-reports-h1-2025-results-presentation [4] SES Group. (2025). SES announces 2025 outlook and financial targets. Retrieved from https://www.ses.com/media-center/press-releases/2025/ses-announces-2025-outlook-and-financial-targets [5] SES Group. (2025). SES secures significant new business in Europe and the United States. Retrieved from https://www.ses.com/media-center/press-releases/2025/ses-secures-significant-new-business-in-europe-and-the-united-states [6] SES Group. (2025). SES announces interim dividend. Retrieved from https://www.ses.com/media-center/press-releases/2025/ses-announces-interim-dividend [7] SES Group. (2025). SES signs agreement with Impulse Space. Retrieved from https://www.ses.com/media-center/press-releases/2025/ses-signs-agreement-with-impulse-space
- SES, following the successful acquisition of Intelsat, plans to utilize technology to increase its satellite capacity, with the full constellation of the IRIS2 satellite program expected to triple SES's available capacity by 2027.
- In partnership with the Luxembourg government, SES is investing in the science of space-and-astronomy through a joint project for a second satellite for GovSat, further broadening its capabilities in government sector communications.
