SES (SESGL) Q4 2025 earnings summary

Executive summary

• Achieved strong FY2025 results with revenue of €2,627 million, up 33.9% year-over-year, driven by full consolidation of Intelsat from July 2025 and growth across all verticals.

• Adjusted EBITDA reached €1,196 million, up 19.1% year-over-year, with a margin of 45.4%.

• Capital expenditures were €559 million, below guidance, reflecting accelerated synergy realization.

• Secured €1.8 billion in new business and renewals, supporting a gross backlog exceeding €6.6 billion.

• Fast-tracked synergy delivery, achieving €370 million annual run-rate synergies and €2.4 billion NPV of highly visible synergies.

Financial highlights

• FY25 revenue: €2,627 million (+33.9% year-over-year at constant FX); Adjusted EBITDA: €1,196 million (+19.1%).

• Like-for-like revenue declined 1.6% year-over-year, mainly due to Fixed Data and Media headwinds.

• Adjusted Free Cash Flow was €229 million, maintaining positive cash generation.

• Adjusted Net Profit: €47 million (down from €126 million in 2024), reflecting higher D&A and financing costs post-Intelsat acquisition.

• Adjusted Net Debt to Adjusted EBITDA ratio: 3.9x at year-end 2025.

Outlook and guidance

• 2026 revenue and Adjusted EBITDA expected to be stable year-over-year on a like-for-like and constant FX basis.

• 2026 capital expenditures expected around €700 million, about €100 million lower than prior guidance, including IRIS² and meoSphere investments.

• Commitment to investment grade metrics and net leverage target of 3.0x or below.

• Focus on accelerating integration, executing synergies, and growing in key markets.

• Media segment decline expected to moderate to mid-single digits in 2026.