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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Categories: Articles, Broadband, Broadcast, Business, DTH/Satellite, Results, Satellite

Tags: Adel Al-Saleh, O3b mPOWER, SES