Satellite group SES beats forecasts as defence spending rises in Europe
"We have a robust pipeline of Government opportunities supported by increased defence spending in Europe," CEO Abdel Al-Saleh said in a statement.
SES recently completed its $3.1 billion acquisition of rival Intelsat, aiming to position itself as a key European competitor to Elon Musk's Starlink and Amazon's Project Kuiper alongside French peer Eutelsat.
It has forecasted 1.8 billion euros in annual operating profit for the newly-merged entity, and recently appointed David Broadbent, formerly with Intelsat, to lead the combined government and defence divisions.
The Luxembourg-based company signed 690 million euros ($789.15 million) worth of new contracts in the first half of 2025, with a gross backlog of 4.2 billion euros at the end of the period.
Its total revenue reached 469 million euros in the second quarter, ahead of analysts' 464 million euro forecast provided by SES.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 241 million euros, which also beat market forecast of 232 million euros.
($1 = 0.8744 euros)
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