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Business Wire
31-07-2025
- Business
- Business Wire
SES Delivers Solid H1 2025 Results & Completes Intelsat Acquisition
LUXEMBOURG--(BUSINESS WIRE)--SES S.A. completed Intelsat acquisition on 17 July 2025 and announces financial results for the six months ended 30 June 2025. H1 2025 solid performance – reiterating FY25 outlook Revenue of €978 million (-0.2% yoy (1)) and Adjusted EBITDA (2) of €521 million (-0.7% yoy (1)) Networks (+10.3% yoy (1)) supported by +17.1% yoy (1) growth in Government and +9.5% yoy (1) growth in Mobility; Media (-12.1% yoy (1)) in-line with expectations with important new long-term renewals signed €690 million of new business and contract renewals signed in H1 2025 – with a total gross contract backlog of €4.2 billion Adjusted FCF of €193 million (+32.0% yoy) and Net Leverage at 1.1 times (3) (including cash & cash equivalents of €4.3 billion (4)) O3b mPOWER satellites 7&8 in service since May; 9&10 successfully launched 22 July – boosting O3b mPOWER network capacity and resilience SES and Luxembourg Government to develop and launch new defence satellite for GovSat FY 2025 financial outlook (5) well on track, reiterating stable Revenue and broadly stable Adjusted EBITDA yoy Final FY 2024 dividend of €103 million (6) (€0.25 per A-share; €0.10 per B-share) paid to shareholders on 17 April 2025; in October 2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B-share) to shareholders Intelsat acquisition completed – creating a global multi-orbit connectivity powerhouse On 17 July 2025, SES announced the completion of its highly value accretive acquisition of Intelsat for a cash consideration of $2.6bn (€2.2bn) (2) and certain contingent value rights ('CVRs') – underpinned by €2.4 billion (NPV) of readily executable synergies Stronger multi-orbit operator - c.60% of Revenue in high growth segments, annual run rate of c.€370 million in synergies (70% within 3 years) and execution of synergy delivery from Day 1 Stronger financial foundation – expecting low to mid-single digit Revenue CAGR 2024-28E and mid-single digit Adjusted EBITDA CAGR 2024-28E to drive 'normalised' Adjusted FCF of over €1 billion by 2027/28 (Pre IRIS 2); supported by combined backlog of >€8 billion, providing visibility of future revenue streams Disciplined investment in future growth with annual capital expenditures averaging €600–€650 million from 2025-28E Strong balance sheet metrics with Net Leverage targeted at below 3 times within 12-18 months after closing Adel Al-Saleh, CEO of SES, commented: 'H1 2025 delivered solid operational and financial performance. Through continued strategic execution and solid commercial momentum, we have stabilised Revenue and Adjusted EBITDA and are firmly on track to meet our reiterated FY25 financial outlook. The completion of the Intelsat acquisition on 17 July marked a defining milestone for SES, creating a stronger, truly global multi-orbit operator built for the future. We are now uniquely positioned to compete with end-to-end solutions across high-growth segments. Backed by a unified leadership team and clear strategic focus, we are delivering synergies from Day 1 and remain confident in achieving our financial and operational objectives. The combined company offers enhanced scale, complementary capabilities, a stronger balance sheet, and sustained growth in Adjusted FCF - driving long-term value for our customers and shareholders. Our solid H1 2025 performance is underpinned by the strong growth in the Networks business, now c.60% of revenues. We continue to see commercial traction across Government and Mobility. This underscores our strong positioning in high-value segments, driven by our differentiated and scalable multi-orbit offering. In the first half, we secured €690 million in new business and renewals, reinforcing our future growth trajectory. We have a robust pipeline of Government opportunities supported by increased defence spending in Europe, including the development of a second satellite for GovSat jointly with the Luxembourg government, as well as strong momentum with the US government, including the selection of SES Space & Defense to provide a hybrid space-based architecture to the U.S. Department of Defense through a secure integrated multi-orbit network (SIMON™). In aero we are seeing increased traction with Open Orbits™ — including partners' wins with Thai Airways, Turkish Airline, and Uzbekistan Airways. Our Media business continues to deliver in-line with expectations, underpinning SES's stable and cash-generative foundation. O3b mPOWER satellites 7 and 8 entered service in May and are already delivering advanced, high-performance connectivity to meet the evolving needs of our customers. On 22 July, we successfully launched satellites 9 and 10 on an optimised launch schedule, with service entry expected in early 2026 to further boost network capacity and resilience. The remaining satellites 11-13 are scheduled to launch in 2026. The additional O3b mPOWER satellites will bring up to a threefold increase in available capacity by 2027 when the entire O3b mPOWER constellation is fully deployed, accelerating our profitable and long-term growth trajectory. SES has also signed a transformative agreement with Impulse Space to use Helios, their medium-lift launcher to shorten the time required for the selected SES's satellites to reach their final orbital position, extending the lifetime of our satellites and accelerating service delivery to our customers. Together with Intelsat, SES is now better positioned to capture long-term growth in key segments and deliver sustainable value for customers and shareholders alike.' Key business and financial highlights (at constant FX unless explained otherwise) SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. Networks revenue of €579 million (60% of total revenue) increased 10.3% yoy driven by growth in Government (+17.1% yoy) and Mobility (+9.5% including periodic revenue of €19 million recognised in Q1 2025 vs €22 million in Q1 2024), offsetting lower Fixed Data (-4.0% yoy). In H1 2025, the Networks business secured over €510 million of renewals and new business. Media revenue of €398 million (40% of total revenue) reduced 12.1% yoy, on the back of lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs as well as the full Q2 impact of the Brazilian customer bankruptcy. In H1 2025, the business secured more than €175 million of renewals and new business. Adjusted EBITDA of €521 million represented an Adjusted EBITDA margin of 53% (H1 2024: 54%) including flow through of the periodic revenue impact and some shifts in costs. Adjusted EBITDA excludes significant special items of €10 million income (H1 2024: €20 million expenses), comprising of other income of €49 million (H1 2024: nil), net C-Band income of €1 million (H1 2024: €2 million) and expenses related to other significant special items of €40 million, primarily related to merger and acquisition activities (H1 2024: €22 million). Adjusted Net Profit of €77 million was lower than H1 2024 (€111 million), mainly reflecting year-on-year increased depreciation & amortisation, higher net financing costs of €12 million (H1 2024: nil), higher net income tax expense, as well as slightly lower Adjusted EBITDA. This was partly offset by higher net non-operating income. Net financing costs included the benefit of earned interest income on the group's cash & cash equivalents of €52 million (H1 2024: €62 million), net interest expense on external borrowings of €41 million (2024: €45 million), loan fees and origination costs and other of €12 million (H1 2024: €12 million) and the impact of net foreign exchange loss of €11 million (H1 2024: loss of €5 million). Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of €73 million (H1 2024: €25 million), M&A related net financing charges of €23 million (H1 2024: nil) and net tax benefit of €23 million (H1 2024: benefit of €7 million) associated with all the significant special items. Adjusted Free Cash Flow (excluding significant special items) of €193 million was €47 million higher year-on-year, or 32.0% year-on-year including lower year-on-year cash tax payments of €21 million (H1 2024: €66 million), changes in working capital and lower interest and coupon paid of €64 million (H1 2024: €97 million). These items were partly offset by higher year-on-year capex of €248 million (H1 2024: €200 million) and other investing activities of €20 million (H1 2024: nil), lower interest received of €57 million (H1 2024: €61 million). On 30 June 2025, Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of €1.524 billion of hybrid bonds as debt and 50% as equity) was 1.1 times (30 June 2024: 1.7 times). Cash & cash equivalents of €4.3 billion (excluding €284 million of restricted cash with respect to the SES-led consortium's involvement in IRIS2) included the proceeds from the €1 billion Eurobonds issued in June 2025 and the €300m EIB financing. SES is continuing to engage with insurers regarding the insurance claim relating to O3b mPOWER satellites 1-4. SES has finalised settlements with a small number of insurers, resulting in initial settlement payments of c.$58 million collected with further settlements expected to follow. Gross backlog on 30 June 2025 was €4.2 billion (H1 2024: €4.7 billion) of which Media backlog was €1.9 billion and Networks backlog was €2.3 billion. The final FY2024 dividend of €103 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 17 April 2025. In October 2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B-share) to shareholders, followed by a final dividend (subject to shareholder approval) of at least €0.25 per A-share (€0.10 per B-share) in April 2026. SES reaffirms its FY 2025 outlook (assuming nominal satellite health and launch schedule): FY 2025 Group Revenue is expected to be stable compared with 2024 (at constant FX) and Adjusted EBITDA is expected to be broadly stable year-on-year (at constant FX) on the better-than-expected 2024 outturn. Capital expenditure (net cash absorbed by investing activities excluding acquisitions and financial investments) is expected to be in the range of €425-475 million in 2025, followed by an average annual capital expenditure of approximately €325 million for 2026-2029. In addition, SES's expected capital expenditure relating to IRIS 2 of up to €1.8 billion will start ramping mostly from 2027 and will translate into an average annual spend of around €400 million over 2027-2030 (subject to a rendezvous point at the end of 2025 to validate the project cost, technical requirements, and delivery timetable, whereby any party can exit in the event of excess expected cost, not meeting technical requirements, and/or delays to the in-service date). The acquisition of Intelsat closed on 17 July 2025, following the receipt of required regulatory clearances. All previously communicated financial objectives for the combined company are reaffirmed (pre-IRIS 2). As previously announced, SES expects the proposed acquisition to have a positive impact on free cash flow, increasing the Company's financial flexibility. In terms of capital allocation, SES remains committed to investment grade metrics, profitable investments, and a stable to progressive dividend. As SES meets its net leverage target (Adjusted Net Debt to Adjusted EBITDA) of below 3 times within 12-18 months after closing the Intelsat transaction, the company intends to increase the annual base dividend and at least a majority of future exceptional cashflows of the combined company will be prioritised for shareholder returns. SES secured financing for the Intelsat acquisition through a €3 billion Bridge Facility signed on 30 April 2024 which was subsequently fully syndicated in June 2024 including a USD 1 billion Term Loan Agreement ('TLA'). SES subsequently raised €1 billion in hybrid financing on 12 September 2024 and €1 billion in Senior Notes under the EMTN programme on 24 June 2025. These transactions enabled a progressive reduction of the Bridge Facility, which was ultimately fully cancelled by the end of June 2025. On 17 July 2025 SES redeemed $3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings S.A. Future satellite launches CONSOLIDATED INCOME STATEMENT € million H1 2025 H1 2024 Average €/$ FX rate 1.08 1.08 Revenue 978 978 U.S. C-band repurposing income 3 5 Other Income 49 - Operating expenses (499) (478) EBITDA 531 505 Depreciation expense (320) (301) Amortisation expense (61) (68) Non-cash impairment (73) (25) Operating profit /(loss) 77 111 Net financing income/(costs) (35) - Other non-operating income / expenses (net) 2 - Profit/ (loss) before tax 44 111 Income tax expense (26) (38) Non-controlling interest (4) - Net Profit attributable to owners of the parent 14 73 Basic and diluted earnings per A-share (in €) (1) 0.02 0.15 Basic and diluted earnings per B-share (in €) (1) 0.01 0.06 1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds. Expand € million H1 2025 H1 2024 Adjusted EBITDA 521 525 U.S. C-band income 3 5 Other Income 49 - U.S. C-band operating expenses (2) (3) Other significant special items (1) (40) (22) EBITDA 531 505 1) Other significant special items include restructuring charges of €6 million (H1 2024: €12 million), costs associated with the development and/or implementation of merger and acquisition activities ('M&A') of €32 million (H1 2024: €10 million) and €2 million other infrastructure charges of non-recurring nature (H1 2024: nil million). Expand € million H1 2025 H1 2024 Adjusted Net Profit 77 111 U.S. C-band income 3 5 U.S. C-band operating expenses (2) (3) Other income 49 - Impairment expense (net) (73) (25) Other significant special items (2) (63) (22) Tax on significant special items 23 7 Net profit attributable to owners of the parent 14 73 2) Other significant special items comprise restructuring charges of €6 million (2024: €12 million), M&A costs of €55 million (2024: €10 million) and €2 million other infrastructure charges of non-recurring nature (2024: nil). M&A costs include net financing charges of €23 million (H1 2024: nil million) comprising an interest expense of €29 million (H1 2024: nil million) and interest income of €12 million (H1 2024: nil million) associated with the €1 billion hybrid financing issued in September 2024 in connection with the Intelsat transaction, and loan origination costs of €6 million (H1 2024: nil million). Expand CONSOLIDATED STATEMENT OF FINANCIAL POSITION € million 31 December 2024 Closing €/$ FX rate 1.17 1.04 Property, plant, and equipment 2,757 2,924 Assets in the course of construction 1,040 1,348 Intangible assets 743 908 Other financial assets 50 34 Prepayments 7 2 Trade and other receivables (1) 66 107 Deferred customer contract costs 1 1 Deferred tax assets 675 701 Total non-current assets 5,339 6,025 Inventories 42 49 Trade and other receivables (1) 440 649 Deferred customer contract costs 3 2 Prepayments 71 58 Income tax receivable 16 23 Cash and cash equivalents (A) (2) 4,615 3,521 Assets classified as held for sale 2 - Total current assets 5,189 4,302 Total assets 10,528 10,327 Equity attributable to the owners of the parent 2,807 3,423 Non-controlling interests 71 69 Total equity 2,878 3,492 Borrowings (B) 4,808 4,247 Provisions 1 3 Deferred income 269 338 Deferred tax liabilities 172 212 Other long-term liabilities 30 55 Lease liabilities 35 32 Fixed assets suppliers 110 426 Total non-current liabilities 5,425 5,313 Borrowings (C) 925 273 Provisions 114 128 Deferred income 194 225 Trade and other payables 645 678 Lease liabilities 23 19 Fixed assets suppliers 315 184 Derivatives 1 - Income tax liabilities 8 15 Total current liabilities 2,225 1,522 Total liabilities 7,650 6,835 Total equity and liabilities 10,528 10,327 Reported Net Debt (B + C – A) 1,118 999 1) Trade and other receivables (current and non-current) include nil million related to U.S. C-band repurposing (31 December 2024: €87 million). 2) Including €284 million related to IRIS 2 cash received (31 December 2024: €300 million). Expand CONSOLIDATED STATEMENT OF CASH FLOWS € million H1 2025 H1 2024 Profit before tax 44 111 Taxes paid during the year (21) (155) Adjustment for non-cash items 391 373 Changes in working capital (1) 49 (78) Net cash generated by operating activities 463 251 Payments for purchases of intangible assets (6) (8) Payments for purchases of tangible assets (2) (231) (132) Interest received (3) 102 85 Insurance claim received 49 - Proceeds from sale of business 12 - Payment for acquisition of subsidiary, net cash acquired - (4) Other investing activities (20) (4) Net cash absorbed by investing activities (94) (63) Proceeds from borrowings 1,304 - Repayment of borrowings (11) (708) Partial redemption of perpetual bond (59) - Transaction costs in respect of undrawn facilities (8) - Coupon paid on perpetual bond (1) (31) Dividends paid on ordinary shares (4) (103) (216) Interest paid on borrowings (63) (66) Payments for acquisition of treasury shares - (65) Lease payments (13) (12) Net cash generated/(absorbed) by financing activities 1,046 (1,098) Net foreign exchange movements (321) 66 Net increase in cash and cash equivalents 1,094 (844) Cash and cash equivalents at beginning of the year 3,521 2,907 Cash and cash equivalents at end of the year 4,615 2,063 1) Including €49 million related to U.S. C-band repurposing (H1 2024: €113 million outflow) 2) net reimbursements of €11 million related to U.S. C-band repurposing (H1 2024: net reimbursements of €56 million). 3) Comprising €69 million interest received on deposit (H1 2024: €61 million) and €33 million interest received in relation to U.S. C-band clearing (H1 2024: €24 million). 4) Net of dividends received on treasury shares of €8 million (H1 2024: €7 million). Expand € million H1 2025 H1 2024 Net cash generated by operating activities (1) 463 251 Net cash absorbed by investing activities (2) (94) (63) Free cash flow before financing activities 369 188 Coupon paid on perpetual bond (1) (31) Interest paid on borrowings (63) (66) Lease payments (13) (12) Free cash flow before equity distributions and treasury activities 292 79 U.S. C-band cash flows (net) (93) 33 Insurance claim received (49) - Proceeds from sales of business (12) - Payments for acquisition of subsidiary, net of cash acquired - 4 Decrease in IRIS 2 restricted cash 16 - Payments in respect of other significant special items 39 30 Adjusted Free Cash Flow 193 146 1) Including net reimbursements of €49 million related to U.S. C-band repurposing (H1 2024: €113 million outflow). 2) Comprising net reimbursements of €11 million related to U.S. C-band repurposing (H1 2024: net reimbursements of €56 million) and €33 million interest received in relation to U.S. C-band clearing (H1 2024: €24 million). Expand SUPPLEMENTARY INFORMATION QUARTERLY INCOME STATEMENT (AS REPORTED) € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Average €/$ FX rate 1.09 1.08 1.09 1.09 1.04 1.12 Revenue 498 480 497 526 509 469 U.S. C-band income 1 4 1 82 1 2 Other income - - - 3 1 48 Operating expenses (230) (248) (269) (352) (238) (261) EBITDA 269 236 229 259 273 258 Depreciation expense (139) (162) (172) (177) (164) (156) Amortisation expense (19) (49) (38) (50) (31) (30) Non-cash impairment - (25) 1 (99) - (73) Operating profit 111 - 20 (67) 78 (1) Net financing (costs)/income 5 (5) (6) 3 (26) (9) Other non-operating income / expenses (net) - - - 21 - 2 (Loss)/Profit before tax 116 (5) 14 (43) 52 (8) Income tax benefit/(expense) (43) 5 (4) (13) (22) (4) Non-controlling interests - - (6) (6) (1) (3) Net (Loss)/Profit attributable to owners of the parent 73 0 4 (62) 29 (15) Basic (loss)/earnings per share (in €) (1) Class A shares 0.16 (0.01) 0.00 (0.15) 0.06 (0.04) Class B shares 0.06 0.00 0.00 (0.06) 0.03 (0.02) Adjusted EBITDA 275 250 250 253 280 241 Adjusted EBITDA margin 55% 52% 50% 48% 55% 51% U.S. C-band income 1 4 1 82 1 2 Other Income - - - 3 1 48 U.S. C-band operating expenses (2) (1) (1) (1) (1) (1) Other significant special items (5) (17) (21) (78) (8) (32) EBITDA 269 236 229 259 273 258 1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share. Expand ALTERNATIVE PERFORMANCE MEASURES SES regularly uses Alternative Performance Measures ('APM') to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles and thus should not be considered substitutes for the information contained in the Group's financial statements. Alternative Performance Measure Definition Reported EBITDA and EBITDA margin EBITDA is profit for the period before depreciation, amortisation, impairment, net financing cost, other non-operating income / expense (net) and income tax. EBITDA margin is EBITDA divided by the sum of revenue and other income including U.S. C-band repurposing income. Adjusted EBITDA and Adjusted EBITDA margin EBITDA adjusted to exclude significant special items of a non-recurring nature. The primary such items are the net impact of U.S. C-band spectrum repurposing, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities ('M&A'), specific business taxes and one-off regulatory charges arising outside ongoing operations. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. Adjusted Free Cash Flow Net cash generated by operating activities less net cash absorbed by investing activities, interest paid on borrowings, coupon paid on perpetual bond and lease payments, and adjusted to exclude the net cash flow impact of significant special items of a non-recurring nature, primarily U.S. C-band spectrum repurposing, other income, restructuring charges, M&A (including net financing income / costs), specific business taxes and one-off regulatory charges arising outside ongoing operations. Adjusted Net Debt Adjusted Net Debt is defined as current and non-current borrowings less cash and cash equivalents (excluding amounts subject to contractual restrictions) and excluding 50% of the Hybrid Bond (classified as borrowings) and including 50% of the Perpetual Bond (classified as equity). The treatment of the Hybrid Bond and Perpetual Bond is consistent with rating agency methodology. Adjusted Net Debt to Adjusted EBITDA Adjusted Net Profit Net profit attributable to owners of the parent adjusted to exclude the after-tax impact of significant special items including M&A net financing income / costs. Expand Presentation of Results: A presentation of the results for investors and analysts will be hosted at 9.30 CET on 31 July 2025 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows: The presentation is available for download from and a replay will be available shortly after the conclusion of the presentation. > About SES At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation 'firsts' to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: Forward looking statements This press release contains, and our officers and representatives may make, certain 'forward-looking statements' as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'forecast,' 'likely,' 'believe,' 'target,' 'will,' and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance. Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company's ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company's dependence upon several large customers; changes in technology or the satellite communications market that could make the company's satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, trade wars and tariffs; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company's information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; and the company's level of indebtedness. Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form F-4. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Broadcast Pro
17-07-2025
- Business
- Broadcast Pro
SES completes acquisition of Intelsat
A new multi-orbit space company, with a network of 120 GEO and MEO satellites and access to LEO constellations, strengthens SESs ability to better serve its customers. SES has announced the completion of its acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will leverage its skilled teams with deep vertical expertise to deliver integrated multi-orbit, multi-band satellite and connectivity solutions to businesses and governments around the world, creating a stronger multi-orbit operator with ~60% of revenue in high-growth segments. With a world-class network including approximately 90 geostationary (GEO), nearly 30 medium earth orbit (MEO) satellites, strategic access to low earth orbit (LEO) satellites, and an extensive ground network, SES can now deliver connectivity solutions utilising complementary spectrum bands including C-, Ku-, Ka-, Military Ka-, X-band and Ultra High Frequency. The expanded capabilities of the combined company will enable it to deliver premium-quality services and tailored solutions to its customers. The company's assets and networks, once fully integrated, will put SES in a strong competitive position to better serve the evolving needs of its customers including governments, aviatiDon, maritime and media across the globe. Adel Al-Saleh, CEO of SES, said: 'Today, were not just merging two companies — were creating a stronger company, built for the future. I want to extend a warm welcome to all new employees, customers, and partners. In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways.' The transaction establishes a more robust financial foundation for SES, with pro forma combined revenue of 3.7bn projected to grow at a low- to mid-single digit CAGR (2024-2028E). The combined company pro forma Adjusted EBITDA of 1.8bn is expected to grow at mid-single digit CAGR including synergies (2024-2028E), with plans to generate over 1bn in Adjusted Free Cash Flow by 2027-2028 (pre IRIS2). This stronger financial profile is supported by a combined contract backlog exceeding 8bn, providing clear visibility into future revenue streams. SES plans to maintain disciplined investment in future growth, with annual capital expenditures averaging 600650m from 2025-2028E, excluding the IRIS2 programme. This will enable the company to continuously strengthen its network and explore emerging growth markets including Internet of Things (IoT), direct-to-device communications, inter-satellite data relay, space situational awareness and quantum key distribution. The companys profitable growth outlook, strong balance sheet metrics and expanded cash flows will support both continued innovation and increased shareholder returns, with the intent to raise the annual base dividend once targeted net leverage of below three times is achieved within 12-18 months after closing. Our focus is clear: to grow, to lead in high-potential markets, and to shape the future of our industry. This is a long-term play, and we are building with the future in mind — growing year after year, expanding our capabilities, and creating lasting value for our customers and shareholders alike, Al-Saleh said. By integrating the two organisations, SES expects to deliver synergies with a total net present value of 2.4bn, representing an annual run rate of approximately 370m, with 70% of these efficiencies anticipated to be executed within three years after closing. These savings will primarily come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure. SES remains headquartered in Luxembourg and is publicly listed on the Paris and Luxembourg stock exchanges (Ticker: SESG), while maintaining a significant presence in the United States with its North American main office in McLean, Virginia.
Business Upturn
17-07-2025
- Business
- Business Upturn
SES Completes Acquisition of Intelsat, Creating Global Multi-Orbit Connectivity Powerhouse
Business Wire India SES, a leading space solutions company, today announced the completion of its highly value accretive acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will leverage its skilled teams with deep vertical expertise to deliver integrated multi-orbit, multi-band satellite and connectivity solutions to businesses and governments around the world, creating a stronger multi-orbit operator with ~60% of revenue in high-growth segments. With a world-class network including approximately 90 geostationary (GEO), nearly 30 medium earth orbit (MEO) satellites, strategic access to low earth orbit (LEO) satellites, and an extensive ground network, SES can now deliver connectivity solutions utilising complementary spectrum bands including C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency. The expanded capabilities of the combined company will enable it to deliver premium-quality services and tailored solutions to its customers. The company's assets and networks, once fully integrated, will put SES in a strong competitive position to better serve the evolving needs of its customers including governments, aviation, maritime, and media across the globe. 'Today, we're not just merging two companies — we're creating a stronger company, built for the future. I want to extend a warm welcome to all new employees, customers, and partners,' said Adel Al-Saleh, CEO of SES. 'In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways.' The transaction establishes a more robust financial foundation for SES, with pro forma combined revenue of €3.7 billion projected to grow at a low- to mid-single digit CAGR (2024-2028E). The combined company pro forma Adjusted EBITDA of €1.8 billion is expected to grow at mid-single digit CAGR including synergies (2024-2028E), with plans to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028 (pre IRIS2). This stronger financial profile is supported by a combined contract backlog exceeding €8 billion, providing clear visibility into future revenue streams. SES plans to maintain disciplined investment in future growth, with annual capital expenditures averaging €600–€650 million from 2025-2028E, excluding the IRIS2 programme. This will enable the company to continuously strengthen its network and explore emerging growth markets including Internet of Things (IoT), direct-to-device communications, inter-satellite data relay, space situational awareness, and quantum key distribution. The company's profitable growth outlook, strong balance sheet metrics and expanded cash flows will support both continued innovation and increased shareholder returns, with the intent to raise the annual base dividend once targeted net leverage of below 3 times is achieved within 12-18 months after closing. 'Our focus is clear: to grow, to lead in high-potential markets, and to shape the future of our industry. This is a long-term play, and we are building with the future in mind — growing year after year, expanding our capabilities, and creating lasting value for our customers and shareholders alike,' Al-Saleh said. By integrating the two organisations, SES expects to deliver synergies with a total net present value of €2.4 billion, representing an annual run rate of approximately €370 million, with 70% of these efficiencies anticipated to be executed within three years after closing. These savings will primarily come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure. SES remains headquartered in Luxembourg and is publicly listed on the Paris and Luxembourg stock exchanges (Ticker: SESG), while maintaining a significant presence in the United States with its North American main office in McLean, Virginia. The new SES Senior Leadership Team can be found here. Guggenheim Securities acted as lead financial advisor to SES. Morgan Stanley & Co. LLC acted as co-financial advisor. Deutsche Bank Securities Inc also acted as a financial advisor. Morgan Stanley and Deutsche Bank AG, Filiale Luxembourg provided committed financing for the transaction, which was subsequently syndicated. Both Guggenheim Securities and Morgan Stanley & Co LLC rendered a fairness opinion to SES's Board of Directors. Gibson, Dunn & Crutcher, Hogan Lovells, Arendt & Medernach, and Freshfields served as legal counsel to SES. PJT Partners served as financial advisor to Intelsat and rendered a fairness opinion to the Intelsat S.A. Board of Directors. Skadden, Arps, Slate, Meagher & Flom, Wiley Rein, and Elvinger Hoss Prussen served as legal counsel to Intelsat. More documentation of the transaction can be found in our newsroom. Follow us on: Twitter | Facebook | YouTube | LinkedIn | Instagram Read our Blogs > Visit the Media Gallery > About SES At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation 'firsts' to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. Generally, the word 'will' and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements. Such forward-looking statements, including those regarding the timing and consummation of the transaction described herein, involve risks and uncertainties. SES's and Intelsat's experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of SES or Intelsat; the ability of SES and Intelsat to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the combined company's ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined company's existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; changes in tariffs, import and export control laws and regulations, as well as related guidance; geopolitical events, and regulatory, economic and other risks associated therewith; and continued uncertainty around the macroeconomy. Other factors that might cause such a difference include those discussed in the prospectus on Form F-4 filed in connection with the proposed transaction. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, SES and Intelsat undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It In connection with the proposed strategic business combination between SES and Intelsat, SES filed with the SEC a registration statement on Form F-4 (SEC File No. 333-286828) that included a prospectus of SES. The registration statement was declared effective by the SEC on May 14, 2025, and the prospectus was mailed or otherwise disseminated to the shareholders of SES and Intelsat. SES also has filed and plans to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain free copies of the prospectus and other documents filed with the SEC through the website maintained by the SEC at Copies of the documents filed with the SEC will be available free of charge on SES's website at or by contacting SES's Investor Relations Department by email at [email protected]. Copies of the documents filed with the SEC by Intelsat will be available free of charge on Intelsat's website at or by contacting Intelsat's Investor Relations Department by email at [email protected]. No Offer or Solicitation This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash
Business Wire
17-07-2025
- Business
- Business Wire
SES Completes Acquisition of Intelsat, Creating Global Multi-Orbit Connectivity Powerhouse
LUXEMBOURG--(BUSINESS WIRE)--SES, a leading space solutions company, today announced the completion of its highly value accretive acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will leverage its skilled teams with deep vertical expertise to deliver integrated multi-orbit, multi-band satellite and connectivity solutions to businesses and governments around the world, creating a stronger multi-orbit operator with ~60% of revenue in high-growth segments. With a world-class network including approximately 90 geostationary (GEO), nearly 30 medium earth orbit (MEO) satellites, strategic access to low earth orbit (LEO) satellites, and an extensive ground network, SES can now deliver connectivity solutions utilising complementary spectrum bands including C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency. The expanded capabilities of the combined company will enable it to deliver premium-quality services and tailored solutions to its customers. The company's assets and networks, once fully integrated, will put SES in a strong competitive position to better serve the evolving needs of its customers including governments, aviation, maritime, and media across the globe. 'Today, we're not just merging two companies -- we're creating a stronger company, built for the future. I want to extend a warm welcome to all new employees, customers, and partners,' said Adel Al-Saleh, CEO of SES. 'In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways.' The transaction establishes a more robust financial foundation for SES, with pro forma combined revenue of €3.7 billion projected to grow at a low- to mid-single digit CAGR (2024-2028E). The combined company pro forma Adjusted EBITDA of €1.8 billion is expected to grow at mid-single digit CAGR including synergies (2024-2028E), with plans to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028 (pre IRIS 2). This stronger financial profile is supported by a combined contract backlog exceeding €8 billion, providing clear visibility into future revenue streams. SES plans to maintain disciplined investment in future growth, with annual capital expenditures averaging €600–€650 million from 2025-2028E, excluding the IRIS 2 programme. This will enable the company to continuously strengthen its network and explore emerging growth markets including Internet of Things (IoT), direct-to-device communications, inter-satellite data relay, space situational awareness, and quantum key distribution. The company's profitable growth outlook, strong balance sheet metrics and expanded cash flows will support both continued innovation and increased shareholder returns, with the intent to raise the annual base dividend once targeted net leverage of below 3 times is achieved within 12-18 months after closing. 'Our focus is clear: to grow, to lead in high-potential markets, and to shape the future of our industry. This is a long-term play, and we are building with the future in mind -- growing year after year, expanding our capabilities, and creating lasting value for our customers and shareholders alike,' Al-Saleh said. By integrating the two organisations, SES expects to deliver synergies with a total net present value of €2.4 billion, representing an annual run rate of approximately €370 million, with 70% of these efficiencies anticipated to be executed within three years after closing. These savings will primarily come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure. SES remains headquartered in Luxembourg and is publicly listed on the Paris and Luxembourg stock exchanges (Ticker: SESG), while maintaining a significant presence in the United States with its North American main office in McLean, Virginia. The new SES Senior Leadership Team can be found here. Guggenheim Securities acted as lead financial advisor to SES. Morgan Stanley & Co. LLC acted as co-financial advisor. Deutsche Bank Securities Inc also acted as a financial advisor. Morgan Stanley and Deutsche Bank AG, Filiale Luxembourg provided committed financing for the transaction, which was subsequently syndicated. Both Guggenheim Securities and Morgan Stanley & Co LLC rendered a fairness opinion to SES's Board of Directors. Gibson, Dunn & Crutcher, Hogan Lovells, Arendt & Medernach, and Freshfields served as legal counsel to SES. PJT Partners served as financial advisor to Intelsat and rendered a fairness opinion to the Intelsat S.A. Board of Directors. Skadden, Arps, Slate, Meagher & Flom, Wiley Rein, and Elvinger Hoss Prussen served as legal counsel to Intelsat. More documentation of the transaction can be found in our newsroom. About SES At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation 'firsts' to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. Generally, the word 'will' and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements. Such forward-looking statements, including those regarding the timing and consummation of the transaction described herein, involve risks and uncertainties. SES's and Intelsat's experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of SES or Intelsat; the ability of SES and Intelsat to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the combined company's ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined company's existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; changes in tariffs, import and export control laws and regulations, as well as related guidance; geopolitical events, and regulatory, economic and other risks associated therewith; and continued uncertainty around the macroeconomy. Other factors that might cause such a difference include those discussed in the prospectus on Form F-4 filed in connection with the proposed transaction. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, SES and Intelsat undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It In connection with the proposed strategic business combination between SES and Intelsat, SES filed with the SEC a registration statement on Form F-4 (SEC File No. 333-286828) that included a prospectus of SES. The registration statement was declared effective by the SEC on May 14, 2025, and the prospectus was mailed or otherwise disseminated to the shareholders of SES and Intelsat. SES also has filed and plans to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain free copies of the prospectus and other documents filed with the SEC through the website maintained by the SEC at Copies of the documents filed with the SEC will be available free of charge on SES's website at or by contacting SES's Investor Relations Department by email at ir@ Copies of the documents filed with the SEC by Intelsat will be available free of charge on Intelsat's website at or by contacting Intelsat's Investor Relations Department by email at This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Euronews
10-07-2025
- Business
- Euronews
Ukraine to offer mobile internet via satellite in European first
A Ukrainian mobile operator claims to be the first company in Europe to test satellite internet that goes directly to a cell phone. Kyivstar announced earlier this month that direct to cell (DTC) testing had started with Elon Musk's SpaceX, the parent company of Starlink. During the test, mobile phones with 4G or LTE networks connected directly to a satellite in orbit so they could send and receive text messages. The eventual Starlink partnership will give Ukrainians access to the internet in so-called 'white spots,' regions that don't get traditional mobile coverage including mountainous and rural areas. The company said the DTC connection is 'especially important in wartime when infrastructure may be damaged or power outages may occur'. Kyivstar CEO Oleksandr Komarov confirmed to Reuters that Starlink-powered mobile connections will become available by mid-2026. Starlink has been used by Ukrainian military and civilians since March 2022, when Musk agreed to ship kits for the internet network directly to homes. However, the use of Starlink during the war has been met with backlash. Reuters reported in February that Musk had threatened to turn off the satellites if Ukraine did not make a deal with the United States on critical minerals. Musk later denied the claims, saying that Starlink will 'never turn off its terminals,' in Ukraine. Euronews Next reached out to SpaceX and Kyivstar but did not get an immediate reply. European alternatives to Starlink European authorities have been testing several companies to see whether they could become a replacement for Musk's Starlink in Ukraine. In March, Euronews Next reported that satellite operator Eutelsat was in talks to increase its satellite capability in Ukraine in response to the threats from Musk. The Franco-British company has more than 630 satellites moving in low-Earth orbit around the world that offer the 'same capacities' as Starlink for coverage and response time, a spokesperson for the company said at the time. Eutelsat is already being used in Ukraine to 'support government and institutional communications,' the company added. Another alternative that Europe is considering is the IRIS2 project, a network of 290 satellites in low and medium Earth orbit that could offer ultra-fast transmission services for users. Christophe Grudler, rapporteur for the project at the European Parliament, previously told Euronews that IRIS2 should be operational by 2028, two years before the initial launch date of 2030. It was not immediately clear whether Starlink's expansion would affect those plans. Euronews Next reached out to Eutelsat and the consortium behind IRIS2 but did not immediately hear back.
