SES has reported a near 20% year-on-year rise in revenue for the first nine months of 2025 following the full consolidation of Intelsat from 17 July, as the enlarged group leans on Networks growth, multi-orbit scale and early integration synergies.
On a reported basis, nine-month revenue reached €1,747 million (+19.8% year-on-year) with adjusted EBITDA of €849 million. Networks rose 36.3% and now accounts for the majority of group revenue, driven by strong Aviation and Government demand, while Media inched up 0.7%, supported by key long-term renewals despite structural pressure in mature DTH markets. The combined SES–Intelsat contract backlog stands at €7.1 billion, underpinned by €1.4 billion of new business and renewals signed so far in 2025.
The integration of Intelsat is described as on track, with management reiterating its synergy plan and highlighting the “new SES” as a scaled, multi-orbit operator spanning GEO, MEO and wide ground infrastructure for video and connectivity. O3b mPOWER satellites 9 and 10 were successfully launched in July and are expected to enter service from early 2026, increasing capacity and network resilience. SES has also collected around $87 million from insurance related to the earlier O3b mPOWER 1-4 anomalies, with further settlements anticipated.
CEO Adel Al-Saleh said the Q3 and year-to-date performance confirms the strategic logic of the Intelsat acquisition and positions SES for long-term growth and stronger free cash flow from a larger, multi-orbit platform.
