Luxembourg-based satellite operator SES S.A. reported a net loss of €95 million for 2025, its first full year of results following the acquisition of rival Intelsat in July.
The company said the loss reflected acquisition and restructuring costs linked to the takeover, as it worked through the integration of the enlarged group.
SES reduced capital expenditure by around €100 million during 2025 after performance fell short of earlier expectations for the first year of the combined business.
Chief executive Adel Al-Saleh told analysts that labour costs were cut by 7%, with staff redundancies resulting from the merger as part of efforts to streamline operations.
The group signed €1.8 billion in new business and contract renewals during 2025, bringing total combined gross backlog to more than €6.6 billion.
For 2026, SES expects both revenue and adjusted EBITDA to remain stable year-on-year on a like-for-like, constant FX basis.
Networks delivered a fourth consecutive year of growth, driven primarily by Aviation and Government.
The Media division delivered in line with expectations, securing around €450 million in renewals and new business in 2025. Multi-year agreements were signed with Sky, RTL, Warner Bros Discovery, ORF/ORS, Telekom Srbija, PGA Tour and QVC, alongside expansion into new free-to-air and free-to-view markets in Mexico and Spain. SES also distributed coverage of the Winter Olympic Games globally.
In Government, SES cited continued demand for secure multi-orbit solutions, despite disruption from the US government shutdown. The company advanced programmes including IRIS, announced GovSat-2 with the Luxembourg government, extended its Australian Defence partnership and secured positions on the US Space Force’s Protected Tactical SATCOM-Global (PTS-G) IDIQ contract as well as a Defence Innovation Unit award for Secure Integrated Multi-Orbit Networking (SIMON).
In Aviation, SES said its multi-orbit electronically steered antenna (ESA) solution is now operational on more than 500 aircraft worldwide and has been selected by 16 carriers for over 1,000 aircraft, including American Airlines, Air Canada, Avianca, JAL, Skymark and Royal Brunei.
In Fixed & Maritime, SES acknowledged ongoing competitive pressure in Fixed Data and said it is reshaping the business to focus on core strengths. Maritime remained resilient, supported by cruise renewals and uptake of SES Cruise mPOWERED, while FlexMaritime serves more than 13,000 vessels globally.
On the satellite front, O3b mPOWER satellites 9 and 10 were launched in July 2025, with satellites 7 to 10 now in service. Launch of satellites 11 to 13 is planned for the second half of 2026. SES is also developing its next-generation MEO network, meoSphere, with partners including Cailabs, Impulse Space, Kratos, Infinite Orbits and K2 Space.
Al-Saleh said 2025 represented a step-change in scale for SES and that the company is now positioned to accelerate integration, deliver synergies and pursue growth across its global multi-orbit architecture.
