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SES S.A. Posts 2025 Results After Intelsat Integration and Guides for Stable 2026

Story Highlights
  • SES reported higher 2025 revenue and EBITDA on consolidation of Intelsat, while like-for-like performance softened versus 2024.
  • The group hit revised 2025 targets, strengthened backlog, held leverage at 3.9x, and signalled stable 2026 revenue and EBITDA outlook.
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SES S.A. Posts 2025 Results After Intelsat Integration and Guides for Stable 2026

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An announcement from SES S.A. ( (FR:SESG) ) is now available.

SES S.A. reported its full-year 2025 results on 2 March 2026, marking the first reporting period since fully consolidating Intelsat following the acquisition that closed on 17 July 2025. On a reported basis, revenue rose to €2.63 billion from €2.00 billion and adjusted EBITDA to €1.20 billion from €1.03 billion, although like-for-like comparisons showed slight declines and management acknowledged performance below initial expectations.

The company said the combined group delivered 2025 results within a revised outlook and with lower-than-guided capital expenditures, signed about €1.8 billion of new business and renewals to lift gross backlog above €6.6 billion, and generated €229 million of adjusted free cash flow against capex of €559 million. Networks posted a fourth consecutive year of growth, driven by aviation and government demand for secure multi-orbit solutions, while Media remained cash generative with roughly €450 million of renewals and new contracts, as SES advanced sovereign programmes such as IRIS² and GovSat-2, maintained combined like-for-like net leverage at 3.9x, proposed a 2025 dividend for payment in April 2026, and guided for stable 2026 revenue and adjusted EBITDA on a like-for-like, constant FX basis.

The most recent analyst rating on (FR:SESG) stock is a Hold with a EUR7.00 price target. To see the full list of analyst forecasts on SES S.A. stock, see the FR:SESG Stock Forecast page.

More about SES S.A.

SES S.A., headquartered in Luxembourg, operates in the global satellite communications industry, providing multi-orbit connectivity solutions and video distribution services to government, aviation, maritime, fixed data, and media customers. Its network serves more than two billion people and nearly 700 million households worldwide, with a strong presence in government secure communications, in-flight connectivity, cruise and commercial shipping, and broadcast and pay-TV platforms.

Average Trading Volume: 516,409

Technical Sentiment Signal: Buy

Current Market Cap: €2.77B

For detailed information about SESG stock, go to TipRanks’ Stock Analysis page.

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