SES has announced a significant surge in revenue, reporting a near 20% year-on-year increase for the first nine months of 2025. This growth follows the full consolidation of Intelsat from July 17th, as the enlarged group capitalizes on Networks expansion, multi-orbit scale, and early integration benefits.
On a reported basis, nine-month revenue reached €1,747 million (+19.8% year-on-year), with adjusted EBITDA of €849 million. Networks experienced substantial growth, rising 36.3% and now representing the majority of group revenue, fueled by strong demand in Aviation and Government sectors. Media also saw a slight increase of 0.7%, bolstered by key long-term renewals, despite ongoing structural challenges in mature DTH markets.
The combined SES–Intelsat contract backlog totals €7.1 billion, supported by €1.4 billion in new business and renewals secured in 2025. According to SES, the integration of Intelsat is progressing as planned, with management reaffirming its synergy plan and emphasizing the “new SES” as a scaled, multi-orbit operator encompassing GEO, MEO, and extensive ground infrastructure for video and connectivity.
O3b mPOWER satellites 9 and 10 were successfully launched in July and are anticipated to become operational from early 2026, enhancing capacity and network resilience. SES has also received approximately $87 million from insurance related to the earlier O3b mPOWER 1-4 anomalies, with further settlements expected.
CEO Adel Al-Saleh stated that the Q3 and year-to-date performance validates the strategic rationale behind the Intelsat acquisition, positioning SES for sustained long-term growth and increased free cash flow from a larger, multi-orbit platform.