SES reported a net loss of €95 million for fiscal year 2025, a stark reversal from the €15 million profit recorded a year earlier. Shares fell more than 4% on Monday following the release, directly linked to the significant costs associated with closing its acquisition of Intelsat. The Luxembourg-based satellite operator, which finalized the deal on July 17, 2025, saw revenue reach €2.63 billion, up 33.9% at constant currency. However, like-for-like revenue, accounting for Intelsat from January 1, 2024, declined 1.6% to €3.51 billion. Adjusted EBITDA rose 19.1% to €1.20 billion on a reported basis but fell 12.1% to €1.53 billion like-for-like, highlighting the profitability challenges stemming from the integration and other factors. Margins shrank to 45.4% from 51.4% as equipment sales in aviation and weakness in fixed data markets compounded the impact of the IS-33e satellite failure.

Depreciation and amortisation surged €170 million year-on-year post-acquisition, while net financing costs increased €136 million, contributing to the collapse of adjusted net profit to €47 million from €126 million. Chief Executive Adel Al-Saleh acknowledged the results were below initial expectations but stated the company delivered within its revised outlook, addressing challenges head-on. Net debt surged to €6.03 billion from €1.14 billion, pushing the adjusted net debt to like-for-like EBITDA ratio to 3.9 times from 1.1 times, despite repaying €2.91 billion in debt and raising new capital. Adjusted free cash flow was €229 million, down from €253 million a year earlier, with capital expenditure remaining flat at €559 million.

Morgan Stanley, maintaining an "equal-weight" rating with a €6.50 price target, noted Q4 EBITDA beat estimates but flagged the rising debt/EBITDA ratio. SES signed €1.8 billion in new business and renewals during the year, with gross backlog at year-end reaching €6.6 billion. For 2026, SES guided for stable revenue and adjusted EBITDA on a like-for-like and constant currency basis, with capital expenditure expected around €700 million, €100 million below prior guidance, including spending on the IRIS² programme and the next-generation meoSphere MEO network.