Half Year 2025 SES SA Earnings Call Transcript
Key Points
- SES SA (SGBAF) successfully closed the acquisition of Intelsat, creating a global multi-orbit connectivity powerhouse with significant synergies from day one.
- The combined company now operates a powerful fleet of around 120 state-of-the-art satellites, covering 99% of the world's populated regions.
- SES SA (SGBAF) reported a strong financial profile with pro forma 2024 revenue of EUR3.7 billion and adjusted EBITDA of EUR1.8 billion.
- The company secured EUR690 million in renewals and new customer contracts in the first half of 2025, supporting a growth backlog of EUR4.2 billion.
- SES SA (SGBAF) is on track to achieve 70% of identified synergies, equivalent to a EUR260 million annual run rate by the end of the third year after the acquisition.
- The Media business declined by 12.1% year-on-year due to capacity optimization and the impact of a Brazilian customer bankruptcy.
- Fixed Data segment experienced a 4% year-on-year decline, impacted by capacity constraints and prioritization of higher-margin verticals.
- The company faces currency risk with a weakened US dollar impacting revenue and EBITDA in the first half of 2025.
- SES SA (SGBAF) has a significant number of satellite launches planned for 2027, which could pose operational challenges.
- The company is still working on integrating Intelsat's financials and providing a combined company financial view, which may cause uncertainty in the short term.
Welcome to the SES half year 2025 conference call. My name is Alan and I'll be your coordinator for today's event. Please note, this call is being recorded. (Operator Instructions) I will now hand you over to your host, Christian Kern, Head of Investors Relations, to begin today's conference. Thank you.
Thank you, Alan. Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you to SES' first half 2025 results call on behalf of our management teams. Before proceeding with the management presentation, we would like to inform you that the financial information contained in this document has been prepared under International Financial Reporting Standards.
As usual, this presentation may contain announcements that constitute forward-looking statements which are no guarantees for future business performance and involve risks as well as uncertainties, as certain results may materially differ from those in these forward-looking statements due to several factors, we invite you to read
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