Full Year 2025 SES SA Earnings Call Transcript
Key Points
- SES SA (SGBAF) reported a 34% year-on-year increase in revenue for 2025, reaching approximately EUR 2.6 billion, with growth across all verticals.
- The company achieved a 19% year-on-year growth in adjusted EBITDA, amounting to nearly EUR 1.2 billion, with a margin of 45.4%.
- SES SA (SGBAF) secured EUR 1.8 billion in renewals and new customer contracts over the last 12 months, supporting a gross backlog of EUR 6.6 billion.
- The integration of Intelsat has been progressing well, with synergies being realized faster than planned, contributing to lower-than-guided capital expenditures.
- The company is focusing on expanding its Government business, which is expected to be a strong growth lever due to increasing defense budgets and demand for secure communication solutions.
- On a like-for-like basis, SES SA (SGBAF) experienced a 1.6% decline in revenue year-on-year, with adjusted EBITDA down 12.1%, due to competitive pressures and structural declines in certain segments.
- The Media segment faced a 12.6% decline on a like-for-like basis, driven by structural headwinds and the impact of a Brazilian customer bankruptcy.
- The Fixed Data business saw a 15% decline in revenue due to intense competition, impacting overall company margins.
- The financial performance in the second half of 2025 was below initial expectations, with challenges in integrating operations and accounting conventions.
- The company faces ongoing competitive pressure from LEO providers in the Aviation and Maritime segments, which could impact future growth.
Ladies and gentlemen, good morning, and welcome to the SES full-year 2025 results conference call. (Operator Instructions) I will now hand the conference over to Christian Kern, Head of Investor Relations. Please go ahead.
Thank you, Gaya. Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you to SES full-year 2025 results call on behalf of our management team. 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. And as usual, this presentation may contain announcements that constitute forward-looking statements, which are no guarantees for future business performance and involves risks as well as uncertainties.
Also, certain results may materially differ from those in these forward-looking statements due to several factors. We invite you to read the detailed disclaimer on page 2 of this presentation. The presentation is
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