Traders should monitor SES's ability to integrate Intelsat and realize the projected $370 million in synergies, as this will be critical to improving profitability and managing its increased debt burden. The company's credit rating and ability to refinance its debt will also be key factors to watch.
Price Chart
Executive Summary
SES S.A. reported strong financial growth in 2025, driven by the acquisition of Intelsat, which significantly increased revenue and Adjusted EBITDA. The company achieved $2.63 billion in revenue (up 31.3% YoY) and $1.20 billion in Adjusted EBITDA (up 16.3% YoY). However, the acquisition also led to a significant increase in debt, a net loss of $94 million, and a credit rating downgrade by Moody's. The company is focused on integrating Intelsat and realizing $370 million in synergies.
Key Facts
- Revenue increased 31.3% YoY to $2.63 billion, driven by the Intelsat acquisition.
- Adjusted EBITDA increased 16.3% YoY to $1.20 billion.
- Net loss of $94 million in 2025, compared to a $27 million profit in 2024.
- Total borrowings increased to $6.31 billion, up from $4.52 billion in 2024.
- Moody's downgraded SES's long-term corporate family rating to Ba1 from Baa3.
- The company has a $4.7 billion fully protected contract backlog.
Financial Impact
Revenue increased by $626 million, Adjusted EBITDA increased by $168 million, and total borrowings increased by $1.79 billion.
Risk Factors
- High debt levels could limit financial flexibility and increase interest expenses.
- Failure to realize synergies from the Intelsat acquisition could pressure profitability.
- The credit rating downgrade could increase the cost of future financing.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001193125-26-138166 |
| Document: d33769dex81.htm | 0001193125-26-138166 |
| Document: d33769dex121.htm | 0001193125-26-138166 |
| Document: d33769dex122.htm | 0001193125-26-138166 |
| Document: d33769dex131.htm | 0001193125-26-138166 |
| Document: d33769dex132.htm | 0001193125-26-138166 |
| Document: 0001193125-26-138166-index-headers.html | 0001193125-26-138166 |
| Document: 0001193125-26-138166-index.html | 0001193125-26-138166 |
| Document: 0001193125-26-138166.txt | 0001193125-26-138166 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $4.68 $4.19 | ▼ −10.47% | ▼ −10.33% | $4.65 (−0.64%) |
Sep 30, 2026 26d ago | 6-K | $4.94 $4.68 | ▼ −5.26% | ▼ −7.18% | $4.65 (−5.87%) |
Sep 24, 2026 4w ago | 6-K | $5.27 $4.65 | ▼ −11.76% | ▼ −11.35% | $4.65 (−11.76%) |
Sep 15, 2026 5w ago | 6-K | $5.20 $5.46 | ▲ +5.00% | ▲ +4.18% | $4.65 (−10.58%) |
Aug 18, 2026 9w ago | 6-K | $6.43 $5.82 | ▼ −9.49% | ▼ −9.29% | $4.65 (−27.68%) |
Aug 10, 2026 11w ago | 6-K | $6.16 $6.21 | ▲ +0.81% | ▲ +0.86% | $4.65 (−24.51%) |
Jul 31, 2026 12w ago | 6-K | $6.52 $6.20 | ▼ −4.91% | ▼ −8.42% | $4.65 (−28.68%) |
Jul 28, 2026 12w ago | 6-K | $8.01 $6.40 | ▼ −20.10% | ▼ −24.21% | $4.65 (−41.95%) |
Jun 18, 2026 18w ago | 6-K | $8.40 $7.33 | ▼ −12.74% | ▼ −10.36% | $4.65 (−44.64%) |
May 13, 2026 23w ago | 6-K | $9.22 $9.00 | ▼ −2.39% | ▼ −1.23% | $4.65 (−49.57%) |
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