SES reported revenue of €1.7 billion ($2 billion) for the first nine months of 2025, marking the company’s first results since completing its Intelsat acquisition. Revenue rose nearly 20% year-on-year at constant exchange rates, though on a like-for-like basis, it fell 1.8% compared to the same period last year.
The satellite operator said growth in its Aviation and Government divisions helped offset declines in Fixed Broadband and Media, which was hit by the bankruptcy of Brazilian customer Oi. CFO Lisa Pataki told investors that “strong growth in Aviation and Government segments outpaced lower revenues in Fixed Broadband, due to a challenging competitive environment.” She added that Media performance was “in line with expectations.”
CEO Adel Al-Saleh explained that near-term timing effects in both Aviation and Government influenced the like-for-like revenue dip. “In Aviation, we’re working through the backlog of ESA antenna implementations, which come with equipment revenue, diluting profitability before enabling higher margin service revenue,” Al-Saleh said Thursday. “In government, we have seen timing impacts, namely due to the U.S. budget delays at the start of the year, contract rationalization by the U.S. Department of Government Efficiency (DOGE) and postponement of large contracts in part due to the U.S. government shutdown.”
Pataki elaborated that the U.S. government remains a key and profitable customer despite the recent delays. “The U.S. government is a very good profitable customer for us,” she said. “But with timing delays, we are seeing certain awards and renewals push out into 2026. We may see a little bit of pickup in Q4 with the U.S. government, but it really depends a little bit about when the government shutdown resolves itself.”
Media revenue totaled €686 million ($792 million), representing roughly 40% of total group revenue, while Networks, which includes Aviation and Government, accounted for 60%, or €1.1 billion ($1.2 billion) — up 36% year-on-year and higher on a like-for-like basis.
During the period, SES secured €1.4 billion ($1.6 billion) in renewals and new contracts, mostly from its growth segments, bringing its gross backlog to €7.1 billion ($8.2 billion).
While SES raised its full-year outlook for the combined company, Reuters reported that the increase fell short of market expectations.
