Intelsat Acquisition Finalized by SES, Bringing Impressive H1 2025 Results

In a significant move, the satellite communications company SES has successfully completed the takeover of Intelsat in July 2025, marking the creation of a global satellite operator with over 120 satellites. This approximately $3.1 billion acquisition, announced earlier in the year, has significantly expanded SES's market position.

The acquisition was financed through a €3 billion Bridge Facility, fully syndicated in June 2024. This facility included a USD 1 billion Term Loan Agreement. SES further strengthened its financial position by raising €1 billion in hybrid financing on 12 September 2024 and €1 billion in Senior Notes under the EMTN program on 24 June 2025.

The Intelsat acquisition closed following the receipt of required regulatory clearances on 17 July 2025. All previously communicated financial objectives for the combined company remain reaffirmed, with SES committed to investment grade metrics, profitable investments, and a stable to progressive dividend.

The operational performance of SES shows changes in revenue by business unit from Q1 2025 to H1 2025. The consolidated income statement, consolidated statement of financial position, and consolidated statement of cash flows are presented for H1 2025 to provide a comprehensive view of the company's financial status.

Looking ahead, SES expects the proposed acquisition to have a positive impact on free cash flow and increase the company's financial flexibility. The company intends to increase the annual base dividend and prioritise at least a majority of future exceptional cashflows of the combined company for shareholder returns after meeting its net leverage target.

Future satellite launches include EAGLE-1, O3b mPOWER (satellites 11-13), ASTRA 1Q, SES-26, and GOVSAT-2. These launches are expected to further bolster SES's global satellite network.

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Quarterly income statements (as reported) are presented for Q1 2024 to Q2 2025, offering a detailed view of the company's financial performance over this period. The consolidated statement of cash flows includes profit before tax, taxes paid during the year, adjustment for non-cash items, changes in working capital, net cash generated by operating activities, and more.

On 17 July 2025, SES redeemed $3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings S.A., marking another significant step in the integration of the two companies.

SES remains focused on its mission to provide reliable and innovative satellite communications solutions to its customers worldwide. With the completion of the Intelsat acquisition, the company is well-positioned to continue delivering on this mission, now with an even stronger global presence.