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H1 2025 RESULTS COMPLETION OF INTELSAT ACQUISITION 31 July 2025 Six months ended 30 June 2025
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Cautionary Note Regarding Forward-Looking Statements This document contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “forecast,” “likely,” “believe,” “target,” “will,” and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance. Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company’s ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company’s dependence upon several large customers; changes in technology or the satellite communications market that could make the company’s satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, trade wars and tariffs; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company’s information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; and the company’s level of indebtedness. Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form F-4. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this document are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Disclaimer H1 2025 RESULTS 2
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ACQUISITION OF INTELSAT Adel Al-Saleh, CEO
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Better together: THE NEW SES H1 2025 RESULTS 4 > 4,000 employees > 30 locations ~ 90 nationalities Value accretive acquisition underpinned by significant & readily executable synergies Stronger multi-orbit connectivity powerhouse within the new, fast-moving market landscape with ~60% of revenue in high demand, growth segments Combines complementary assets, capabilities, & innovations to deliver world- class solutions Accelerates profitable growth outlook & cash flow generation over the medium-term COMPELLING ACQUISITION FOCUSED ON THE FUTURE Our MISSION We are building a secure collaborative space ecosystem that drives lasting human impact
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OUR FLEET TODAY Multi-orbit, multi-band satellite network of ~120 GEO & MEO, extensive ground network, with strategic access to LEO satellites 99% coverage of the world’s populated region ~150 teleports ~50 Points of Presence (PoPs) H1 2025 RESULTS 5 MEO MEDIUM EARTH ORBIT Fibre-equivalent data connectivity MEO HTS (O3b & O3b mPOWER)30 High throughput Low latency Unique flexibility GEO GEOSTATIONARY EARTH ORBIT Unparalleled reach GEO~90 Reaching millions of TV households worldwide Providing comprehensive reach to deliver data connectivity
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STRONGER FINANCIAL PROFILE 2024 Pro-forma Figures H1 2025 RESULTS 6(1) Expected costs to achieve synergies is ~€155M. (2) After elimination of inter-company contracts. (3) Pro forma at end-2024 after adjusting for intercompany eliminations. All numbers stated assuming FX rate of €1:$1.09 and adjusted for Intercompany eliminations. €3.7B (2024) €0.9B (2024) €1.8B (2024) €0.5B (2024) €1.03B (2024) €2.0B (2024) Total revenue Adjusted EBITDA Adjusted EBITDA less CapEx + 1.8x + 1.7x + 1.8x >€8B gross contract backlog underpins customer relationships & value(2) ~60% of revenue in Networks segments driving topline expansion(3) >€1B FCF by 2027/2028 (pre-IRIS2) supports shareholder returns €2.4B NPV of highly visible synergies with clear, detailed execution plan(1) Net leverage <3x within 12-18 months post closing, supporting profitable investment & increased shareholder returns
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PLUS, ~30% (~€110M) FROM YEAR 3 Significant Synergy Execution From Day 1 H1 2025 RESULTS 7 All numbers stated assuming FX rate of €1:$1.09. YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 General operating expenses Third-party capacity Procurement efficiencies Non-satellite & ground infrastructure Future fleet optimisation ~70% (~€260M) OF RUN RATE SYNERGIES EXECUTED BY YEAR 3
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Support over 60 government organisations including the US government and European governments Provide inflight internet to 30 commercial airline partners Serve 5 of the 6 major cruise lines & leading provider of GEO satellite bandwidth for maritime passengers and crew Serve 8 of the world’s top 10 mobile network operators FIXED DATA Deliver over 9,500 channels to nearly 2 billion viewers worldwide H1 2025 RESULTS 8 MEDIA AVIATION GOVERNMENT MARITIME LEADING GLOBAL SPACE SOLUTIONS COMPANY
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EXECUTIVE TEAM Senior Leadership Team H1 2025 RESULTS 9 Adel Al-Saleh Chief Executive Officer David Broadbent President Government Vertical Deepak Mathur President Media Vertical Jean-Philippe Gillet President Fixed and Maritime Vertical Xavier Bertrán Chief Product & Innovation Officer Michael DeMarco President Aero Vertical Adam Levy Chief Operations and Engineering Officer Nihar Shah Chief Strategy Officer Greg Orton Chief M&A & Development Officer Elisabeth Pataki (Lisa) Chief Financial Officer Veronika Ivanovic Chief People Officer Aaron Shourie Chief Legal Officer
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Combined Company Growth Outlook Reiterated Combined company on track to expand Adjusted Free Cash Flow to over €1B (pre-IRIS2) by 2027/2028 10 GROUP REVENUE 2024PF €3.7B ADJUSTED EBITDA (1) 2024PF €1.8B CAPITAL EXPENDITURE 2024PF €0.9B 2024-2028E Low- to mid-single digit CAGR 2024-2028E Mid-single digit CAGR 2025-2028E Average of €600-650M 1) Alternative Performance Measures (see Additional Information). All Pro forma at end-2024 after adjusting for intercompany eliminations. All numbers stated assuming FX rate of €1:$1.09 and adjusted for Intercompany eliminations . Financial outlook assumes nominal satellite launch schedule and nominal satellite health status and is adjusted for intercompany eliminations. H1 2025 RESULTS
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H1 2025 BUSINESS HIGHLIGHTS Adel Al-Saleh, CEO
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H1 25 Highlights H1 2025 RESULTS 12 Solid H1 financial performance underpins FY25 outlook execution Competitive vertical solutions driving continued growth in Networks O3b mPOWER to drive future growth & cash generation Accretive Intelsat acquisition creates a stronger multi-orbit operator
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Solid H1 2025 Financial Performance H1 2025 RESULTS 13 Debt to Adjusted EBITDTA and, along with Adjusted Free Cash Flow (FCF), is an Alternative Performance Measure (see page XX for definitions). Solid first half of the year, reiterating FY25 outlook, stabilising revenue & Adjusted EBITDA trajectory 1) Alternative Performance Measures (see Additional Information). 2) Including periodic from a contract modification of €19m in Q1 2025 and €22m in Q1 2024 3) Staff costs & Operating expenses (excluding cost of sales, U.S. C-band repurposing, and significant special items). 4) Excluding € 49M of proceeds related to mPOWER insurance claim and other special items 5) Excluding €284M of restricted cash with respect to the SES-led consortium’s involvement in IRIS2 REVENUE -0.2% yoy with Networks growth of +10.3% yoy(2))€978M ADJUSTED EBITDA(1) -0.7% yoy incl. 5% yoy reduction in OpEx (excl. COGS)(3) €4.2B CONTRACT BACKLOG €510M of new business & renewals in our growing segments €193M ADJUSTED FREE CASH FLOW +32.0% yoy inc. excl. restricted cash & special items(4) €521M (53% margin) | 30 April 2025 1.1X NET LEVERAGE (1) Including €4.3B of cash & cash equivalents(5)
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TRUSTED PARTNER TO CUSTOMERS WORLDWIDE Broadcasters, telcos, airlines, enterprises, governments and businesses in over 130 countries H1 2025 RESULTS 14 MEDIA FIXED DATAGOVERNMENT AVIATION MARITIME Notable wins in H1 25
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Networks Growth driven by Government & Mobility H1 2025 RESULTS 15 Networks +10.3% yoy(1) – now 60% of total revenue Strong growth +17.1% yoy, in both US & Global Government Mobility +9.5% yoy(1) with double digit growth in Aviation and solid performance in Maritime Fixed Data (-4.0% yoy) performing to expectations €510M of new business & renewals in expanding segments Gross backlog of €2.3B; strong US & Global government pipeline, supporting future growth H1 2025 RESULTS 15 Networks performance showing increased demand for our differentiated multi-orbit solutions in our growing segments YOY changes are shown at constant FX. 1) Including periodic from a contract modification of €19m in Q1 2025 and €22m in Q1 2024
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Geopolitical shifts trigger surge for resilient, secure, multi-orbit and sovereign space-based capabilities GOVERNMENT years serving the USG and allied governments Agencies and institutions served worldwide Countries Leading commercial satellite capacity provider to the USG 50+ >60 >30 1 H1 2025 RESULTS 16 GOVSAT-2 SES & Luxembourg Government to develop and launch new government application satellite for joint venture GovSat after a successful GovSat-1
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Media Performance Delivered to Expectations H1 2025 RESULTS 17 Media (40% of total revenue) was -12.1% yoy YoY decline on the back of lower revenue in mature markets due to capacity optimisation, impact of SD channel switch offs as well as full quarter of impact of the Brazilian customer bankruptcy €175M of long-term renewals & new business Gross backlog of €1.9B; serving 362M homes globally 17 Media revenue & operational performance reflect robust customer demand fundamentals YOY changes are shown at constant FX.
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EXTENDING OUR CAPABILITIES Creating a Future Space Network H1 2025 RESULTS 18 2025 2026 2027 2028 O3b mPOWER (satellites 11-13) 2026 MEO network of the FutureContinuous MEO extension through reconfiguration O3b mPOWER (satellites 9,10) Launched July 2025 IRIS2 (MEO Satellites) GEO SATELLITE (IS-1WR) 2028 SMALL GEO SATELLITE (IS-45) 2027 SOFTWARE DEFINED GEO SATELLITES (ASTRA 1Q, SES-26, IS-41, IS-42, IS-43, IS-44) 2027 2025 2026 2026/2027 2025 O3b mPOWER Deployment on Track, Supporting Growth Significant increase in capacity with full constellation from 2027 Keeping pace with customer demand for MEO-based managed solutions. With IRIS2 well timed, bringing expanded & pole-to-pole global MEO experience from 2030 1) Initial 6 O3b mPOWER satellites operating with reduced operational life & available capacity. O3b mPOWER (satellites 7,8) Start of Service May 2025 GOVSAT-2
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FINANCIAL HIGHLIGHTS Lisa Pataki, CFO
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Q2 & H1 2025 VERTICAL PERFORMANCE H1 2025 RESULTS 20 H1 2025A €978M Rev/Adj.EBITDA as reported (€m) Change (yoy) at constant FX Q2 2025 H1 2025 Q2 2025 H1 2025 Average €/$ FX rate 1.12 1.08 - MEDIA €192 €398 -13.6% -12.1% - NETWORKS €277 €579 +12.5% +10.3% - GOVERNMENT €153 €301 +21.1% +17.1% - FIXED DATA €49 €109 -6.3% -4.0% - MOBILITY €75 €170 +10.8% +9.5% GROUP REVENUE €469 €978 +0.1% -0.2% ADJUSTED EBITDA €241 €521 -0.6% -0.7% MARGIN (%) 51.3% 53.3% -0.4pp -0.3pp Growing Networks fueled by high growth segments – Government and Mobility – underpins revenue stabilisation
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H1 25 Adjusted Net Profit of €77M Growing Networks & reducing controllable OpEx supports improving YOY trajectory of Adjusted EBITDA Adjusted Net Profit and Adjusted EBITDA are Alternative Performance Measures (see Additional Information). 1) Includes interest income on cash and cash equivalents of €52M (2024: €62M). 2) Other includes FX loss of €11M (2024: loss of €5M) & Non-controlling interests (LuxGovSat NCI 50% share of profit). 3) Mainly mPower in service since April 2024 as well as Astra 1P in service since January 2025. Adjusted Net Profit and Reported Net Profit Walk (€M) Revenue of €978M (-0.2% yoy) Adjusted EBITDA of €521M (-0.7% yoy) Adjusted EBITDA margin of 53% (H1 2024: 54%) w/ focus on reduction of controllable OpEx by 5% yoy Lower yoy Adjusted Net Profit reflects higher D&A(3), higher net interest costs, negative forex impact due to the revaluation of USD and higher net income tax expense, partly offset by higher net non- operating income Significant special items includes €73M impairment expense & €63M other non-recurring expenses (Restructuring & M&A & other infrastructure charges of non-recurring nature). Partially offset by €49M other income, €1M C-band net income & €23M of related net income tax benefits FX nil (n/m) Networks rev +54 (+10.3%) Media rev -55 (-12.1%) Other rev -1 (n/m) Cost of sales -14 (-7.0%) Controllable OpEx +12 (+4.9%) (1) (2) H1 2025 RESULTS 21
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H1 2025 RESULTS 22 Net Leverage refers to Adjusted Net Debt to Adjusted EBITDTA and, along with Adjusted Free Cash Flow (FCF), is an Alternative Performance Measure (see page XX for definitions). Strong Financial Position & Balance Sheet Metrics Adjusted Free Cash Flow (FCF)(1) of €193M +32.0% yoy ~€90M of final C-band reimbursements received H1 Final FY24 dividend (€0.25 per A-share, €0.10 per B-share ) paid to shareholders on 17 April In October 2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B- share) to shareholders Net leverage of 1.1x (1) including €4.3B of cash & cash equivalents(2) O3b mPOWER sats 1-4 insurance claim: initial settlements closed with $58M cash received to date; further settlement negotiations ongoing On 17 July 2025 upon closing the transaction, SES redeemed $3 billion of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings S.A.. Strong balance sheet metrics with SES’s Net Leverage targeted at below 3x within 12- 18 months after closing Strong Adjusted Free Cash Flow generation profile & growth outlook to benefit from accretive Intelsat acquisition 1) Alternative Performance Measure (see Additional Information). 2) Excluding €284M of restricted cash with respect to the SES-led consortium’s involvement in IRIS2. 3) Pre-IRIS2
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H1 Performance Tracking to Stable Financial Outlook for 2025 H1 2025 RESULTS 23 SES yoy growth in Revenue & Adjusted EBITDA excluding impact of Brazilian customer bankruptcy 1) Alternative Performance Measure (see Additional Information). 2) Excludes SES’s expected capital expenditure relating to IRIS2 of up to €1.8B will start ramping mostly from 2027 and will translate into an average annual spend of around €400M over 2027-2030 (subject to a rendezvous point at the end of 2025 to validate the project cost, technical r equirements, and delivery timetable, whereby any party can exit in the event of excess expected cost, not meeting technical requirements, and/or delays to the in-service date) Financial outlook assumes constant FX, nominal satellite health, and nominal launch schedule GROUP REVENUE H1 2025A €978M ADJUSTED EBITDA (1) H1 2025A €521M CAPITAL EXPENDITURE H1 2025A €248M 2025E Stable YOY 2025E Broadly Stable YOY 2025E €425 - 475M Average of ~€325M(2) for 2026-2029 exc. IRIS2 On track On track On track H1 2025 Financial Performance in line with expectations
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CONCLUSION
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Evolved Strategy is Showing Results Positioning SES to differentiate and succeed in a new era of competition, innovation, and opportunity H1 2025 RESULTS 25 H1 2025A OpEx (ex COGS) -5% yoy (2024: -9% yoy) TRANSFORMATION & EXECUTION Most efficient & agile operating model to accelerate execution, maximising efficiency, profitability, & cash flow FOCUS ON GREEN ZONES Managed multi-orbit solutions in our selected segments where we have a strong right to win H1 2025A €690M of new business signed €4.2B of gross backlog INVEST IN INNOVATION Across our network & operations to digitise the customer experience & optimise service delivery H1 2025A O3b mPOWER: 7&8 SoS since May, 9-10 launched July 2025 IRIS2 completion of Kick-off Phase | 30 April 2025
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INDUSTRY LEADER in a valuable, fast growing SATCOM industry H1 2025 RESULTS 26 INNOVATIVE Enhancing our capabilities; improving our commercial offerings, efficiency and productivity GROWING Showing sustainable, profitable growth for future investments and shareholder returns GREAT PLACE TO WORK Where our people make exciting things happen CUSTOMER CENTRIC Delivering value for governments and clients in our chosen markets
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ADDITIONAL INFORMATION
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SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles and thus should not be considered substitutes for the information contained in the Group’s financial statements. Alternative Performance Measures H1 2025 RESULTS 28 REPORTED EBITDA & EBITDA MARGIN EBITDA is profit for the period before depreciation, amortisation, impairment, net financing cost, other non-operating income / expense (net) and income tax. EBITDA margin is EBITDA divided by the sum of revenue and other income including U.S. C-band repurposing income. ADJUSTED EBITDA & ADJUSTED EBITDA MARGIN EBITDA adjusted to exclude significant special items of a non-recurring nature. The primary such items are the net impact of U.S. C-band spectrum repurposing, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities, specific business taxes, one-off regulatory charges arising outside ongoing operations. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. ADJUSTED NET PROFIT Net profit attributable to owners of the parent adjusted to exclude the after-tax impact of significant special items including the net financing income/costs related to the development and/or implementation of merger and acquisition activities. ADJUSTED FREE CASH FLOW Net cash generated by operating activities less net cash absorbed by investing activities, interest paid on borrowings, coupon paid on perpetual bond and lease payments, and adjusted to exclude the net cash flow impact of significant special items of a non-recurring nature, primarily U.S. C-band spectrum repurposing, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities (including net financing costs), specific business taxes, and one-off regulatory charges arising outside ongoing operations. NET LEVERAGE (ADJUSTED NET DEBT TO ADJUSTED EBITDA) The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt divided by Adjusted EBITDA. Adjusted Net Debt is defined as current and non-current borrowings less cash and cash equivalents (excluding amounts subject to contractual restrictions) and excluding 50% of the Hybrid Bond (classified as borrowings) and including 50% of the Perpetual Bond (classified as equity). The treatment of the Hybrid Bond and Perpetual Bond is consistent with rating agency methodology.
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Committed to Disciplined Financial Policy H1 2025 RESULTS 29 PROFITABLY INVESTING FOR THE FUTURE DELIVERING RETURNS TO SHAREHOLDERS MAINTAINING A STRONG BALANCE SHEET Sustain & profitably grow the business IRR hurdle rate of 10% or higher Iterative network & solutions investment Opportunities to diversify the business Stable to progressive dividend policy Annual base dividend of €0.50/A-share Intention to raise base dividend when net leverage reduced to <3x target A majority of any future exceptional cashflows will be prioritised for return to shareholders Committed to investment grade metrics Target net leverage of below 3x Net leverage expected to be ~3.5x immediately on acquisition closing Net leverage expected to reduce below 3x in 12-18 months after closing (i.e., by 2027)
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Future Satellite Launch Schedule H1 2025 RESULTS Final launch dates are subject to confirmation by launch providers. EMEA = Europe, Middle East, and Africa. “Networks” refers to Government, Mobility, and/or Fixed Data. Region Application Launch EAGLE-1 Europe Networks 2026 O3b mPOWER (11-13) Global Networks 2026 ASTRA 1Q Europe Media, Networks 2027 SES-26 Asia, EMEA Media, Networks 2027 GOVSAT-2 Europe Government TBD 30
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SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements. Alternative Performance Measures (1/2) H1 2025 RESULTS €M H1 2024 H1 2025 Adjusted Net Profit 111 77 C-band repurposing income 5 3 C-band operating expenses (3) (2) Other income - 49 Impairment expense (net) (25) (73) Other significant special items (22) (63) Tax on significant special items 7 23 Net Profit (as reported) 73 14 €M H1 2024 H1 2025 Adjusted EBITDA 525 521 C-band repurposing income 5 3 Other income - 49 C-band operating expenses (3) (2) Other significant special items (22) (40) EBITDA (as reported) 505 531 €M H1 2024 H1 2025 Total borrowings 3,472 5,733 Cash & cash equivalents (2,063) (4,615) Net debt (as reported) 1,409 1,118 50% of perpetual bonds 313 262 50% of hybrid dual-tranche bond - (500) Cash and cash equivalents subject to contractual restrictions - 284 Adjusted Net Debt 1,722 1,164 Last 12-month Adjusted EBITDA 1,020 1,024 31
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Alternative Performance Measures (2/2) €M H1 2024 H1 2025 Adjusted EBITDA 525 521 Non-cash items (15) (41) Tax paid(1) (66) (21) Working capital(1) (50) 22 Investing activities(1) (200) (268) Interest paid on borrowings (66) (63) Interest received 61 57 Coupon on perpetual bond (31) (1) Lease payments (12) (13) Adjusted Free Cash Flow 146 193 32 1) Adjusted to exclude the effect of cash flows generated by significant special items. SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements. €M H1 2024 H1 2025 Adjusted Free Cash Flow 146 193 C-band net inflows (outflows) (33) 93 Insurance claim received - 49 Acquisitions)/Disposals (net) (4) - Proceeds from sales of business - 12 Decrease in IRIS2 restricted cash - (16) Other significant special items (30) (39) Dividend paid on ordinary shares (216) (103) Net movement in borrowings (708) 1,293 Partial redemption of perpetual bond - (59) Transaction costs in respect of undrawn facilities - (8) Other financing activities (65) - Net foreign exchange movements 66 (321) Net increase / (decrease) in cash (844) 1,094 H1 2025 RESULTS
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SES Investor Relations Email: IR@ses.com Telephone: +352 710 725 261