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Public 9 Months & Q3 2025 Results 6 November 2025
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Public Disclaimer 9M & Q3 2025 Results | 6 November 20252 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,” “positioned,” “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; the U.S. federal government shutdown; 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.
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Public The New SES Adel Al-Saleh, CEO 9M & Q3 2025 Results | 6 November 20253
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Public 4 Created a leading multi-orbit, multi-band satellite and space solutions company with ~60% of revenue in growth markets Brought together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships Well defined synergies with a total net present value of €2.4 billion, representing an annual run rate of approximately €370 million, with 70% of these efficiencies anticipated to be executed within three years after closing Disciplined investment in growth and innovation. Focused on shareholder value creation and returns 9M & Q3 2025 Results | 6 November 2025 The New SES – Fully Consolidated with Intelsat Compelling vertical value propositions and continued investment in innovation Space to Make a Difference Solve. Empower. Soar.
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Public Robust Portfolio - Scale built on Vertical Segments 9M & Q3 2025 Results | 6 November 20255 Market leading in Media, well positioned in key growth segments Government and Aviation Support over 60 government organizations. Major presence in EU, NATO, US, Five-Eyes Provide inflight internet to 30 commercial airline partners – serving c. 3000 tails Serve 5 of the 6 major cruise lines & leading provider of connectivity for commercial shipping Serve 8 of the world’s top 10 mobile network operators Deliver over 10,900 channels to nearly 2.3 billion viewers worldwide Media AviationGovernment Maritime Strategy: Defend and capture new growth segments Strategy: Grow and Expand Strategy: Accelerate Growth with multi-orbit, multi-band solutions Strategy: Rationalize, focus on green zones Strategy: Defend and Optimize Fixed
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Public 600,000 kilometres of Fibre for ground network ~150 teleports 99% coverage of the world’s populated region Our Fleet today as a Space Solutions Company Leading multi-orbit, multi-band satellite network of GEO & MEO, with strategic access to LEO satellites 9M & Q3 2025 Results | 6 November 20256 GEO Unparalleled reach GEO~90 Reaching millions of TV households worldwide Providing comprehensive reach to deliver data connectivity Geostationary Earth Orbit MEO Fiber-equivalent data connectivity MEO HTS (O3b & O3b mPOWER)~30 High throughput Low latency Medium Earth Orbit Unique flexibility
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Public 3Q 2025 Year to Date Business Highlights Adel Al-Saleh, CEO 9M & Q3 2025 Results | 6 November 20257
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Public Solid 9 months 2025 Financial Performance (1) 9M & Q3 2025 Results | 6 November 20258 REVENUE +19.8% YoY with growth in all verticals€1,747M ADJUSTED EBITDA(2) +11.0% YoY with margin of 48.6% €7.1BCONTRACT BACKLOG €1.4B of new business & renewals with c. €1B in our growing segments €849M On reported basis (Intelsat fully consolidated from 17 July 2025) 1) YoY changes are shown at constant FX; the actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition. 2) Alternative Performance Measures (see Additional Information).
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Public Broadcasters, telcos, airlines, enterprises, governments & businesses >130 countries 9M & Q3 2025 Results | 6 November 20259 Key Customers and Strategic Wins Media MaritimeGovernment Aviation Fixed
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Public Synergy Progress 9M & Q3 2025 Results | 6 November 202510 Expect to fast-track delivery of initial synergy plan OpEx Savings CapEx Savings Fast-tracking €160M annual run-rate savings from: ▪ Rationalizing of capital expenditures ▪ Non-replacement of certain satellites ▪ Synergising ground segment investments Fast-tracking €210M annual run-rate savings from: ▪ Labour: Staff & contractor reductions ▪ Non-labour: Office footprint consolidation ▪ Network operation savings ▪ Third-party capacity savings ▪ Administration & professional fee savings €210M Annual Run Rate €160M Annual Run Rate Plan to deliver €370M annual run rate synergies with ~70% expected within 3 years Note: Estimated costs to realise synergies have been factored into cost base. Most of those costs are expected to be accounted for in 2025 and 2026 . €2.4B NPV of highly visible synergies with clear, detailed execution plan Unlocking synergies more rapidly
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Public Financial Highlights Lisa Pataki, CFO 9M & Q3 2025 Results | 6 November 202511
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Public Financial Highlights Solid Q3 & YTD 2025 results on reported basis (1) 12 • Revenue YTD growth +19.8% YoY • Strong growth in Aviation and Government • Fixed Data/Maritime up YoY - navigating headwinds • Media in line with prior year - despite structural challenges • Adj. EBITDA(2) YTD growth +11.0% YoY • Growth driven by Volume • Near-term margin headwinds driven by: • ESA(3) multi-orbit antenna installations • IS-33 anomaly / higher third-party capacity • Mix / timing impact in Government Revenue (m Euro, as reported) Adj. EBITDA(2) 1,475 1,747 9M 2024 9M 2025 +19.8% 497 769 Q3 2024 Q3 2025 +60.8% 775 849 9M 2024 9M 2025 +11.0% 250 328 Q3 2024 Q3 2025 +36.7% 1) On reported basis (Intelsat fully consolidated from 17 July 2025); YoY changes are shown at constant FX; the actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition. 2) Alternative Performance Measures (see Additional Information). 3) ESA - Electronically Steered Antenna 9M & Q3 2025 Results | 6 November 2025
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Public Media Performance Delivered to Expectations 9M & Q3 2025 Results | 6 November 202513 Media contributes 39% of total revenue, delivering +0.7% YoY growth despite structural headwinds Highly cash-generative business, providing strong profitability Structural declines driven by capacity optimization in mature markets, SD channel switch-offs, and the full Q2/Q3 impact of a Brazilian customer bankruptcy €440M in long-term renewals and new business awarded YTD, reinforcing customer confidence €3.3B gross backlog, serving close to 2.3 billion viewers worldwide— ensuring sustained reach and future revenue visibility 686 € 686 € 9M 2024 9M 2025 +0.7% On reported basis (Intelsat fully consolidated from 17 July 2025) YOY changes are shown at constant FX; the actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition) . Revenue, in MEUR
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Public Networks Growth driven by Government & Aviation 9M & Q3 2025 Results | 6 November 202514 On reported basis (Intelsat fully consolidated from 17 July 2025) Networks revenue up +36% YoY(1) representing 60% of total revenue Government segment growth +33% YoY , driven by strong performance in both, the U.S. and global markets Aviation revenue surged +112% YoY , supporting circa 3,000 aircraft tails Fixed & Maritime (1) up +13% YoY; navigating competitive headwinds with disciplined approach c.€1bn in new business & renewals awarded YTD, fueling expansion across key segments Robust backlog of €3.8B, underpinned by strong Aviation and Government pipelines, ensuring future growth momentum 373 € 107 € 305 € 491 € 223 € 339 € Government Aviation Fixed & Maritime 9M 2024 9M 2025 +33% +112% +13% YOY changes are shown at constant FX; the actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition) . 1) Including periodic from a contract modification of €19m in Q1 2025 and €22m in Q1 2024. Revenue, in MEUR
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Public Capital Allocation Priorities Debt maturity profile as of 30 Sept 2025 15 • Objective to pay down debt to at least 3.0x Net Leverage • With existing liquidity and available credit lines, SES is well-positioned to cover all near-term obligations starting with the debt due in Q4 2025 • Collected c.$87 million regarding insurance claim for O3b mPOWER satellites 1-4 with additional settlements expected • Disciplined investment in the business • Shareholder returns • Interim 2025 dividend paid on 16 October 2025: €0.25 per A share / €0.10 per B share • Annual 2025 dividend pay-out of at least: €0.50 per A share / €0.20 per B Share • Once the company meets its net leverage target, the majority of future exceptional cashflows of the combined company will be prioritised for shareholder returns ~3.9% weighted average cost of SES current debt facilities 84% of SES debt at fixed interest rate ~5 years of weighted average maturity of SES debt facilities Combined Like-for-Like Net Leverage(1) at 3.7x, including cash & cash equivalents of €965M(2) 9M & Q3 2025 Results | 6 November 2025 Separately, SES has 3 hybrid notes: (1) €525M PerpNC26 bonds; (2) €500m NC29 bonds dated 2054; (3) €500m NC32 bonds dated 2054. 1) Alternative Performance Measures (see Additional Information); 2) Excluding €266 million of restricted cash primarily with respect to the SES-led consortium’s involvement in the IRIS2 program.
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Public Disciplined Financial Management ▪ Best practice implementation of business processes and policies ▪ ERP system integrations ▪ Compliance 9M & Q3 2025 Results | 6 November 202516 Driving value for shareholders Prudent Capital Deployment ▪ Business case rigor ▪ Investment alignment with strategic priorities Cost Control & Optimization ▪ Focus on discretionary spending ▪ Leveraging automation and labor arbitration ▪ Margin expansion Balance Sheet/Cash Flow ▪ Working capital initiatives ▪ Investing for growth Focus on Integration
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Public Conclusion Adel Al-Saleh, CEO 9M & Q3 2025 Results | 6 November 202517
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Public FY25 Outlook (1) 9M & Q3 2025 Results | 6 November 202518 GROUP REVENUE ADJUSTED EBITDA(2) CAPITAL EXPENDITURE 2025E €2.60-2.70B 2025E €1.17-1.21B On reported basis (Intelsat fully consolidated from 17 July 2025) 2024 SES standalone €2.0B 2024 SES standalone €1.0B 2024 SES standalone €0.9B 1) FY25 outlook is based on (i) reported basis (Intelsat fully consolidated from 17 July 2025), (ii) 2025 average EUR/USD exchange rate at 1.12, (iii) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, (iv) adjustments for intercompany eliminations and (v) assumption of nominal satellite launch schedule and nominal satellite health status. The actual results and financial outlook are presented excluding the effects of purchase price accounting related to the Intelsat acquisition. 2025E €0.6-0.7B 2) Alternative Performance Measure (see Additional Information).
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Public Building a Leader in Space Market leading in innovative space-based solutions 19 Integrate Creation of a new company • Creating the foundation for the New Company • Focus on Integration and Synergies 2025 – 2026 Trailblazer Leading in business performance, innovation, expansion • Continues Operational Excellence • Sustained growth • Innovation leader • Expanding value creation 2027 and beyond2026 Build Building an industry leader • Optimize operations and processes – leverage technology • Deliver synergies • Scaled network, skills, delivery • Focus on key verticals growth 9M & Q3 2025 Results | 6 November 2025 Disciplined investment and capital allocation Leader in focused verticals Potential C-band monetization Shareholder value creation and returns
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Public Q&A 9M & Q3 2025 Results | 6 November 202520
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Public Additional information 9M & Q3 2025 Results | 6 November 202521
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Public Alternative Performance Measures 9M & Q3 2025 Results | 6 November 202522 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 (“M&A”), specific business taxes and one-off regulatory charges arising outside ongoing operations. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. Combined Like-for-like Adjusted EBITDA Combined Like-for-like Adjusted EBITDA includes Intelsat fully consolidated from 1 January 2024, at reported FX. Adjusted Net Profit Net profit attributable to owners of the parent adjusted to exclude the after-tax impact of significant special items including M&A net financing income / costs.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, M&A (including net financing income / 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 (including lease liabilities) 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. Combined Like-for-like Net leverage The Combined Like-for-like Net leverage ratio is defined as Adjusted Net Debt divided by twelve-month rolling Combined Like-for-like Adjusted EBITDA.
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Public Basis of combined like-for-like financial information The supplemental combined like-for-like financial information included in this press release presents the historical consolidated financial information of the SES Group adjusted to give effect to the acquisition of Intelsat by SES as if it had taken place on 1 January 2024. This combined like-for-like financial information does not meet the requirements of Article 11 of Regulation S-X. The SES Group’s consolidated financial statements were prepared in accordance with IFRS and the Intelsat Group’s consolidated financial statements were prepared in accordance with U.S. GAAP . The combined like-for-like financial information includes (i) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, such as fair value adjustments in respect of contract liabilities impacting combined like-for-like revenue, share-based compensation and employee benefits adjustments, as well as leases impacting combined like-for-like operating expenses, (ii) intercompany eliminations and (iii) restatement at constant FX of comparative figures. The combined like-for-like financial information is presented for illustrative purposes only and is not necessarily indicative of the combined financial position or results of operations that would have been achieved had the Acquisition occurred on 1 January 2024, nor is it meant to be indicative of future results of operations of the Combined Group. The combined like-for-like financial information is based on the SES Group’s accounting policies. Further review may identify additional differences between the accounting policies of the SES Group and the Intelsat Group that, when conformed, could have a material impact on the financial statements of the Combined Group. The combined like-for-like financial information does not reflect any adjustment for liabilities or related costs of any integration and similar activities, or benefits, including potential synergies that may be derived in future periods, from the Acquisition. For the purpose of this combined like-for-like financial information, the assumed allocation of the estimated purchase price is based upon the carrying value of Intelsat’s assets and liabilities acquired which are assumed to approximate fair value. The actual fair values 9M & Q3 2025 Results | 6 November 202523
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Public Revenue Walk As reported 24 497 326 -7 -19 -28 769 Q3 '24 Combined mix & volume U.S. GAAP to IFRS adjustments Foreign Exchange Intercompany Q3 '25 0 100 200 300 400 500 600 700 800 900 324 -7 -17 -281,475 1,747 9M '24 Combined mix & volume U.S. GAAP to IFRS adjustments Foreign Exchange Intercompany 9M '25 0 200 400 600 800 1000 1200 1400 1600 1800 2000 (m Euro, as reported) 9M & Q3 2025 Results | 6 November 2025
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Public 9M Adjusted Net Profit Walk 25 (m Euro, as reported) 775 84 -10 849 -675 -29 -74 71 -126 -55 9M '24 Adjusted EBITDA Volume & Mix Foreign Exchange 9M '25 Adjusted EBITDA Depreciation & Amortization Net Interest Expense Tax & Other 9M '25 Adj. Net Profit Significant special items 9M '25 Net Profit Reported -200 0 200 400 600 800 1000 9M & Q3 2025 Results | 6 November 20251) US GAAP to IFRS adjustments are nil at the level of Adjusted EBITDA as EUR 7 million impact on revenue is fully offset by decrease in operating expenses related to leases. (1)
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Public Anticipated Future Satellite Launches 9M & Q3 2025 Results | 6 November 202526 Satellite Region Application Launch O3b mPOWER (11-13) Global Aviation, Fixed & Maritime, Government H2 2026 ASTRA 1Q Europe Media, Aviation, Fixed & Maritime, Government 2027 SES-26 Asia, EMEA Media, Aviation, Fixed & Maritime, Government 2027 EAGLE-1 Europe Government 2027 IS-42 N. Atlantic, W. Europe, W. Africa Aviation, Fixed & Maritime, Government 2027 IS-43 Indian Ocean Region, EMEA Aviation, Fixed & Maritime, Government 2027 IS-45 Middle East Government 2027 IS-41 N. America, Latin America Aviation, Fixed & Maritime, Government 2028 IS-44 Asia Pacific, East Asia, SE Asia and Oceanic Regions Media, Aviation, Fixed & Maritime, Government 2028 GOVSAT-2 Europe Government 2029 Final launch dates are subject to confirmation by launch providers. EMEA = Europe, Middle East, and Africa.