SES’s multi-orbit network. Photo: SES

SES reported stable revenues in the first half of 2025, with standout 17% year-over-year growth in the Government segment in H1. CEO Adel Al Saleh reported rising demand in the Government segment from both Europe and the U.S. 

Overall, SES reported 978 million euros ($1.1 billion) in revenue in H1, roughly flat year-over-year. 

Thursday’s financial results were the last time SES will report financials as a standalone company. Intelsat’s financials will be integrated in the next quarterly report, with the combined company reporting four verticals: Government, Media, Fixed and Maritime, and Aero verticals.

Al Saleh told investors on Thursday he expects the combined government business of SES and Intelsat to be close to $1 billion a year. He expects to continue to see high, single-digit growth into the future for the government business.

With the close of the Intelsat acquisition, leadership reaffirmed financial objectives for the combined company, which is expected to grow adjusted free cash flow, before IRIS², to more than 1 billion euros by 2027/2028. 

New CFO Lisa Pataki, previously of Raytheon and Aerojet Rocketdyne, told investors that “Intelsat’s standalone financial performance for the first half of 2025 is in line with expectations and tracking to the full year outlook Intelsat provided.” 

Intelsat’s second quarter financials have not gone through audit and confirmation yet. Intelsat previously reported Q1 revenue of about $467 million, a decline of 7.6% due to equipment delays in the aero business and delay in a government contract. 

SES’s Government segment led growth in H1 2025, but mobility also grew nearly 10% year-over-year. 

Al Saleh noted the operator completed its largest transition of cruise ships during the quarter, migrating customers from Geostationary Orbit (GEO) services to O3b mPOWER services in Medium-Earth Orbit (MEO). Mobility revenue in H1 was 170 million euros ($194 million). 

Media revenue declined 12% in H1 to 398 million euros ($454 million). 

Government Demand 

Al Saleh highlighted growing demand in the government segment from both Europe and U.S., noting the recent GovSat satellite order and SES Space & Defense being a part of the Hybrid Space Architecture (HSA) pilot in the U.S. 

“Due to the recent geopolitical shifts, we’re starting to see increased demand as government identified the need for more sovereign, secure connectivity. We have a robust pipeline of government opportunities, supported by increased defense spending in Europe … as well as strong momentum with the U.S. government,” Al Saleh told investors. 

The Government sector reported 301 million euros ($343 million) of revenue in H1 2025, up 17% year-over-year, leading growth in the Networks business. 

He also emphasized that Geostationary Orbit (GEO) capabilities continue to be in “huge” demand for government customers. 

“There are many applications that we forget to think about that are very relevant to GEO. Usage of GEO continues to be very robust in the government sector on both sides of the Atlantic,” Al Saleh said, adding that Low-Earth Orbit (LEO) serves in-theater soldier communications extremely well, but GEOs are positioned for management of ISR drones.

“Governments are expanding their portfolio of the need into multi orbit capabilities, where they’re adding LEOs, they want more MEO from us, everything that we can deliver. And they maintain their GEO capabilities,” he added. “Over time, GEO is declining and moving towards MEO and LEO, but I do not see in the foreseeable future, governments not using GEOs.”