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SES’s mid-year acquisition of Intelsat made for a complex full-year financial reporting for the full year 2025. Although the top numbers show SES grew revenue by 34%, a fuller picture shows the revenue of the combined company declined about 1.6% compared to last year.

SES reported 2025 financials on Monday, reporting revenue of 2.6 billion euro ($3 billion), up 34% from SES’s revenue last year. This total does not include Intelsat’s revenue in the first half of the year, before the companies were combined. 

If the Intelsat acquisition would have closed at the start of 2025, the combined company would have reported 3.5 billion euro in revenue ($4.1 billion). That is a 1.6% decline compared to the full businesses of both companies in 2024. 

“With the financial performance in the second half of 2025 below our initial expectations for the first year of the combined company, we’re facing these challenges head on, and are building a stable foundation for future growth,” SES CEO Adel al Saleh told investors on Monday. 

Looking to 2026, SES expects 3.5 billion in revenue this year — essential stable revenue if Intelsat had been part of the company all year. 

SES described 2026 as a “build” year, focused on successful integration and realizing synergies related to the acquisition, projecting more sustained growth from 2027 and beyond. 

“The year 2026 it’s not just the continuation of integration; it is the acceleration of the new SES, building an industry leader. We’re looking to stabilize the business and prepare it to grow by reshaping our portfolio to concentrate on the markets where SES has the right to win with customer-driven solutions, relentless focus on operational excellence, and financial strength underpinned by synergy delivery.” 

Al-Saleh provided some insight into SES’s meoSphere network-of-networks concept that operates as a communication backbone between both Geostationary Orbit (GEO) and Low-Earth Orbit (LEO) with higher power, multi-mission satellites. 

Interestingly, Al-Saleh said SES will be pursuing more vertical integration toward this vision. 

“We believe it’s very critical we take control over some of the supply chains that are critical for innovation and control of our destiny. We will be doing more vertical integration as a company, creating this new layer of resilience and new layer of a backbone in space,” he said. 

In 2025, the Networks business, encompassing Government, Fixed & Maritime, and Aviation, accounts for 62% of business, while Media accounts for 38%. 

Gross backlog for the combined Networks business stood at 3.6 billion euros ($3.6 billion) at the end of 2025, CFO Lisa Pataki told investors, with SES having secured close to 1.4 billion euros ($1.6 billion) of new business and renewals last year, noting a strong aviation and government pipeline.

Backlog for the Media business is 3 billion euros ($3.5 billion), with roughly 450 million euros (526 million) of new business and long-term renewals.