Press Release

SES Delivers Solid H1 2025 Results &
Completes Intelsat Acquisition
Luxembourg, 31 July 2025 -- SES S.A. completed Intelsat acquisition on 17 July 2025 and announces financial results for the six months
ended 30 June 2025.



H1 2025 solid performance – reiterating FY25 outlook

• Revenue of €978 million (-0.2% yoy( 1)) and Adjusted EBITDA( 2) of €521 million (-0.7% yoy(1))

• Networks (+10.3% yoy(1)) supported by +17.1% yoy(1) growth in Government and +9.5% yoy(1) growth in Mobility; Media (-12.1% yoy(1))

in-line with expectations with important new long-term renewals signed

• €690 million of new business and contract renewals signed in H1 2025 – with a total gross contract backlog of €4.2 billion

• Adjusted FCF of €193 million (+32.0% yoy) and Net Leverage at 1.1 times( 3) (including cash & cash equivalents of €4.3 billion(4))

• O3b mPOWER satellites 7&8 in service since May; 9&10 successfully launched 22 July – boosting O3b mPOWER network capacity

and resilience

• SES and Luxembourg Government to develop and launch new defence satellite for GovSat

• FY 2025 financial outlook( 5) well on track, reiterating stable Revenue and broadly stable Adjusted EBITDA yoy

• Final FY 2024 dividend of €103 million(6) (€0.25 per A-share; €0.10 per B-share) paid to shareholders on 17 April 2025; in October

2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B-share) to shareholders

Intelsat acquisition completed – creating a global multi-orbit connectivity powerhouse

• On 17 July 2025, SES announced the completion of its highly value accretive acquisition of Intelsat for a cash consideration of $2.6bn
(€2.2bn)( 7) and certain contingent value rights (‘CVRs’) – underpinned by €2.4 billion (NPV) of readily executable synergies

• Stronger multi-orbit operator - c.60% of Revenue in high growth segments, annual run rate of c.€370 million in synergies (70% within
3 years) and execution of synergy delivery from Day 1

• Stronger financial foundation – expecting low to mid-single digit Revenue CAGR 2024-28E and mid-single digit Adjusted EBITDA
CAGR 2024-28E to drive ‘normalised’ Adjusted FCF of over €1 billion by 2027/28 (Pre IRIS2); supported by combined backlog of >€8
billion, providing visibility of future revenue streams

• Disciplined investment in future growth with annual capital expenditures averaging €600–€650 million from 2025-28E
• Strong balance sheet metrics with Net Leverage targeted at below 3 times within 12-18 months after closing



Adel Al-Saleh, CEO of SES, commented: “H1 2025 delivered solid operational and financial performance. Through continued strategic
execution and solid commercial momentum, we have stabilised Revenue and Adjusted EBITDA and are firmly on track to meet our
reiterated FY25 financial outlook.




1) At constant FX (comparative figures restated to neutralise currency variations)
2) Excluding operating expenses/income recognised in relation to U.S. C-band repurposing and other significant special items (disclosed separately)
3) Adjusted Net Debt to Adjusted EBITDA (treats hybrid bonds as 50% debt and 50% equity)
4) Excluding €284 million of restricted cash with respect to the SES-led consortium’s involvement in IRIS2
5) Financial Outlook is stated at constant FX, assuming nominal satellite health and launch schedule
6) Net of dividends received on treasury shares of €8 million
7) Represents initial cash consideration of $3.1bn (€2.8bn) net of agreed disbursements


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The completion of the Intelsat acquisition on 17 July marked a defining milestone for SES, creating a stronger, truly global multi-orbit
operator built for the future. We are now uniquely positioned to compete with end-to-end solutions across high-growth segments. Backed
by a unified leadership team and clear strategic focus, we are delivering synergies from Day 1 and remain confident in achieving our
financial and operational objectives. The combined company offers enhanced scale, complementary capabilities, a stronger balance
sheet, and sustained growth in Adjusted FCF - driving long-term value for our customers and shareholders.

Our solid H1 2025 performance is underpinned by the strong growth in the Networks business, now c.60% of revenues. We continue to
see commercial traction across Government and Mobility. This underscores our strong positioning in high-value segments, driven by our
differentiated and scalable multi-orbit offering. In the first half, we secured €690 million in new business and renewals, reinforcing our
future growth trajectory. We have a robust pipeline of Government opportunities supported by increased defence spending in Europe,
including the development of a second satellite for GovSat jointly with the Luxembourg government, as well as strong momentum with the
US government, including the selection of SES Space & Defense to provide a hybrid space-based architecture to the U.S. Department of
Defense through a secure integrated multi-orbit network (SIMON™). In aero we are seeing increased traction with Open Orbits™ —
including partners’ wins with Thai Airways, Turkish Airline, and Uzbekistan Airways. Our Media business continues to deliver in-line with
expectations, underpinning SES’s stable and cash-generative foundation.

O3b mPOWER satellites 7 and 8 entered service in May and are already delivering advanced, high-performance connectivity to meet the
evolving needs of our customers. On 22 July, we successfully launched satellites 9 and 10 on an optimised launch schedule, with service
entry expected in early 2026 to further boost network capacity and resilience. The remaining satellites 11-13 are scheduled to launch in
2026. The additional O3b mPOWER satellites will bring up to a threefold increase in available capacity by 2027 when the entire O3b
mPOWER constellation is fully deployed, accelerating our profitable and long-term growth trajectory.

SES has also signed a transformative agreement with Impulse Space to use Helios, their medium-lift launcher to shorten the time required
for the selected SES’s satellites to reach their final orbital position, extending the lifetime of our satellites and accelerating service delivery
to our customers.

Together with Intelsat, SES is now better positioned to capture long-term growth in key segments and deliver sustainable value for
customers and shareholders alike.”




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Key business and financial highlights (at constant FX unless explained otherwise)

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.

€million H1 2025 H1 2024 ∆ as reported ∆ at constant FX
Average €/$ FX rate 1.08 1.08 e
Revenue 978 978 0.0% -0.2%
Adjusted EBITDA 521 525 -0.6% -0.7%
Adjusted Net Profit 77 111 -30.9% n/m
Adjusted Net Debt / Adjusted EBITDA 1.1 times 1.7 times n/m n/m
“At constant FX” refers to comparative figures restated at the current period FX, to neutralise currency variations.


Networks revenue of €579 million (60% of total revenue) increased 10.3% yoy driven by growth in Government (+17.1% yoy) and Mobility
(+9.5% including periodic revenue of €19 million recognised in Q1 2025 vs €22 million in Q1 2024), offsetting lower Fixed Data (-4.0%
yoy). In H1 2025, the Networks business secured over €510 million of renewals and new business.

Media revenue of €398 million (40% of total revenue) reduced 12.1% yoy, on the back of lower revenue in mature markets due to capacity
optimisation and the impact of SD channel switch offs as well as the full Q2 impact of the Brazilian customer bankruptcy. In H1 2025, the
business secured more than €175 million of renewals and new business.

Adjusted EBITDA of €521 million represented an Adjusted EBITDA margin of 53% (H1 2024: 54%) including flow through of the periodic
revenue impact and some shifts in costs. Adjusted EBITDA excludes significant special items of €10 million income (H1 2024: €20 million
expenses), comprising of other income of €49 million (H1 2024: nil), net C-Band income of €1 million (H1 2024: €2 million) and expenses
related to other significant special items of €40 million, primarily related to merger and acquisition activities (H1 2024: €22 million).

Adjusted Net Profit of €77 million was lower than H1 2024 (€111 million), mainly reflecting year-on-year increased depreciation &
amortisation, higher net financing costs of €12 million (H1 2024: nil), higher net income tax expense, as well as slightly lower Adjusted
EBITDA. This was partly offset by higher net non-operating income. Net financing costs included the benefit of earned interest income on
the group’s cash & cash equivalents of €52 million (H1 2024: €62 million), net interest expense on external borrowings of €41 million
(2024: €45 million), loan fees and origination costs and other of €12 million (H1 2024: €12 million) and the impact of net foreign exchange
loss of €11 million (H1 2024: loss of €5 million).

Adjusted Net Profit excludes the significant special items highlighted above, as well as non-cash net impairment expense of €73 million
(H1 2024: €25 million), M&A related net financing charges of €23 million (H1 2024: nil) and net tax benefit of €23 million (H1 2024: benefit
of €7 million) associated with all the significant special items.

Adjusted Free Cash Flow (excluding significant special items) of €193 million was €47 million higher year-on-year, or 32.0% year-on-year
including lower year-on-year cash tax payments of €21 million (H1 2024: €66 million), changes in working capital and lower interest and
coupon paid of €64 million (H1 2024: €97 million). These items were partly offset by higher year-on-year capex of €248 million (H1 2024:
€200 million) and other investing activities of €20 million (H1 2024: nil), lower interest received of €57 million (H1 2024: €61 million).

On 30 June 2025, Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of €1.524 billion of hybrid bonds as debt and 50% as equity)
was 1.1 times (30 June 2024: 1.7 times). Cash & cash equivalents of €4.3 billion (excluding €284 million of restricted cash with respect to
the SES-led consortium’s involvement in IRIS2) included the proceeds from the €1 billion Eurobonds issued in June 2025 and the €300m
EIB financing.

SES is continuing to engage with insurers regarding the insurance claim relating to O3b mPOWER satellites 1-4. SES has finalised
settlements with a small number of insurers, resulting in initial settlement payments of c.$58 million collected with further settlements
expected to follow.

Gross backlog on 30 June 2025 was €4.2 billion (H1 2024: €4.7 billion) of which Media backlog was €1.9 billion and Networks backlog
was €2.3 billion.

The final FY2024 dividend of €103 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 17 April 2025.
In October 2025, SES will pay an interim dividend of €0.25 per A-share (€0.10 per B-share) to shareholders, followed by a final dividend
(subject to shareholder approval) of at least €0.25 per A-share (€0.10 per B-share) in April 2026.




3
SES reaffirms its FY 2025 outlook (assuming nominal satellite health and launch schedule): FY 2025 Group Revenue is expected to be
stable compared with 2024 (at constant FX) and Adjusted EBITDA is expected to be broadly stable year-on-year (at constant FX) on the
better-than-expected 2024 outturn. Capital expenditure (net cash absorbed by investing activities excluding acquisitions and financial
investments) is expected to be in the range of €425-475 million in 2025, followed by an average annual capital expenditure of
approximately €325 million for 2026-2029.

In addition, SES’s expected capital expenditure relating to IRIS2 of up to €1.8 billion will start ramping mostly from 2027 and will translate
into an average annual spend of around €400 million over 2027-2030 (subject to a rendezvous point at the end of 2025 to validate the
project cost, technical requirements, 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).

The acquisition of Intelsat closed on 17 July 2025, following the receipt of required regulatory clearances. All previously communicated
financial objectives for the combined company are reaffirmed (pre-IRIS2). As previously announced, SES expects the proposed acquisition
to have a positive impact on free cash flow, increasing the Company’s financial flexibility. In terms of capital allocation, SES remains
committed to investment grade metrics, profitable investments, and a stable to progressive dividend. As SES meets its net leverage target
(Adjusted Net Debt to Adjusted EBITDA) of below 3 times within 12-18 months after closing the Intelsat transaction, the company intends
to increase the annual base dividend and at least a majority of future exceptional cashflows of the combined company will be prioritised
for shareholder returns.


SES secured financing for the Intelsat acquisition through a €3 billion Bridge Facility signed on 30 April 2024 which was subsequently fully
syndicated in June 2024 including a USD 1 billion Term Loan Agreement (“TLA”). SES subsequently raised €1 billion in hybrid financing
on 12 September 2024 and €1 billion in Senior Notes under the EMTN programme on 24 June 2025. These transactions enabled a
progressive reduction of the Bridge Facility, which was ultimately fully cancelled by the end of June 2025.

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..


Operational performance
REVENUE BY BUSINESS UNIT

Revenue (€ million) as reported Change (yoy) at constant FX
Q1 2025 Q2 2025 H1 2025 Q1 2025 Q2 2025 H1 2025
Average €/$ FX rate 1.04 1.12 1.08
Media 206 192 398 -10.6% -13.6% -12.1%


Networks 302 277 579 +8.4% +12.5% +10.3%
Government 148 153 301 +13.1% +21.1% +17.1%
Fixed Data 59 49 109 -2.0% -6.3% -4.0%
Mobility 95 75 170 +8.5% +10.8% +9.5%
Other 0 1 1 n/m n/m n/m
Group Total 509 469 978 -0.5% +0.1% -0.2%
“At constant FX” refers to comparative figures restated at the current period FX, to neutralise currency variations.




Future satellite launches

Satellite Region Application Launch Date
EAGLE-1 Europe Government 2026
O3b mPOWER (satellites 11-13) Global Fixed Data, Mobility, Government 2026
ASTRA 1Q Europe Media, Fixed Data, Mobility, Government 2027
SES-26 Africa, Asia, Europe, Middle East Media, Fixed Data, Mobility, Government 2027
GOVSAT-2 Europe Government TBD
Final launch dates are subject to confirmation by launch providers




4
CONSOLIDATED INCOME STATEMENT
€ million H1 2025 H1 2024
Average €/$ FX rate 1.08 1.08

Revenue 978 978
U.S. C-band repurposing income 3 5
Other Income 49 -
Operating expenses (499) (478)
EBITDA 531 505
Depreciation expense (320) (301)
Amortisation expense (61) (68)
Non-cash impairment (73) (25)
Operating profit /(loss) 77 111
Net financing income/(costs) (35) -

Other non-operating income / expenses (net) 2 -
Profit/ (loss) before tax 44 111
Income tax expense (26) (38)
Non-controlling interest (4) -

Net Profit attributable to owners of the parent 14 73


Basic and diluted earnings per A-share (in €)(1) 0.02 0.15

Basic and diluted earnings per B-share (in €) (1)
0.01 0.06

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect
the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include
the assumed coupon, net of tax, on the perpetual bonds.




€ million H1 2025 H1 2024
Adjusted EBITDA 521 525

U.S. C-band income 3 5

Other Income 49 -

U.S. C-band operating expenses (2) (3)

Other significant special items (1)
(40) (22)

EBITDA 531 505

1) Other significant special items include restructuring charges of €6 million (H1 2024: €12 million), costs associated with the development and/or implementation of merger and
acquisition activities (“M&A”) of €32 million (H1 2024: €10 million) and €2 million other infrastructure charges of non-recurring nature (H1 2024: nil million).


€ million H1 2025 H1 2024
Adjusted Net Profit 77 111

U.S. C-band income 3 5

U.S. C-band operating expenses (2) (3)

Other income 49 -

Impairment expense (net) (73) (25)

Other significant special items (2)
(63) (22)

Tax on significant special items 23 7

Net profit attributable to owners of the parent 14 73

2) Other significant special items comprise restructuring charges of €6 million (2024: €12 million), M&A costs of €55 million (2024: €10 million) and €2 million other infrastructure charges
of non-recurring nature (2024: nil). M&A costs include net financing charges of €23 million (H1 2024: nil million) comprising an interest expense of €29 million (H1 2024: nil million) and




5
interest income of €12 million (H1 2024: nil million) associated with the €1 billion hybrid financing issued in September 2024 in connection with the Intelsat transaction, and loan
origination costs of €6 million (H1 2024: nil million).

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ million 30 June 2025 31 December 2024
Closing €/$ FX rate 1.17 1.04
Property, plant, and equipment 2,757 2,924
Assets in the course of construction 1,040 1,348
Intangible assets 743 908
Other financial assets 50 34
Prepayments 7 2
Trade and other receivables(1) 66 107
Deferred customer contract costs 1 1
Deferred tax assets 675 701
Total non-current assets 5,339 6,025
Inventories 42 49
Trade and other receivables (1)
440 649
Deferred customer contract costs 3 2
Prepayments 71 58
Income tax receivable 16 23
Cash and cash equivalents (A) (2)
4,615 3,521
Assets classified as held for sale 2 -
Total current assets 5,189 4,302
Total assets 10,528 10,327


Equity attributable to the owners of the parent 2,807 3,423
Non-controlling interests 71 69
Total equity 2,878 3,492



Borrowings (B) 4,808 4,247
Provisions 1 3
Deferred income 269 338
Deferred tax liabilities 172 212
Other long-term liabilities 30 55
Lease liabilities 35 32
Fixed assets suppliers 110 426
Total non-current liabilities 5,425 5,313
Borrowings (C) 925 273
Provisions 114 128
Deferred income 194 225
Trade and other payables 645 678
Lease liabilities 23 19
Fixed assets suppliers 315 184
Derivatives 1 -
Income tax liabilities 8 15
Total current liabilities 2,225 1,522
Total liabilities 7,650 6,835



Total equity and liabilities 10,528 10,327
Reported Net Debt (B + C – A) 1,118 999

1) Trade and other receivables (current and non-current) include nil million related to U.S. C-band repurposing (31 December 2024: €87 million). 2) Including €284 million related to
IRIS2 cash received (31 December 2024: €300 million).



6
CONSOLIDATED STATEMENT OF CASH FLOWS
€ million H1 2025 H1 2024
Profit before tax 44 111
Taxes paid during the year (21) (155)
Adjustment for non-cash items 391 373
Changes in working capital(1) 49 (78)
Net cash generated by operating activities 463 251

Payments for purchases of intangible assets (6) (8)
Payments for purchases of tangible assets(2) (231) (132)
Interest received (3) 102 85
Insurance claim received 49 -
Proceeds from sale of business 12 -
Payment for acquisition of subsidiary, net cash acquired - (4)
Other investing activities (20) (4)
Net cash absorbed by investing activities (94) (63)

Proceeds from borrowings 1,304 -
Repayment of borrowings (11) (708)
Partial redemption of perpetual bond (59) -
Transaction costs in respect of undrawn facilities (8) -
Coupon paid on perpetual bond (1) (31)
Dividends paid on ordinary shares (4) (103) (216)
Interest paid on borrowings (63) (66)
Payments for acquisition of treasury shares - (65)
Lease payments (13) (12)
Net cash generated/(absorbed) by financing activities 1,046 (1,098)

Net foreign exchange movements (321) 66
Net increase in cash and cash equivalents 1,094 (844)
Cash and cash equivalents at beginning of the year 3,521 2,907
Cash and cash equivalents at end of the year 4,615 2,063
1) Including €49 million related to U.S. C-band repurposing (H1 2024: €113 million outflow) 2) net reimbursements of €11 million related to U.S. C-band repurposing (H1 2024: net
reimbursements of €56 million). 3) Comprising €69 million interest received on deposit (H1 2024: €61 million) and €33 million interest received in relation to U.S. C-band clearing (H1
2024: €24 million). 4) Net of dividends received on treasury shares of €8 million (H1 2024: €7 million).

€ million H1 2025 H1 2024
Net cash generated by operating activities (1) 463 251
Net cash absorbed by investing activities (2)
(94) (63)
Free cash flow before financing activities 369 188
Coupon paid on perpetual bond (1) (31)
Interest paid on borrowings (63) (66)
Lease payments (13) (12)
Free cash flow before equity distributions and treasury activities 292 79
U.S. C-band cash flows (net) (93) 33
Insurance claim received (49) -
Proceeds from sales of business (12) -
Payments for acquisition of subsidiary, net of cash acquired - 4
Decrease in IRIS2 restricted cash 16 -
Payments in respect of other significant special items 39 30
Adjusted Free Cash Flow 193 146

1) Including net reimbursements of €49 million related to U.S. C-band repurposing (H1 2024: €113 million outflow). 2) Comprising net reimbursements of €11 million related to U.S.
C-band repurposing (H1 2024: net reimbursements of €56 million) and €33 million interest received in relation to U.S. C-band clearing (H1 2024: €24 million).



7
SUPPLEMENTARY INFORMATION
QUARTERLY INCOME STATEMENT (AS REPORTED)

€ million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Average €/$ FX rate 1.09 1.08 1.09 1.09 1.04 1.12
Revenue 498 480 497 526 509 469
U.S. C-band income 1 4 1 82 1 2
Other income - - - 3 1 48
Operating expenses (230) (248) (269) (352) (238) (261)
EBITDA 269 236 229 259 273 258
Depreciation expense (139) (162) (172) (177) (164) (156)
Amortisation expense (19) (49) (38) (50) (31) (30)
Non-cash impairment - (25) 1 (99) - (73)
Operating profit 111 - 20 (67) 78 (1)
Net financing (costs)/income 5 (5) (6) 3 (26) (9)
Other non-operating income / - - - 21 - 2
expenses (net)
(Loss)/Profit before tax 116 (5) 14 (43) 52 (8)
Income tax benefit/(expense) (43) 5 (4) (13) (22) (4)
Non-controlling interests - - (6) (6) (1) (3)
Net (Loss)/Profit attributable to 73 0 4 (62) 29 (15)
owners of the parent


Basic (loss)/earnings per share
(in €)(1)
Class A shares 0.16 (0.01) 0.00 (0.15) 0.06 (0.04)
Class B shares 0.06 0.00 0.00 (0.06) 0.03 (0.02)


Adjusted EBITDA 275 250 250 253 280 241
Adjusted EBITDA margin 55% 52% 50% 48% 55% 51%
U.S. C-band income 1 4 1 82 1 2
Other Income - - - 3 1 48
U.S. C-band operating expenses (2) (1) (1) (1) (1) (1)
Other significant special items (5) (17) (21) (78) (8) (32)
EBITDA 269 236 229 259 273 258

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect
the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include
the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.




8
ALTERNATIVE PERFORMANCE MEASURES

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 Measure Definition
Reported EBITDA and 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 and 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.
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.
Adjusted Net Debt 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.
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 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.



Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CET on 31 July 2025 and will be broadcast via webcast and
conference call. The details for the conference call and webcast are as follows:

U.K. +44 (0) 33 0551 0200
France +33 (0) 1 70 37 71 66
Germany +49 (0) 30 3001 90612
U.S.A. +1 786 697 3501

Confirmation code SES

Webcast registration https://channel.royalcast.com/landingpage/ses/20250731_1/
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available
shortly after the conclusion of the presentation.




For further information please contact:
Christian Kern Suzanne Ong
Investor Relations Communications
Tel: +352 710 725 7787 Tel: +352 710 725 500
christian.kern@ses.com suzanne.ong@ses.com


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About SES
At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect,
businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial
network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our
Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing
innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond
coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further
information is available at: www.ses.com.

Forward looking statements
This press release 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 press release 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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