Ses S.A 6-K, filed Jul 31, 2025

Ses S.A. (SGBAF)

6-K 2025-07-31 For: 2025-07-31

View Original

Added on April 06, 2026

About this 6-K

Ses S.A filed this 6-K on July 31, 2025.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Exhibit		Description

99.1		Press Release, dated July 31, 2025

99.2		Interim Condensed Consolidated Financial Statements for the Period Ended June 30, 2025


	SES
	(registrant)

Date: July 31, 2025	By:	/s/ Elisabeth Pataki
	Name:	Elisabeth Pataki
	Title:	Chief Financial Officer


€million	H1 2025		H1 2024		Δ as reported			Δ at constant FX
Average €/$ FX rate		*1.08*		1.08
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


	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	%


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


€ 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


€ 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


€ 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 / expenses (net)		—			—			—			21			—			2

(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 owners of the parent		73			0			4			(62	)		29			(15	)

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


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.


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


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


Operational and financial review			3

Responsibility statement			5

Interim condensed consolidated income statement			8

Interim condensed consolidated statement of comprehensive income			9

Interim condensed consolidated statement of financial position			10

Interim condensed consolidated statement of cash flows			11

Interim condensed consolidated statement of changes in shareholders’ equity			12

Notes to the interim condensed consolidated financial statements			14

Note 1 - Corporate information			14

Note 2 - Basis of preparation and accounting policies			14

Note 3 - Significant accounting judgements and estimates			16

Note 4 - Significant changes in the current reporting period			16

Note 5 - Revenue from contracts with customers			16

Note 6 - Dividends declared and paid during the period			17

Note 7 - Income tax			17

Note 8 - Borrowings			18

Note 9 - Fair value management of financial instruments			18

Note 10 - Earnings per share			19

Note 11 - Related party transactions			21

Note 12 - C-Band repurposing			21

Note 13 - Analysis of impairment indicators			21

Note 14 - Events occurring after the reporting date			22

Note 15 - Alternative performance measures			22


/s/ Frank Esser		/s/ Adel Al-Saleh
Frank Esser		Adel Al-Saleh
Chairman of the Board of Directors		Chief Executive Officer


€ million		2025			2024
Revenue	Note 5		978			978
C-Band repurposing income	Note 12		3			5
Other income	Note 4		49			—
Operating expenses			(499	)		(478	)

EBITDA	Note 15		531			505
Depreciation expense			(320	)		(301	)
Amortisation expense			(61	)		(68	)
Tangible and intangible assets impairment expense, net	Note 13		(73	)		(25	)

Operating profit			77			111
Finance income			64			62
Finance costs			(99	)		(62	)

Net financing costs			(35	)		—
Other non-operating income			2			—
Profit before income tax			44			111
Income tax expense	Note 7		(26	)		(38	)

Profit for the interim period			18			73

Attributable to owners of the parent			14			73
Attributable to non-controlling interests			4			—
Basic and diluted earnings per share (in euro)	Note 10		2025			2024
Class A shares			0.02			0.15
Class B shares			0.01			0.06


€ million		30 June 2025		31 December 2024
Non-current assets
Property, plant and equipment			2,757		2,924
Assets in the course of construction			1,040		1,348

Total property, plant and equipment			3,797		4,272
Intangible assets			743		908
Other financial assets			50		34
Prepayments			7		2
Trade and other receivables			66		107
Deferred customer contract costs			1		1
Deferred tax assets			675		701

Total non-current assets			5,339		6,025
Current assets
Inventories			42		49
Trade and other receivables			440		649
Deferred customer contract costs			3		2
Prepayments			71		58
Income tax receivable			16		23
Cash and cash equivalents			4,615		3,521

Current assets excl. assets classified as held for sale			5,187		4,302

Assets classified as held for sale	Note 14		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
Non-current liabilities
Borrowings			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
Current liabilities
Borrowings			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


€ 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


	Attributable to owners of SES S.A.
€ million	Issued capital		Share premium		Treasury shares			Perpetual bond			Other reserves			Retained earnings			Foreign currency translation reserve			Total			Non- controlling interests			Total equity
At 31 December 2024		696		1,564		(198	)		588			875			15			(117	)		3,423			69			3,492
Result of the interim period		—		—		—			—			—			14			—			14			4			18
Other comprehensive income		—		—		—			—			(27	)		—			(428	)		(455	)		(2	)		(457	)

Total comprehensive income (loss) for the interim period		—		—		—			—			(27	)		14			(428	)		(441	)		2			(439	)
Allocation of 2024 result		—		—		—			—			15			(15	)		—			—			—			—
Partial redemption of perpetual bond (Note 4)		—		—		—			(63	)		4			—			—			(59	)		—			(59	)
Coupon on perpetual bond		—		—		—			—			(1	)		—			—			(1	)		—			(1	)
Tax on perpetual bond coupon		—		—		—			—			2			—			—			2			—			2

Transactions with owners in their capacity as owners:
Dividends provided for or paid¹		—		—		—			—			(103	)		—			—			(103	)		—			(103	)
Share-based compensation expense		—		—		—			—			1			—			—			1			—			1
Exercise of share-based compensation		—		—		13			—			(9	)		—			—			4			—			4
Income tax relating to treasury shares		—		—		—			—			(19	)		—			—			(19	)		—			(19	)
Total transactions with owners in their capacity as owners		—		—		13			—			(130	)		—			—			(117	)		—			(117	)

At 30 June 2025		696		1,564		(185	)		525			738			14			(545	)		2,807			71			2,878


30 June 2024 €million	Revenue recognised at a point in time		Revenue recognised over time		Total
Revenue from contracts with customers		10		944		954

Lease income		—		24		24

Total		10		968		978


	Six-month period ended 30 June
€million	2025		2024
Luxembourg (SES country of domicile)		73		25
United States of America		374		357
Germany		152		162
United Kingdom		74		108
France		36		38
Others – Europe		104		104
Others		165		184

Total		978		978


	Carried at amortised cost
€ million	30 June 2025		31 December 2024
Borrowings – Level 1		5,042		4,127
Borrowings – Level 2		691		393

Total borrowings*		5,733		4,520


€ million	30 June 2025			30 June 2024
Borrowings - non-current		4,808			3,456
Borrowings - current		925			16

Borrowings, less		5,733			3,472
Cash and equivalents		(4,615	)		(2,063	)

Net debt		1,118			1,409


	30 June 2025		30 June 2024
Class A shares (in million)		343.6		357.5
Class B shares (in million)		69.5		74.3

Total		413.1		431.8


Adjusted Earnings per Share	30 June 2025		30 June 2024
Class A shares		0.17		0.24
Class B shares		0.07		0.10


€million	2025			Constant FX 2024			Change Favourable +/- Adverse
Revenue		978			979			-0.2	%
C-band repurposing income		3			5			-40.1	%
Other income		49			—			n/m
Operating expenses		(499	)		(478	)		-4.1	%
EBITDA		531			506			+5.0	%
EBITDA margin (%)		51.6	%		51.4	%		+0.2	% pts
Depreciation and impairment		(348	)		(406	)		+14.2	%
Amortisation and impairment		(106	)		12			n/m

Operating (loss)/profit		77			112			-31.0	%


€million	2024			Constant FX 2023			Change Favourable +/- Adverse
Revenue		978			984			-0.6	%
C-band repurposing income		5			3			n/m
Operating expenses		(478	)		(488	)		+2.3	%
EBITDA		505			499			+1.3	%
EBITDA margin (%)		51.4	%		50.5	%		-0.9	% pts
Depreciation and impairment		(406	)		(293	)		-38.5	%
Amortisation and impairment		12			(46	)		n/m

Operating (loss)/profit		111			160			-30.7	%