Exhibit 99.2

 

SES, Société Anonyme

Interim condensed consolidated financial statements for the six-month period ended 30 June 2025

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

Operational and financial review

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				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

“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 the 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.

SES 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

Business risks and their mitigation

For the remaining six months of the financial year, SES does not envisage any additional risks compared to the risk assessment performed for the year-end 31 December 2024, which are disclosed in full in the Annual Report 2024.

Related party transactions

Refer to note 11—Related party transactions.

Responsibility statement

The Board of Directors and the executive management of the company reaffirm their responsibility to ensure the maintenance of proper accounting records disclosing the financial position of the group with reasonable accuracy at any time, and ensuring that an appropriate system of internal controls is in place to ensure that the group’s business operations are carried on efficiently and transparently.

In accordance with Article 4 of the law of 11 January 2008 on the harmonization of transparency requirements in relation to information about an issuer whose securities are admitted to trading on a regulated market, we declare that, to the best of our knowledge, the interim condensed consolidated financial statements for the half year ended 30 June 2025, prepared in accordance with IAS 34, “Interim Financial Reporting” as adopted for use by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the year of SES and its subsidiaries included in the consolidation taken as a whole.

In addition, the management’s report includes a fair view of the development and performance of the business and the position of SES and its subsidiaries included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

 

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

 

5

Interim condensed consolidated income statement

For the six-month period ended 30 June

 

€ 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

The notes are an integral part of the interim condensed consolidated financial statements.

 

6

Interim condensed consolidated statement of comprehensive income

For the six-month period ended 30 June

 

€ million						2025				2024
Profit for the interim period							18				73
Items that may be reclassified subsequently to profit or loss
Impact of currency translation							(473	)			126
Income tax effect							23				(6	)
Total impact of currency translation, net of tax							(450	)			120
Net investment hedge							27				(7	)
Income tax effect							(7	)			2
Total net investment hedge, net of tax							20				(5	)
Cash flow hedges							(27	)			—
Income tax effect							7				—
Cash flow hedges, net of tax			Note 9				(20	)			—
Fair value hedges							(8	)			—
Income tax effect							2				—
Fair value hedges, net of tax			Note 9				(6	)			—
Fair value movements on derivatives			Note 9				(1	)			—
Total items that may be reclassified subsequently to profit or loss							(457	)			115
Total other comprehensive (loss)/income for the interim period, net of tax							(457	)			115
Total comprehensive (loss)/income for the interim period							(439	)			188
Attributable to:
Owners of the parent							(441	)			188
Non-controlling interests							2				—

The notes are an integral part of the interim condensed consolidated financial statements.

 

7

Interim condensed consolidated statement of financial position

As at 30 June 2025

 

€ 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

The notes are an integral part of the interim condensed consolidated financial statements.

 

8

Interim condensed consolidated statement of cash flows

For the six-month period ended 30 June

 

€ million				2025				2024
Profit before income tax					44				111
Income tax paid during the period		Note 7			(21	)			(155	)
Adjustment for non-cash items					391				373
Consolidated operating profit adjusted for non-cash items and tax payments and before working capital changes					414				329
Changes in working capital					49				(78	)
Net cash generated by operating activities					463				251
Cash flow from investing activities
Payments for purchases of intangible assets					(6	)			(8	)
Payments for purchases of tangible assets					(231	)			(132	)
Interest received					102				85
Insurance claim received		Note 4			49				—
Proceeds from sale of business		Note 14			12				—
Payment for acquisition of subsidiary, net of cash acquired					—				(4	)
Other investing activities		Note 9			(20	)			(4	)
Net cash absorbed by investing activities					(94	)			(63	)
Free cash flow before financing activities					369				188
Cash flow from financing activities
Proceeds from borrowings		Note 8			1,304				—
Repayment of borrowings					(11	)			(708	)
Partial redemption of perpetual bond		Note 4			(59	)			—
Transaction costs in respect of undrawn facilities					(8	)			—
Coupon paid on perpetual bond					(1	)			(31	)
Dividends paid on ordinary shares1		Note 6			(103	)			(216	)
Interest paid on borrowings					(63	)			(66	)
Payments for acquisition of treasury shares					—				(65	)
Lease payments					(13	)			(12	)
Net cash absorbed by financing activities					1,046				(1,098	)
Net foreign exchange movements					(321	)			66
Net (decrease) in cash and cash equivalents					1,094				(844	)
Cash and cash equivalents at beginning of the period					3,521				2,907
Cash and cash equivalents at end of the period					4,615				2,063

 

1	Dividends are presented net of dividends received on treasury shares of EUR 8 million (2024: EUR 7 million).

The notes are an integral part of the interim condensed consolidated financial statements.

 

9

Interim condensed consolidated statement of changes in shareholders’ equity

For the six-month period ended 30 June 2025

 

		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

 

1	Dividends are presented net of dividends received on treasury shares of EUR 8 million.

The notes are an integral part of the interim condensed consolidated financial statements.

 

10

Interim condensed consolidated statement of changes in shareholders’ equity

For the six-month period ended 30 June 2024

 

		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 2023			696				1,564				(95	)			625				2,137				(905	)			(321	)			3,701				57				3,758
Result of the interim period			—				—				—				—				—				73				—				73				—				73
Other comprehensive income			—				—				—				—				—				—				115				115				—				115
Total comprehensive income (loss) for the interim period			—				—				—				—				—				73				115				188				—				188
Allocation of 2023 result			—				—				—				—				(905	)			905				—				—				—				—
Coupon on perpetual bond			—				—				—				—				(31	)			—				—				(31	)			—				(31	)
Tax on perpetual bond coupon			—				—				—				—				3				—				—				3				—				3
Transactions with owners in their capacity as owners:
Dividends provided for or paid1			—				—				—				—				(216	)			—				—				(216	)			—				(216	)
Purchase of treasury shares			—				—				(77	)			—				—				—				—				(77	)			—				(77	)
Share-based compensation expense			—				—				—				—				9				—				—				9				—				9
Exercise of share-based compensation			—				—				20				—				(20	)			—				—				—				—				—
Transactions with non-controlling interest			—				—				—				—				(2	)			—				—				(2	)			(3	)			(5	)
Income tax relating to treasury shares			—				—				—				—				6				—				—				6				—				6
Total transactions with owners in their capacity as owners			—				—				(57	)			—				(223	)			—				—				(280	)			(3	)			(283	)
At 30 June 2024			696				1,564				(152	)			625				981				73				(206	)			3,581				54				3,635

 

2	Dividends are presented net of dividends received on treasury shares of EUR 7 million.

The notes are an integral part of the interim condensed consolidated financial statements.

 

11

Notes to the interim condensed consolidated financial statements

As at 30 June 2025

(€ million unless indicated otherwise)

Note 1 - Corporate information

SES S.A. (“the Company”) was incorporated on 16 March 2001 as a limited liability company (Société Anonyme) under Luxembourg law. References to “the Group” in the following notes are to the Company and its subsidiaries. SES trades under “SESG” on both the Luxembourg and Euronext Paris stock exchanges.

On 29 April 2025, the Company filed a registration statement on Form F-4 (as amended, File No. 333-286828; CIK No. 0001347408) with the United States Securities and Exchange Commission (“SEC”) in connection with the acquisition of Intelsat Holdings S.à r.l. and its subsidiaries, to register the Contingent Value Rights issued to Intelsat’s shareholders, as part of the consideration for the acquisition. The registration statement was declared effective by the SEC on 14 May 2025. As a result of the effectiveness of the registration statement, the Company became registered with the SEC and subject to the reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, as a foreign private issuer.

The Group’s interim condensed consolidated financial statements as at, and for the six-month period ended, 30 June 2025 (“the Interim Financial Statements”) were authorised for issue in accordance with a resolution of the directors on 30 July 2025 and have been reviewed but not audited.

Note 2 - Basis of preparation and accounting policies

Basis of preparation

The Interim Financial Statements have been prepared in accordance with IAS 34 (“Interim Financial Reporting”) as adopted by the European Union and hence do not include all the information and disclosures required in the Group’s annual consolidated financial statements. The Interim Financial Statements do not include all the note disclosures normally included in the annual consolidated financial statements and should therefore be read in conjunction with the Group’s annual consolidated financial statements as at, and for the year ended, 31 December 2024.

Material accounting policies

The accounting policies adopted in the preparation of the Interim Financial Statements are consistent with those applied in the preparation of the Group’s annual consolidated financial statements as at, and for the year ended, 31 December 2024.

Derivative financial instruments and hedging

The Group recognises all derivatives at fair value in the consolidated statement of financial position. The fair value of the over-the-counter derivatives is determined by commonly used valuation techniques. The Group may use derivative financial instruments to hedge its risks associated with foreign currency and interest rate fluctuations. Changes in the fair value of derivatives are recorded in the consolidated income statement or in accordance with the principles below where hedge accounting is applied.

Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the consolidated income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Cash flow hedges

In relation to cash flow hedges to hedge firm commitments or forecasted transactions, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised directly in equity as other comprehensive income, with the ineffective portion being recognised in the consolidated income statement as finance income or cost. When the hedged commitment results in the recognition of an asset or a liability, then, at the time the asset or liability is recognised, the associated gains or losses that had previously been recognised in equity are included in the initial measurement of the acquisition cost or carrying amount of the asset or liability.

 

12

New standards and interpretations not yet adopted

A number of new standards and amendments to standards and interpretations are relevant for the Group and effective for annual periods beginning after 1 January 2025, and have not been early adopted in preparing the Interim Financial Statements:

 

1.	Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28

The IASB has made limited scope amendments to IFRS 10 (“Consolidated Financial Statements”) and IAS 28 (“Investments in Associates and Joint Ventures”) which clarify the accounting treatment for sales or contribution of assets between an investor and their associates or joint ventures. They confirm that the accounting treatment depends on whether the non-monetary assets sold or contributed to an associate or joint venture constitute a “business” (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively. The IASB decided to defer the application date of this amendment until such time as the IASB has finalised its research project on the equity method.

 

2.	IFRS 18 Presentation and Disclosure in Financial Statements

On 9 April 2024, the IASB issued “IFRS 18 Presentation and Disclosure in Financial Statements”. This new standard focuses on updates to the statement of profit or loss. The key concepts introduced in IFRS 18 relate to the structure of the statement of profit or loss, required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (management-defined performance measures) and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1, many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its “operating profit or loss”.

IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information. The new standard was not yet endorsed by the EU. The Group has yet to assess the impact to its consolidated financial statements of the changes in presentation and disclosure required by IFRS 18.

 

3.	Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments

On 30 May 2024, the IASB issued “Amendment to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments”. These amendments: clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). The amendments to IFRS 9 and IFRS 7 were endorsed by the EU and are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted. The Group has yet to assess the impact of these amendments to its consolidated financial statements.

 

4.	Annual improvements to IFRS – Volume 11

In July 2024, the IASB issued “Annual Improvements to IFRS Accounting Standards – Volume 11”, which amend the following standards: IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows. The amendments were endorsed by the EU and are effective for annual reporting periods beginning on or after 1 January 2026, with early application permitted. The Group has yet to assess the impact of these amendments to its consolidated financial statements.

 

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Note 3 - Significant accounting judgements and estimates

The preparation of the Interim Financial Statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

In preparing the Interim Financial Statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at, and for the year ended, 31 December 2024.

Note 4 - Significant changes in the current reporting period

The financial position and performance of the Group was particularly affected by the following events and transactions during the six months ended 30 June 2025, other than those mentioned in other notes:

Repurchase of Deeply Subordinated Fixed Rate Resettable Securities

On 23 January 2025, the Group repurchased in the open market an amount of EUR 63 million in principal amount of its EUR 625 million Deeply Subordinated Fixed Rate Resettable Securities issued on 27 May 2021. The Group’s cash outflow in respect to the repurchase amounted to EUR 59 million and the repurchase resulted in EUR 4 million gain being recorded in “Other reserves”. In accordance with the terms and conditions of the Securities, the purchased Securities will be cancelled. Following these transactions, the outstanding principal amount of the Securities at the year-end was EUR 525 million.

Insurance claim in connection with first generation mPOWER satellites

mPower insurance claims received during the period amounting to EUR 49 million were recorded under “Other income” in the interim condensed consolidated income statement for the six-month period ended 30 June 2025 and presented in “Insurance claim received” in the interim condensed consolidated statement of cash flows.

Capital expenditure commitments

In May 2025 the Group entered into an agreement with a satellite launch services provider resulting in a capital expenditure commitment of EUR 33 million as at 30 June 2025 to be incurred over the following six years.

Note 5 - Revenue from contracts with customers

Revenue by category

The Group’s revenue analysis from the point of view of category and timing can be found below:

 

30 June 2025 €million		Revenue recognised at a point in time				Revenue recognised over time				Total
Revenue from contracts with customers			18				932				950
Lease income			3				25				28
Total			21				957				978

 

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

Revenue from contracts with customers recognised at a point in time is mainly related to sales of equipment and amounts to EUR 18 million for the period ended 30 June 2025 (2024: EUR 10 million).

 

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Revenue by country

The Group’s revenue from external customers analysed by country using the customer’s billing address is as follows:

 

		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

No single customer accounted for 10%, or more, of total revenue for the period ended 30 June 2025, or 2024.

Note 6 - Dividends declared and paid during the period

SES shareholders approved on 3 April a dividend of €0.50 per A-share (€0.20 per B-share). An interim dividend was paid on 17 October 2024 when shareholders received €0.25 per A-share (€0.10 per B-share).

The remaining dividend was paid net of withholding tax (2025: EUR 12 million, 2024: EUR 25 million).

Gross dividends declared during the period were:

 

		Six-month period ended 30 June
€ million		2025				2024
Class A dividend EUR 0.50 (2024: EUR 0.50)			186				186
Class B dividend EUR 0.20 (2024: EUR 0.20)			37				37
Total			223				223

Gross dividends paid during the period were:

 

		Six-month period ended 30 June
€ million		2025				2024
Class A dividend EUR 0.25 (2024: EUR 0.50)			93				186
Class B dividend EUR 0.10 (2024: EUR 0.20)			18				37
Total			111				223

Note 7 - Income tax

The income tax expense of EUR 26 million recognised for the period ended 30 June 2025 comprises the current income tax expense for the period of EUR 27 million and the net deferred tax income of EUR 1 million. The current income tax expense mainly represents tax on profits of the current year (EUR 24 million) and withholding tax charges in various jurisdictions (EUR 3 million). The deferred tax income is driven by the reversal of deferred tax assets due to the use of net operating losses for a total of EUR 30 million, offset by the reversal of deferred tax liabilities for temporary differences for a total of EUR 31 million.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss on a full-year basis.

Tax paid during the period of EUR 21 million was significantly lower than in the prior period (2024: EUR 155 million) mainly due to tax paid in 2024 on income arising in connection with C-Band repurposing activities (see Note 12).

Luxembourg fiscal unity

The investments made by the Group in the period, mainly in the framework of the procurement programmes for the mPOWER constellation and 19.2°E replacement satellites, gave rise to investment tax credits of EUR 3 million.

 

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Considering the total tax losses carried forward and future taxable income based on the most recent business plan information for Luxembourg entities, the Company has concluded that current year ITCs cannot be fully used due to a 10 year carry forward limitation rule. Therefore, no deferred tax asset for ITCs was recorded for the period.

In addition, the Company is liable to Luxembourg Net Wealth Tax of EUR 6 million (2024: EUR 4 million) which is included within income tax.

OECD Pillar Two Regulations

The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Luxembourg, the jurisdiction in which the Ultimate Parent Entity is incorporated and came into effect from 1 January 2024. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

The Group applies Income Inclusion Rule (“IIR”) for all jurisdictions where Pillar Two rules were not enacted.

The top-up tax due under Pillar Two model rules was calculated based on the OECD transitional safe harbour rules except for Mexico and UAE where a full-fledged calculation was performed. According to these calculations there is no current tax expense related to Pillar II.

Note 8 - Borrowings

SES has an EMTN programme enabling SES, or its subsidiary SES Americom Inc., to issue as and when required notes up to a maximum aggregate amount of EUR 5,500 million. As at 30 June 2025, SES had issued EUR 4,440 million (2024: EUR 3,440 million) under the EMTN programme with maturities ranging from 2026 to 2054.

On 24 June 2025 SES issued the following two bonds under the EMTN programme:

 

•

EUR 500 million bond with 5-year maturity bearing interest at a fixed rate of 4.125% and with a final maturity date on 24 June 2030;

 

•

EUR 500 million bond with 8-year maturity bearing interest at a fixed rate of 4.875% and with a final maturity date on 24 June 2033.

SES secured the financing for the Intelsat acquisition through an initial €3 billion Bridge Facility, signed on 30 April 2024, and a €963 million (USD 1 billion) Term Loan Agreement (“TLA”) dated 14 June 2024. Upon entering into the TLA, €930 million of the Bridge Facility was cancelled. Subsequently, following the issuance of €1 billion in hybrid financing in 2024 and €1 billion in bonds under the EMTN programme on 24 June 2025, an equivalent portion of the Bridge Facility (€1,079 million) was cancelled on the same date.

On 4 June 2025, SES drew down €300 million under the European Investment Bank (EIB) financing facility, which was signed in December 2022. The facility bears interest at a floating rate of 0.747% per annum over the 6-month EURIBOR.

Note 9 - Fair value management of financial instruments

The carrying amount of financial assets and liabilities (other than borrowings) approximate to their fair value.

For investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm’s-length market transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis and option pricing models.

Differences were identified in the following category of financial instruments at:

 

		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

 

*	Fair value of the borrowings at 30 June 2025 is EUR 5,488 million (31 December 2024: EUR 4,137 million).

 

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The following table presents the Group’s financial assets and liabilities which are measured at fair value:

 

		30 June 2025								31 December 2024
€ million		Fair value asset				Fair value liability				Fair value asset				Fair value liability
Other financial assets – Level 2			50				—				34				—
Derivatives: Cross-currency swap – Level 2			—				1				—				—
Of which: Non-current			50				—				34				—
Of which: Current			—				1				—				—

Other financial assets

On 5 March 2025, the Group acquired equity securities in a company for a consideration of EUR 19 million.

Cross-currency swap

On 24 June 2025, as part of its risk management strategy, the Group has entered into a cross-currency interest rate swaps (“CCS”) to synthetically convert the EUR 1 billion Eurobond proceeds into USD, aligning with the intended use of funds for the acquisition of Intelsat and subsequent intercompany loans. The fair value of the CCS as at 30 June 2025 was EUR 1 million and is presented under “Derivatives” in the interim condensed consolidated statement of financial position and the interim condensed consolidated statement of comprehensive income.

Fair value hedge

On 27 June 2025, the Group put in place a fair value hedge of the foreign currency exposure, through the use of the EUR/USD final exchange leg of a CCS. The hedge ratio is set at 1:1 (100%), meaning that the notional amount of the USD leg of the CCS is exactly equal to the principal value of the USD-denominated intercompany loan and/or cash and cash equivalents held by the Group. The hedged item is USD 1.2 billion cash, cash equivalents and/or USD intercompany loan(s) and the hedging instrument is the USD final exchange leg of the CCS of the same amount. The fair value hedge in respect of the spot component changes of the swap derivative amounts to EUR 8 million and is presented in the interim condensed consolidated statement of comprehensive income. SES has elected to exclude from the hedge designation all components of the CCS fair value that are not attributable to spot movements. The excluded components are accounted separately in the consolidated statement of comprehensive income.

Cash flow hedges

In April 2025, the Group has put in place a cash flow hedge to manage foreign exchange risk related to the USD-denominated payment for the acquisition of Intelsat and to mitigate income statement volatility resulting from the accumulation of USD liquidity for the transaction. The hedging instrument was the USD balance of the money market funds from 1 April 2025 until the date of Intelsat’s acquisition, as well as foreign exchange contracts. The fair value loss on cash flow hedges, net of tax amounts to EUR 20 million and is presented in the interim condensed consolidated statement of comprehensive income.

Cash and cash equivalents, including money market funds are carried at fair value.

Given that the transactions above do not create significant open positions on the consolidated condensed statement of financial position, there is no significant change in the foreign currency risk and the interest rate risk exposures compared to year ended 31 December 2024.

Note 10 - Earnings per share

Earnings per share and diluted earnings per share have been computed consistently with the prior period.

For the period ended 30 June 2025, basic earnings per share of EUR 0.02 per Class A share (2024: EUR 0.15), and EUR 0.01 per Class B share (2024: EUR 0.06) have been calculated on the following basis.

 

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Profit attributable to the owners of the parent for calculating basic earnings per share, adjusted to include the assumed coupon net of tax:

 

		Six-month period ended 30 June
€ million		2025				2024
Profit attributable to owners of the parent			14				73
Assumed coupon on perpetual bond (net of tax)			(5	)			(8	)
Total			9				65
Split between:
Class A shares (in million)1			7				54
Class B shares (in million)2			2				11

 

1	Calculated as 83% of adjusted loss attributable to owners of the parent, based on the weight of the Class A weighted average number of shares out of the total shares.

2	Calculated as 17% of adjusted loss attributable to owners of the parent, based on the weight of the Class B weighted average number of shares out of the total shares.

Assumed coupon accruals of EUR 5 million (net of tax) for the period ended 30 June 2025 (2024: EUR 8 million) related to the Perpetual Bonds in issue have been considered for the calculation of the basic and diluted earnings available for distribution.

The weighted average number of shares, net of own shares held, and adjusted to reflect the relative economic rights of the Class A shares and Class B shares for calculating basic earnings per share was as follows:

 

		Six-month period ended 30 June
		2025				2024
Class A shares (in million)			343.6				357.5
Class B shares (in million)			69.5				74.3
Total			413.1				431.8

 

1	Weighted average number of Class B shares of 173.8 (2024: 185.7) (in million), net of own shares held, was multiplied by 40% considering the relative economic rights.

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares which are primarily related to the share-based compensation plans. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options and the difference, if it results in a dilutive effect, is considered to adjust the weighted average number of shares.

For the period ended 30 June 2025, diluted earnings per share of EUR 0.02 per Class A share (2024: EUR 0.15), and EUR 0.01 per Class B share (2024: EUR 0.06) have been calculated on the following basis:

Profit attributable to the owners of the parent for calculating diluted earnings per share is consistent with the one above for calculating basic earnings per share. The weighted average number of shares, net of own shares held, and adjusted in order to reflect the relative economic rights of the Class A shares and Class B shares for calculating diluted earnings per share was as follows:

 

		Six-month period ended 30 June
		2025				2024
Class A shares (in million)			347.8				360.3
Class B shares (in million)			69.5				74.3
Total			417.3				434.6

 

1	Weighted average number of Class B shares of 173.8 (2024: 185.7) (in million), net of own shares held, was multiplied by 40% considering the relative economic rights.

 

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