Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about property, plant and equipment [abstract]

Note 15—Property, plant and equipment


2025 € million	Land and buildings			Space segment			Ground segment			Other fixtures & fittings, tools and equipment			Total
Cost
As at 1 January		301			10,830			743			266			12,140
Additions		6			15			52			13			86
Business combinations 1 (Note 4)		370			2,009			498			3			2,880
Disposals		(1	)		—			(1	)		(8	)		(10	)
Retirements 2		(48	)		(191	)		(14	)		(10	)		(263	)
Transfer from assets under construction 3		9			494			87			23			613
Other movements 4		(2	)		(1	)		5			(2	)		—
Impact of currency translation		(14	)		(688	)		(67	)		(20	)		(789	)
As at 31 December		621			12,468			1,303			265			14,657
Depreciation
As at 1 January		(206	)		(8,296	)		(497	)		(217	)		(9,216	)
Depreciation		(32	)		(667	)		(112	)		(25	)		(836	)
Impairment expense		—			(115	)		—			—			(115	)
Impairment reversal		—			42			—			—			42
Disposals		—			—			—			8			8
Retirements 2		44			186			14			10			254
Impact of currency translation		7			541			43			14			605
As at 31 December		(187	)		(8,309	)		(552	)		(210	)		(9,258	)

Book value as at 31 December		434			4,159			751			55			5,399

1	Space segment amount comprises satellites of EUR 1,571 million and right-of-use assets of EUR 438 million

2	Satellites retired from service ASTRA 2A and Galaxy-23.

3	Transfers from assets in the course of construction primarily related to the satellites mPOWER 7 and 8.

4	Other movements include transfers between categories


2024 € million	Land and buildings			Space segment			Ground segment			Other fixtures & fittings, tools and equipment			Total
Cost
As at 1 January		281			10,241			767			300			11,589
Additions		2			23			22			8			55
Disposals		—			—			—			(3	)		(3	)
Retirements 1		(26	)		(707	)		(128	)		(68	)		(929	)
Transfer from assets under construction		17			950			82			14			1,063
Other movements 2		20			2			(21	)		7			8
Impact of currency translation		7			321			21			8			357
As at 31 December		301			10,830			743			266			12,140
Depreciation
As at 1 January		(209	)		(7,536	)		(564	)		(238	)		(8,547	)
Depreciation		(10	)		(557	)		(57	)		(26	)		(650	)
Impairment expense		—			(290	)		—			—			(290	)
Impairment reversal		—			74			—			—			74
Disposals		—			—			—			2			2
Retirements 1		25			707			126			68			926
Transfer of impairment from assets in course of construction (Note 16)		—			(434	)		—			—			(434	)
Other movements 2		(7	)		(2	)		15			(15	)		(9	)
Impact of currency translation		(5	)		(258	)		(17	)		(8	)		(288	)
As at 31 December		(206	)		(8,296	)		(497	)		(217	)		(9,216	)

Book value as at 31 December		95			2,534			246			49			2,924

1	Satellites ASTRA 2C, Ciel-2, and NSS-7 were de-orbited in 2024

2	Other movements include presentational adjustments and transfers between categories


2023 € million	Land and buildings			Space segment			Ground Segment			Other fixtures & fittings, tools and equipment			Total
Cost
As at 1 January		300			11,368			902			312			12,882
Additions		—			13			9			5			27
Disposals		(8	)		(151	)		(3	)		(6	)		(168	)
Retirements 1		(9	)		(805	)		(154	)		(25	)		(993	)
Transfers from assets under construction		2			8			30			14			54
Impact of currency translation		(4	)		(192	)		(17	)		—			(213	)
As at 31 December		281			10,241			767			300			11,589
Depreciation
As at 1 January		(215	)		(8,118	)		(675	)		(244	)		(9,252	)
Depreciation		(13	)		(503	)		(57	)		(30	)		(603	)
Impairment expense		—			(56	)		—			—			(56	)
Impairment reversal		—			30			—			—			30
Disposals		8			151			3			6			168
Retirements 1		9			805			154			25			993
Impact of currency translation		2			155			11			5			173
As at 31 December		(209	)		(7,536	)		(564	)		(238	)		(8,547	)

Book value as at 31 December		72			2,705			203			62			3,042

1	Sale of AMC-11

2	Satellites ASTRA 1G, ASTRA 2D, AMC-18, AMC-1, AMC-4, and NSS-6 were de-orbited in 2023

The Group’s policy in setting the useful economic life of its satellites is to initially use the satellite design life and then, once sufficient time has passed to allow for initial anomalies to be investigated and future fuel projections to be stabilised, to adjust the depreciation life to take into account factors such as the technical condition of the satellite, its projected remaining fuel life, and replacement or redeployment plans.

The review in 2025 resulted in a revision to the remaining useful economic lives of three GEO satellites, reducing 2025 depreciation expense by EUR 8

million. The corresponding review in 2024 resulted in a revision to the remaining useful economic lives of one GEO satellite but did not have a significant impact on 2024 depreciation expense due to the low net book value of the satellite concerned. The review in 2023 resulted in no revisions to the remaining useful economic lives of any GEO satellites.

As at 31 December 2025 the amount of the property, plant and equipment pledged in relation to Group liabilities was nil (2024: nil

, 2023: nil). For further information related to

right-of-use

assets, see Note

Impairment of space segment assets

The Group performs an impairment test on space segment assets together with orbital slot rights and ground segment, thus forming individual slot-satellite-ground cash-generating units (‘CGUs’). In 2025 the net impairment expense recorded for space segment assets was EUR

million (2024: EUR

216

million, 2023: EUR

million), with EUR 115 million of impairment charges (2024: EUR

290

million, 2023: EUR

million) being partially offset by EUR

million in reversals of previous impairment charges (2024: EUR 74 million, 2023: EUR 30 million).

The charges and reversals are the aggregation of impairment testing procedures on the Group’s slot-satellite-ground CGUs fleet and are caused by changes in the underlying business plans for these assets as compared to the prior year, as well as changes in discount rates compared to the prior year-end.

The following table discloses the applicable amounts and

post-tax

discount rates used in the impairment test for the slot-satellite-ground CGUs subject to impairment charges or reversals during 2025.


€ million	Value-in-use		Discount rate			Satellite impairment			Slot impairment
2025 – Charges		619		7.5% - 8.8	%		115			99
2025 – Reversals		496		7.5 % - 8.8	%		(42	)		(26	)
2025 – Net Impact							73			73

For 2024, the following table discloses the applicable amounts and

post-tax

discount rates used in the impairment test for those geostationary satellites and orbital slot rights subject to impairment charges or reversals during 2024.


€ million	Value-in-use		Discount rate			Satellite impairment			Slot impairment
2024 – GEO charges		750		8.9	%		237			93
2024 – GEO reversals		1,005		6.8% - 8.9	%		(74	)		(186	)
2024 – MEO charges		1,419		8.9	%		53			—
2024 – Net impact							216			(93	)

For 2023, the following table discloses the applicable amounts and pre-tax discount rates used in the impairment test for those geostationary satellites subject to impairment charges or reversals.


€ million	Value-in-use		Discount rate			Satellite impairment
2023 – GEO charges		540		7.1% - 10.5	%		56
2023 – GEO reversals		177		10.5	%		(30	)
2023 – Net impact							26

The impairment charges and reversals recorded reflect updated business assumptions for the satellites through to the end of their useful economic lives. In general, these updated assumptions reflect a combination of revised commercial developments and expectations, updated assessments of the regulatory environment impacting certain assets (and hence the Group’s ability to achieve the forecast commercial exploitation), changes in the competitive environment in which the Group operates, and certain changes in the operation of the satellites (for example the decision to place a particular satellite into inclined orbit, or changes to the timing thereof) or associated ground segment infrastructure.

As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the slot-satellite-ground CGU’s specific rate used in the base valuation and

EBITDA

projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date.

For all slot-satellite-ground CGUs taken together, the most recent testing showed that

a 1% decrease in the

perpetual

growth rates would increase the impairment by EUR 13 million. A 1% increase in the

after-tax

discount rate would increase the impairment by EUR 34 million. Taken together, a 1% increase in the

after-tax

discount rate and a 1% decrease in the declining growth rates would increase the impairment by EUR 78 million. Taken separately from changes in discount and declining growth rates, a 5% reduction in

EBITDA

would increase the impairment by EUR 52 million.