Set out below are the joint ventures of the Group as at 31 December 2025 that are considered material. These joint ventures with JSAT were acquired as part of the Intelsat acquisition and involve the joint ownership and

 

 

governance of, and the allocation of costs and revenue from, the Horizons 3e (Horizons 3) and Galaxy 37 (Horizons 4) satellites.

The acquisition-date fair value of the equity-method investments was EUR 72 million.

In 2025 SES made contributions of EUR 7 million to Horizons 3 to cover its portion of escalating principal payments that Horizons 3 is required to pay JSAT under a loan agreement and expects to make further such contributions in 2026. Refer to Note 35 – Commitments and contingencies.

The Company has a revenue sharing agreement with JSAT related to services sold on the Horizons 3e (Horizons 3) and Galaxy 37 (Horizons 4) satellites, wherein the initiating party contracting with a customer is responsible for engineering, billing and collection for such services, and remits 50% of the revenue, subject to collections, less applicable fees and commissions, to the other party.

The tables below provide summarised financial information for the Group’s material joint ventures. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not SES’s share of those amounts. The amounts in the income statement are for full year 2025, although these joint ventures were not acquired by SES until the closure of the Intelsat acquisition in July 2025. For each joint venture, the difference between the Group’s share of the closing net assets and the carrying amount is due to valuation adjustments.