v3.26.1
Non-controlling Interests
 12 Months Ended
Dec. 31, 2025
Disclosure of non controlling interests [Abstract]  
Non-controlling interests
Note
27—Non-controlling
interests
Set out below is the summarised financial information before intercompany eliminations for each of the subsidiaries referred to in Note 2 which have
non-controlling
interests (NCI) that are material to the Group, namely
1. LuxGovSat S.A. (‘LuxGovSat’) with a 50% NCI; and
2. Al Maisan Satellite Communication Company LLC (‘Al Maisan’) with a 65% NCI.
As part of the acquisition, the Group acquired a 50% NCI in Horizons Holdings, which has an accumulated NCI of EUR 25 million as at 31 December 2025. In addition, the Group has a 50% NCI in Luxembourg Space Sector Development SCSp, which has an accumulated NCI of EUR 5 million (2024: EUR 4 million) as at December 31, 2025. Each of these entities has assets, liabilities, and operations that are not material to the Group.
 
€ million
  
LuxGovSat
 
  
Al Maisan
 
Summarised balance sheet
  
2025
 
  
2024
 
  
2025
 
  
2024
 
Current assets
   
 
38
 
   
 
23
 
     
4
     
 
4
 
Current liabilities
   
 
(34
)
   
 
(25
)
     
(2
) 
   
 
(2
) 
Current net assets / (liabilities)
   
 
4
 
   
 
(2
 )      
2
     
 
2
 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
 
  
 
         
Non-current
assets
   
 
116
 
   
 
131
 
     
14
     
 
24
 
Non-current
liabilities
   
 
(17
) 
   
 
(34
)
     
(1
)
   
 
— 
 
Non-current
net assets
   
 
99
 
   
 
97
 
     
13
     
 
24
 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
 
  
 
         
Net assets
   
 
103
 
   
 
95
 
     
15
     
 
26
 
Accumulated NCI
   
 
52
 
   
 
48
 
     
10
        17  
Transactions with NCI
   
 
— 
 
   
 
— 
 
     
— 
        —   
                                                 
€ million
  
LuxGovSat
 
  
Al Maisan
 
Summary comprehensive income
  
2025
 
  
2024
 
  
2023
 
  
2025
 
  
2024
 
  
2023
 
Revenue
  
 
44
 
  
 
38
 
  
 
31
 
  
 
8
 
  
 
10
 
  
 
7
 
Operating expenses
  
 
(13
) 
  
 
(12
) 
  
 
(12
) 
  
 
(4
) 
  
 
(4
) 
  
 
(4
) 
Profit/(loss) for the period
  
 
4
 
  
 
9
 
  
 
4
 
  
 
(1
) 
  
 
2
 
  
 
— 
 
Other comprehensive income
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Total comprehensive income
  
 
4
 
  
 
9
 
  
 
4
 
  
 
(1
) 
  
 
2
 
  
 
— 
 
Profit/(loss) allocated to NCI
  
 
2
 
  
 
4
 
  
 
2
 
  
 
(1
) 
  
 
1
 
  
 
— 
 
Dividend paid to NCI
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
 
 
€ million
  
LuxGovSat
 
  
Al Maisan
 
Summary cash flows
  
2025
 
  
2024
 
  
2023
 
  
2025
 
  
2024
 
  
2023
 
From /(absorbed by) operating activities
  
 
32
 
  
 
37
 
  
 
16
 
  
 
5
 
  
 
6
 
  
 
5
 
From /(absorbed by) investing activities
  
 
(7
) 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
From /(absorbed by) financing activities
  
 
(25
) 
  
 
(37
) 
  
 
(16
) 
  
 
(5
) 
  
 
(6
) 
  
 
(12
) 
Net foreign exchange movements
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(1
) 
Increase / (decrease) in cash position
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(8
)