Trade and other payables

12 Months Ended

Dec. 31, 2025

Note 31—Trade and other payables


€million	2025		2024
Trade creditors		131		58
Payments received in advance (please also see Note 32)		25		25
Interest on borrowings		74		63
Personnel-related liabilities		113		69
Tax liabilities other than for income tax		59		15
Liability in respect of IRIS 2		394		300
Other financial liabilities		236		148

Total		1,032		678

Of which:
Financial liabilities		973		663
VAT payables		19		10
Tax on salary payable		3		2
Other taxes payable		37		3

Non-financial liabilities		59		15

Other financial liabilities include other accrued expenses of EUR 42 million, airline contractual liabilities of EUR 25 million, accrued revenue share of EUR 17 million, customer collateral deposits of EUR 14 million and customer due refunds of EUR 13 million as at 31 December 2025.

Liability in respect of IRIS

The amount of EUR 394 million (2024: EUR 300 million) represents the funds received from European Commission in relation to the IRIS

programme, representing funding for programme costs for both SES ASTRA S.A. and other consortium members and subcontractors as well as other programme liabilities.

Payments received in advance

In the framework of receivables securiti

ation transactions completed in June 2019 the Group received a net cash amount of EUR 59 million, from the financial institution as advance settlement of future receivables arising between 2022 and 2024 under contracts with a specific customer. The entire outstanding balance of EUR 25 million as at 31 December 2023 was repaid to the financial institution in January 2024.

In June 2022, the Company received a net cash amount of EUR 47 million from the financial institution as advance settlement of future receivables arising between 2024 and 2025 under contracts with a specific customer. A corresponding aggregate liability including interest of EUR 23 million (2024: EUR 48 million), representing SES’s obligation towards the financial institution to continue to provide services to the customer in accordance with the terms of the customer contract, is recorded in the consolidated statement of financial position as at 31 December 2025 under ‘Trade and other payables’ for EUR 25 million (2024: EUR 25

million) and none under ‘Other financial long-term liabilities’(2024: EUR

23 million

)

Tax liabilities other than for income tax

Mainly relate to the provision for litigation for Brazilian indirect taxes of EUR 28 million (2024: 0) and outstanding VAT payable of EUR 19 million (2024: EUR 10 million).