As part of the acquisition, the Company assumed the liability for a non-contributory defined benefit retirement plan from Intelsat covering substantially all of its employees hired prior to July 19, 2001. The cost of providing benefits to eligible participants under the defined benefit retirement plan is calculated using the plan’s benefit formulas, which take into account the participants’ remuneration, dates of hire, years of eligible service and certain actuarial assumptions. In addition, as part of the overall medical plan, we provide post-retirement medical benefits to certain current retirees who meet the criteria under the medical plan for post-retirement benefit eligibility. In 2015, Intelsat amended the defined benefit retirement plan to end the accrual of additional benefits for the remaining active participants.

The defined benefit retirement plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (‘ERISA‘) and promulgated by the United States of America. The Company expects that its future contributions to the defined benefit retirement plan will be based on the minimum funding requirements of the U.S. Internal Revenue Code of 1986, as amended (the ‘IRC’), and on the plan’s funded status. Any significant decline in the fair value of the defined benefit retirement plan assets or other

 

million. The Company funds the post-retirement medical benefits throughout the year based on benefits paid. The Company anticipates that its contributions to fund postmedical benefits in 2026 will be approximately EUR

For the legacy Intelsat Staff Retirement Plan (‘SRP‘) and Restoration Plans (‘RP‘), the following two tables show the amounts recognized in the consolidated income statement, the consolidated statement of comprehensive income, and the consolidated statement of financial position:

 

The changes in the defined benefit obligation and fair value of plan assets were as

 

 

 

The net liability disclosed above relates to the funded status of the SRP and RP, as well as the projected benefit obligations under these plans.

Prior year employee benefit obligations amounting to EUR 14 million disclosed under “Other long-term liabilities” were reclassified for presentation purposes to separate line item “Employee benefit obligations”, due to the increase in employee benefit obligations following Intelsat acquisition.

The major categories of the defined benefit plan assets for the SRP are as follows:

31 December 2025

 

 

 

 

The plan assets are measured at fair value. IFRS 13 prioritizes the inputs used in valuation including Level 1, Level 2, and Level 3. The majority of the plan assets are valued following the market approach using measurement inputs which include unadjusted prices in active markets. Therefore, the Company has classified all of these assets as Level 1 assets (Quoted). The U.S. Government Agencies, which use pricing models for similar securities, are classified as Level 2 (Quoted) within the fair value hierarchy under IFRS 13. The other securities, which include Hedge Funds and Core Property Funds, are measured at fair value using the net asset value per share approach. Hence, they are classified as Level 3 (Unquoted).

The following tables display the amounts recognized for Intelsat’s postretirement benefit plan:

 

 

 

Change in the defined benefit obligation

 

The net liability disclosed above relates to the funded status of the defined benefit retirement plan, as well as the projected benefit obligations of the postretirement medical benefits provided under the medical plan.

The following two tables display the amounts recognized for the legacy SES post-retirement benefit plan:

 

 

 

 

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.

In practice, this is unlikely to occur, and changes in some assumptions might be correlated. Therefore, there are some limitations to the methods used.

 

 

Through its defined benefit pension plans and post-employment medical plans, the group is exposed to a number of risks, the most significant of which are detailed below:

 

 

 

The table below shows the expected future defined benefit liability and employer contributions:

 

We maintain a defined contribution retirement plan qualified under the provisions of Section 401(k) of the IRC for employees in the United States. In the Group’s US operations certain employees benefit from an externally insured post-retirement health benefit plan. As at 31 December 2025, accrued premiums of EUR 7 million (2024: EUR7 million) are included in this position. In addition, certain employees of the US operations benefit from defined contribution pension plans. A liability of EUR 7 million has been recognized as at 31 December 2025 in this respect, out of which EUR 2 million was included under ‘Trade and other payables’ (2024: EUR 8 million, out of which EUR 2 million was included under ‘Trade and other payables’).