Commitments and contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Of Commitments And Contingent Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and contingencies | Note 35—Commitments and contingencies IRIS 2 Concession Agreement In December 2024 the Consortium received an initial funding (“Pre-financing”) of EUR 300 million from the European Commission for IRIS² programme costs arising in the first year of the programme for SES Astra Consortium has a contractual commitment to refund the European Commission any residual portion of the EUR 300 million Pre-financing which has not been project Capital expenditure commitments The Group had outstanding commitments in respect of contracted capital expenditure totaling EUR million (2024: EUR 281 million) as at 31 December 2025. These commitments largely reflect the procurement of satellites and satellite launchers and are stated net of liabilities under these programmes which are already disclosed under “Fixed assets suppliers” (see Note 34). The commitments as at 31 December 2025 include EUR million) in connection with the renewal of the agreement with Luxembourg government in respect of SES’s concession to operate satellites under Luxembourg’s jurisdiction as well as EUR million deriving from the Intelsat acquisition. Certain contracts require that we make progress payments during the period of the satellites’ construction and contain provisions that allow us to cancel the contracts for or without cause. If cancelled without cause, we could be subject to substantial termination penalties, including the forfeiture of progress payments made to date and additional penalty payments. If cancelled for cause, we are entitled to recover progress payments made to date and liquidated damages as specified in the contracts. Capital expenditure commitments arising under these agreements as at 31 December are as follows:
Satellite performance incentive obligations Certain satellite construction contracts acquired as part of the Intelsat acquisition require that the Company make s orbital incentive payments (plus interest as defined in each agreement with the satellite manufacturer) over the orbital life of the satellite. The incentive obligations may be subject to reduction or refund if the satellite fails to meet specific technical operating standards.As at 31 December 2025, the satellite performance incentive obligations, including future interest payments, for satellites currently in orbit are as follows:
Leases executed but not yet commenced As part of the Intelsat acquisition, SES acquired a finance lease for an 28 in-orbit satellite servicing vehicle which has not yet commenced service with aggregate lease payments of circa EURmillion. The lease is expected to commence in 2026 with a lease term of approximately Additionally, SES acquired a finance lease for a teleport and associated ground infrastructure which has not yet commenced, with payments totalling approximately EUR 9 million. The lease is expected to commence in 2026 with a lease term of 5 years. Contributions to joint ventures: As part of the Intelsat acquisition, SES has commitments to make capital contributions to - and purchase satellite capacity from - Horizons 3 and Horiz ons 4. The commitments arising under these agreements as at 31 December are as follows:
Refer also to Note 19 – Investments accounted for using equity method. Other commitments The Group’s other commitments include transponder and teleport service agreements for the purchase of satellite capacity and teleport services from third parties under contracts with a maximum life of ten years for EUR 408 million (2024: EUR 47 million), cloud computing service agreements for EUR 36 million (2024: EUR 59 million), as well as EUR 63 million (2024: EUR 64 million) in connection with capital contributions into a Luxembourg space sector fund in connection with the renewal of the agreement with Luxembourg government in respect of SES’s concession to operate satellites under Luxembourg’s jurisdiction.As part of the Intelsat acquisition, SES acquired a EUR 202 million commitment as at 31 December 2025 to purchase low-earth orbit satellite capacity and terminal hardware over six years commencing on January 1, 2025. SES has the option, but not the obligation, to increase its commitment for an additional EUR213 million for a total of EUR 415 million over a term of seven years.
The total expense recognized for transponder service agreements in 2025 was EUR Litigation There were no significant litigation claims against the Group as at 31 December 2025, or as at 31 December 2024. Guarantees On 31 December 2025 the Group had outstanding bank guarantees of EUR 29
million (2024: EUR million) with respect to performance and warranty guarantees for services of satellite operations. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||