Financial risk management objectives and policies (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Financial Risk Management Objectives And Policies [Abstract] |
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| Schedule of undiscounted cash flows of the non-derivative financial liabilities |
The table below summarises the projected contractual undiscounted cash flows of the non-derivative financial liabilities based on the maturity profile as at 31 December 2025 and 2024.
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Within
1 year |
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Between
1 and 5 years |
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After
5 years |
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Total |
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| As at 31 December 2025: |
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| Borrowings |
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803 |
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3,569 |
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1,988 |
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6,360 |
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| Future interest commitments |
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214 |
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|
853 |
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|
497 |
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1,564 |
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| Trade and other payables |
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|
973 |
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— |
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— |
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|
973 |
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| Other long-term liabilities |
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— |
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36 |
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— |
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|
36 |
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| Lease liabilities |
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|
110 |
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|
412 |
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|
270 |
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|
792 |
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| Fixed assets suppliers |
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|
279 |
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|
164 |
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— |
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|
443 |
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| Total maturity profile |
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| As at 31 December 2024: |
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| Borrowings |
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273 |
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2,509 |
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|
1,773 |
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|
4,555 |
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| Future interest commitments |
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|
160 |
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|
552 |
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|
638 |
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|
1,350 |
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| Trade and other payables |
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|
663 |
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|
|
— |
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— |
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|
663 |
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| Other long-term liabilities |
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— |
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56 |
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— |
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|
56 |
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| Lease liabilities |
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19 |
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28 |
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|
8 |
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|
55 |
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| Fixed assets suppliers |
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184 |
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|
426 |
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— |
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|
610 |
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| Total maturity profile |
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| Schedule of aggregate net foreign exchange gains/ losses recognized in profit or loss |
The aggregate net foreign exchange gains/ losses recognized in profit or loss were:
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2025 |
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| Net foreign exchange gain included in main currencies |
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-29 |
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2 |
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3 |
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| Net foreign exchange gain/ (loss) included in other currencies |
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3 |
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-1 |
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2 |
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| Net foreign exchange gain included in foreign exchange transactions |
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10 |
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4 |
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8 |
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| Total |
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| Schedule of excluded components are accounted separately in the consolidated statement of comprehensive income |
The excluded components are accounted separately in the consolidated statement of comprehensive income.
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| USD statement of financial position exposure: |
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| Cash and cash equivalents |
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0 |
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| Intercompany loan |
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1,160 |
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| Total |
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| Hedged with: |
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| USD final exchange leg of the CCS |
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| Total |
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| Hedged proportion |
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| Schedule of hedged portion of USD statement of financial position |
The following table sets out the hedged portion of USD statement of financial position exposure as at 31 December:
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| $ million |
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2024 |
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| USD statement of financial position exposure: |
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| SES Americas |
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|
700 |
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|
225 |
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| SES Netherlands |
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|
889 |
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1,797 |
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| MX1 Limited, Israel |
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|
16 |
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|
17 |
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| Intelsat Jackson Holdings S.à r.l. |
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5,863 |
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— |
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| Total |
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| Hedged with: |
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| US Bonds |
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| Term Loan Agreement |
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| Total |
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| Hedged proportion |
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| Schedule of other comprehensive income with no impact on profit and loss |
following table demonstrates the sensitivity to a +/- 20 % change in the US dollar exchange rate on the nominal amount of the Group’s US dollar net investment, with all other variables held constant. All value changes are eligible to be recorded in other comprehensive income with no impact on profit and loss. At the beginning of 2025 the dollar dropped sharply, then recovered modestly as markets reassessed the Federal Reserve’s policy, after which it remained relatively stable for the remainder of the year. Looking ahead to 2026, the analysts expect a continued, gradual weakening of the USD.
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Amount in
USD million |
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Amount in EUR
million at closing
rate of $1.175 |
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Amount in EUR
million at rate
of $1.41 |
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Amount in EUR
million at rate
of 0.94 |
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| USD statement of financial position exposure: |
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| SES Americas |
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|
700 |
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|
596 |
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|
497 |
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|
745 |
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| SES Netherlands |
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|
889 |
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|
756 |
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|
630 |
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|
945 |
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| MX1 Limited, Israel |
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16 |
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13 |
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11 |
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|
17 |
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| Intelsat Jackson Holdings S.à r.l. |
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5,863 |
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4,991 |
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4,158 |
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6,237 |
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| Total |
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| Hedged with: |
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| US Bonds |
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250 |
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|
213 |
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|
177 |
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|
266 |
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| Term Loan Agreement |
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|
550 |
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|
468 |
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|
390 |
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|
585 |
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| Total |
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| Hedged proportion |
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| Absolute difference without hedging |
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(1,059 |
) |
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1,589 |
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| Absolute difference with hedging |
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(946 |
) |
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1,419 |
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| 31 December 2024 |
|
Amount in
USD million |
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Amount in EUR
million at closing
rate of 1.04 |
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Amount in EUR
million at rate
of 1.25 |
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Amount in EUR
million at rate
of 0.83 |
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| USD statement of financial position exposure: |
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| SES Americas |
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|
225 |
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|
217 |
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|
180 |
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|
272 |
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| SES Netherlands |
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1,797 |
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|
1,730 |
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|
1,438 |
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|
2,166 |
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| MX1 Limited, Israel |
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|
17 |
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|
16 |
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|
14 |
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|
20 |
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| Total |
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| Hedged with: |
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| US Bonds |
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|
250 |
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|
241 |
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|
200 |
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|
301 |
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| Other external borrowings |
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— |
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— |
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— |
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— |
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| Total |
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| Hedged proportion |
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| Absolute difference without hedging |
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|
(331 |
) |
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|
494 |
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| Absolute difference with hedging |
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(291 |
) |
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|
433 |
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| Schedule of carrying amount of the Group's debt between fixed and floating rate |
The table below summarises the split of the carrying amount of the Group’s debt between fixed and floating rate.
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At fixed
rates |
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At floating
rates |
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Total |
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Borrowings at 31 December 2025 |
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Borrowings at 31 December 2024 |
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|
4,510 |
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|
10 |
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4,520 |
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Floating
rate borrowings |
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Increase in rates Pre-tax impact |
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Decrease in rates Pre-tax impact |
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Borrowings at 31 December 2025 |
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Borrowings at 31 December 2024 |
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|
10 |
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|
0 |
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— |
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| Schedule of loss expectancy rates based on the history of losses to create a provision matrix |
The Company calculates loss expectancy rates based on the history of losses to create a provision matrix. On that basis, the provision as at 31 December 2025 and 31 December 2024 is as follows:
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Current |
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Less
than 1
month |
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Between
1 and 3
months |
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More
than
3 months |
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Total |
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Average expected loss rate (by portfolio) |
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5.6 |
% |
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|
9.2 |
% |
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|
13.0 |
% |
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29.5 |
% |
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|
Gross carrying amount – trade receivables |
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|
163 |
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|
178 |
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|
111 |
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|
124 |
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|
576 |
|
Provision |
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31 December 2024 |
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Current |
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Less
than 1
month |
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Between
1 and 3 months |
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More
than
3 months |
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Total |
|
Average expected loss rate (by portfolio) |
|
|
2.8 |
% |
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|
3.9 |
% |
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|
7.0 |
% |
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|
13.1 |
% |
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|
Gross carrying amount – trade receivables |
|
|
208 |
|
|
|
51 |
|
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|
38 |
|
|
|
133 |
|
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|
430 |
|
Provision |
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| Schedule of movement in provisions for trade receivables and unbilled accrued revenue |
The movement in provisions for trade receivables and unbilled accrued revenue as at 31 December 2025 and 2024 are as follows:
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At 1 January |
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|
|
96 |
|
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|
100 |
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|
18 |
|
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|
14 |
|
Business combination |
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|
21 |
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2 |
|
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Increase in provision recognized in profit or loss |
|
|
16 |
|
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|
30 |
|
|
|
41 |
|
|
|
32 |
|
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|
9 |
|
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|
1 |
|
Receivables written off as uncollectible |
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|
(15 |
) |
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|
(18 |
) |
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|
(13 |
) |
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(5 |
) |
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|
8 |
|
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|
8 |
|
Unused amount reversed |
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|
(27 |
) |
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|
(31 |
) |
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|
(29 |
) |
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|
(2 |
) |
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|
(2 |
) |
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|
(1 |
) |
Other movements |
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|
— |
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|
— |
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|
— |
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|
6 |
|
|
|
— |
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(3 |
) |
Impact of currency translation |
|
|
(5 |
) |
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|
3 |
|
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|
(3 |
) |
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|
(3 |
) |
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|
1 |
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|
(1 |
) |
At 31 December |
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