Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

As at 31 December 2025 and 2024, the Group’s interest-bearing borrowings were:


€ million	Effective interest rate			Maturity		Amounts outstanding 2025, carried at amortised cost
Non-current
Euro Private Placement 2027
(EUR 140 million under EMTN)		4.00	%		May 2027		140
Eurobond 2027 (EUR 500 million)		0.875	%		November 2027		499
Eurobond 2028 (EUR 400 million)		2.00	%		July 2028		398
Eurobond 2029 (EUR 750 million)		3.50	%		January 2029		748
Eurobond 2030 (EUR 500 million)		4.125	%		June 2030		497
Eurobond 2033 (EUR 500 million)		4.875	%		June 2033		496
Fixed Term Loan (LuxGovSat), non-listed		3.30	%		December 2027		16
German bond (EUR 50 million), non-listed		4.00	%		November 2032		50
US Bond (USD 250 million)		5.30	%		April 2043		208
US Bond (USD 500 million)		5.30	%		March 2044		414
Hybrid Bond NC5.25 (EUR 500 million)		5.50	%		September 2054		495
Hybrid Bond NC8 (EUR 500 million)		6.00	%		September 2054		496
Floating Term Loan with European Investment Bank (EUR 300 million)		EURIBOR 6M + 0.867	%		June 2032		300
Term Loan Agreement (USD 1,000 million)		SOFR 3M + 2.125	%		June 2029		711
Fixed Term Loan (SES Astra 1P Sarl), non-listed		3.15	%		March 2031		19
Floating Term Loan Facility (SES Satellites Ventures Sarl), non-listed		SOFR 3M + 2.2	%		March 2030		20

Total non-current							5,507

Current
Eurobond 2026 (EUR 650 million)		1.625	%		March 2026		650
Term Loan Agreement (USD 1,000 million)		SOFR 3M + 2.125	%		June 2029		124
Fixed Term Loan (LuxGovSat), non-listed		3.30	%		December 2027		16
Fixed Term Loan (SES Astra 1P Sarl), non-listed		3.15	%		March 2031		8

Total current							798


€ million	Effective interest rate			Maturity		Amounts outstanding 2024, carried at amortised cost
Non-current
Eurobond 2026 (EUR 650 million)		1.625	%		March 2026		651
Euro Private Placement 2027
(EUR 140 million under EMTN)		4.00	%		May 2027		140
Eurobond 2027 (EUR 500 million)		0.875	%		November 2027		499
Eurobond 2028 (EUR 400 million)		2.00	%		July 2028		398
Eurobond 2029 (EUR 750 million)		3.50	%		January 2029		746
Fixed Term Loan (LuxGovSat), non-listed		3.30	%		December 2027		32
German bond (EUR 50 million), non-listed		4.00	%		November 2032		50
US Bond (USD 250 million)		5.30	%		April 2043		235
US Bond (USD 500 million)		5.30	%		March 2044		468
Hybrid Bond NC5.25 (EUR 500 million)		5.50	%		September 2054		494
Hybrid Bond NC8 (EUR 500 million)		6.00	%		September 2054		496
Fixed Term Loan (SES Astra 1P Sarl), non-listed		3.15	%		March 2031		28
Floating Term Loan Facility (SES Satellites Ventures Sarl), non-listed		SOFR 3M + 2.2	%		March 2030		10

Total non-current							4,247

Current
German bond (EUR 250 million), non-listed		1.71	%		December 2025		250
Fixed Term Loan (LuxGovSat), non-listed		3.30	%		December 2027		17
Fixed Term Loan (SES Astra 1P Sarl), non-listed		3.15	%		March 2031		6

Total current							273