SES Reports Revenue, EBITDA Shortfall in 2025 After Intelsat Acquisition

Growth expected to return in 2027 after short-term integration challenges.

Published on Mar. 2, 2026

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Satellite operator SES reported a 1.6% drop in revenue and 12.1% drop in adjusted EBITDA for 2025, seven months after acquiring competitor Intelsat. The company said the shortfall was due mainly to short-duration events related to the integration of the two businesses.

Why it matters

The acquisition of Intelsat was a major strategic move for SES to consolidate the satellite industry and gain scale. However, the financial results in the first year after the deal highlight the challenges of integrating two large companies and the potential short-term disruption to the business.

The details

SES reported its 2025 results as if Intelsat had been part of the company for the full year, as well as a separate set of results accounting for Intelsat's business since the transaction closed on July 17. The company said the revenue and EBITDA shortfall was due mainly to short-duration events related to the integration of the two businesses.

  • SES acquired Intelsat on July 17, 2025.
  • SES reported its 2025 financial results on March 2, 2026.

The players

SES

A Luxembourg-based satellite fleet operator that acquired competitor Intelsat in 2025.

Intelsat

A satellite operator that was acquired by SES in 2025.

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What’s next

SES expects growth to return in 2027 as the integration of Intelsat is completed.

The takeaway

The acquisition of Intelsat by SES highlights the challenges of consolidation in the satellite industry, with short-term disruption to financial performance before the expected benefits of scale and synergies materialize.