SES posts mixed Q3 results after $3.1B Intelsat takeover reshapes satellite giant

Satellite operator SES has released its first financial results since completing the acquisition of Intelsat in July 2025. While revenue grew, the figures fell short of what analysts had predicted. The deal, finalised after 15 months of negotiations, has reshaped the company’s scale and ambitions. The takeover, first announced in early 2024, closed in mid-2025 for $3.1 billion in cash, plus additional payments linked to future C-band spectrum earnings. Following the merger, SES now operates around 120 satellites, with 90 in geostationary orbit and another 30 in medium Earth orbit.

The acquisition has significantly increased SES’s debt load, pushing net borrowings to roughly 6 billion euros (about $6.9 billion). However, the company plans to cut this burden through strict financial management and cost savings. It expects to unlock 70% of the projected 2.4 billion euros in synergies within three years. Beyond debt reduction, SES is focusing on growth areas. It has invested in Lynk Global to tap into the direct-to-device (D2D) market and hosted payload opportunities. Meanwhile, the rollout of its next-generation O3b mPower satellite network continues, aiming to expand global connectivity. The company’s progress was also recognised at the 8th annual SpaceNews Icon Awards, held on December 2, 2025.

With the Intelsat deal complete, SES now operates one of the world’s largest satellite fleets. The focus shifts to reducing debt, realising cost savings, and capitalising on new markets like D2D communications. The success of its O3b mPower expansion and future C-band monetisation will shape the company’s next phase.