Welcome to our dedicated page for SES SA SEC filings (Ticker: SGBAF), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
SES S.A. (SGBAF) files as a foreign private issuer, with Form 6-K reports furnishing annual reports, audited consolidated financial statements, AGM materials and material-event disclosures. The filings document SES’s multi-orbit satellite and terrestrial network business, revenue from customer contracts, property and equipment, intangible assets, borrowings, financial instruments, financial risk management and business combinations.
SES filings also cover shareholder voting results, A-share and B-share dividend approvals, board composition, hybrid securities issued through SES Financing S.à r.l., subordinated guarantees, tender offers for outstanding securities, credit-rating matters and deleveraging disclosures.
SES S.A. has called an Extraordinary General Meeting on 17 June 2026 to approve a significant capital and governance overhaul. The main proposal is to cut subscribed share capital from EUR 696,483,000 to EUR 651,572,220 by cancelling 35,928,624 shares previously repurchased under its buy-back programme, with no cash paid to shareholders because the shares are already held for the company. The meeting will also vote on adding indemnification protections for directors and executive committee members, clarifying the timing and venue of annual and other shareholder meetings, allowing hybrid (teleconference) meetings, tightening convening and disclosure requirements, and updating what shareholders and auditors must approve and report at annual meetings.
SES reported much larger Q1 2026 revenue of €847 million, up from €509 million, mainly reflecting the full consolidation of Intelsat and strong growth in its Networks activities. Adjusted EBITDA rose to €404 million from €280 million, but the Adjusted EBITDA margin eased to 47.7% from 55.1% as lower-margin equipment sales and mix effects diluted profitability.
On a reported basis, SES moved from a net profit of €29 million in Q1 2025 to a net loss of €16 million, while Adjusted Net Profit fell from €42 million to €14 million, driven by higher depreciation and amortisation and increased financing costs after the Intelsat acquisition. Networks revenue reached €556 million (66% of total), with Mobility up 207.8% year-on-year and Government up 50.7%.
Leverage increased, with Adjusted Net Debt to Adjusted EBITDA at 4.1x at 31 March 2026, compared with 1.2x a year earlier, supported by new hybrid securities and credit facilities. SES reiterated its 2026 outlook for stable revenue and Adjusted EBITDA and maintained a CapEx outlook of around €700 million, while continuing to invest in its next-generation meoSphere MEO network and upcoming satellite launches.
SES reported that shareholders at its Annual General Meeting approved all resolutions proposed by the board, including the 2025 annual accounts and the annual dividend. The dividend totals EUR 0.50 per A-share and EUR 0.20 per B-share, split between interim and final payments.
The interim dividend of EUR 0.25 per A-share and EUR 0.10 per B-share was paid on October 16, 2025, and the final dividend of the same amounts will be paid on April 16, 2026. Shareholders also set the Board of Directors at nine members, re-elected Frank Esser and Anne-Catherine Ries, and appointed Joseph Cohen for a three-year term, while confirming Esser as Chairperson and Ries and Peter van Bommel as Vice-Chairpersons.
SES, a Luxembourg-based satellite operator, filed its Form 20-F detailing a transformative year shaped by the acquisition of Intelsat. SES bought Intelsat for $2.6 billion (€2.2 billion), issued Contingent Value Rights linked to future C‑band monetization, and redeemed $3 billion of Intelsat first‑lien notes.
The combined fleet of nearly 120 GEO and MEO satellites now supports Networks and Media businesses generating €2,627 million of revenue in 2025, up from €2,001 million in 2024. SES outlines extensive risk factors around launch failures, satellite anomalies, regulation, sanctions, cyber threats, C‑band reallocation, CVR uncertainty, and competition from LEO constellations.
SES reports €146 million of net impairment charges in 2025 on orbital slot rights and space assets and discloses previously identified material weaknesses in internal control over financial reporting under U.S. rules, with IT control weaknesses remediated by year‑end and broader remediation efforts ongoing.
SES has completed a cash tender offer for part of its deeply subordinated fixed rate resettable securities. Holders tendered €326,984,000 in aggregate principal amount, and SES set the Final Acceptance Amount at the same level, accepting all valid tenders with no scaling.
SES will pay a Purchase Price of 99.25 per cent of principal plus accrued interest, with settlement expected on 27 March 2026. After the transaction, €198,038,000 in aggregate principal amount of these securities will remain outstanding, and SES intends to cancel all securities it purchases.
SES, through its wholly owned subsidiary SES Financing S.à r.l., has successfully priced €650 million of SPACE hybrid securities. These subordinated perpetual bonds carry a 7.375% annual coupon and are callable at par from 24 March 2031. The instruments are expected to receive 100% equity credit from Moody’s (if sub‑investment grade) and 50% from Fitch until the first reset date, helping SES support its deleveraging and balance‑sheet strengthening objectives. SES plans to use the net proceeds to refinance its 2.875% NC26 hybrid notes of approximately €525 million outstanding, extending the maturity profile while preserving liquidity headroom. Settlement is scheduled for 24 March 2026, with a planned listing on the Luxembourg Stock Exchange’s Euro MTF market.
SES S.A. filed its audited 2025 consolidated financial statements, showing strong revenue growth but a small net loss. Revenue rose to €2,627 million from €2,001 million in 2024, while operating profit was €64 million and the year closed with a loss of €94 million attributable mainly to financing costs and impairments.
In July 2025 SES completed the €3,009 million acquisition of Intelsat, adding significant satellite and orbital slot assets and generating goodwill of €1,808 million. Impairments on space segment assets and orbital slot rights totaled €146 million. Cash from operations was €908 million, but acquisition and capex spending reduced cash to €1,075 million and increased borrowings to €6,305 million, while equity attributable to owners fell to €2,623 million. The independent auditor issued an unqualified opinion under IFRS.
SES S.A. has published its 2025 Annual Report and called its 2026 Annual General Meeting for 2 April 2026 in Betzdorf, Luxembourg. The board proposes a 2025 dividend of EUR 0.50 per A-share and EUR 0.20 per B-share, totaling EUR 222.8 million, unchanged from the prior year.
The filing explains how Fiduciary Depositary Receipt holders can convert into A-shares, attend, and vote, including key dates such as the 19 March 2026 registration date. It also outlines proposed director elections and re-elections and describes SES’s corporate governance, risk management, and remuneration framework in more detail.
SES S.A. reported full-year 2025 results, its first year consolidating Intelsat from 17 July 2025. Reported revenue rose to €2,627 million from €2,001 million, up 33.9% at constant FX, while Adjusted EBITDA increased to €1,196 million from €1,028 million, up 19.1%.
On a combined like-for-like basis (as if Intelsat had been consolidated from 1 January 2024), revenue was €3,512 million, down 1.6% at constant FX, and Adjusted EBITDA was €1,529 million, down 12.1%. SES generated Adjusted Free Cash Flow of €229 million, but reported a net loss of €95 million versus a €15 million profit in 2024, mainly due to higher depreciation, financing costs and non-cash impairments linked to the Intelsat acquisition.
Net leverage (Adjusted Net Debt to Adjusted EBITDA) increased to 3.9x with Adjusted Net Debt of €6,029 million, reflecting new debt raised for the transaction. Networks revenue reached €1,633 million, up 55.2% year-on-year, driven by strong Government and Aviation growth, while Media revenue grew 7.9% to €977 million. SES expects 2026 like-for-like revenue and Adjusted EBITDA to be stable year-on-year and plans around €700 million of capital expenditures.
SES S.A. filed a Form 6-K to share a press release responding to a recent credit rating action by Fitch. The company notes that it continues to hold an investment-grade rating with a stable outlook and emphasizes that it is executing its strategy to improve key credit metrics over time. Management reiterates a clear plan to delever, including various cash-generating options that it believes can substantially support and accelerate debt reduction. As part of this plan, SES restates its policy objective to reduce adjusted net leverage to at least 3.0x or below, using a definition that adjusts both net debt and EBITDA for specific items such as hybrid and perpetual bonds, C-band related effects, restructuring charges, M&A costs, and other non-recurring items.