Welcome to our dedicated page for SES S.A. 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 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.
SES reported that it will pay an interim dividend in October 2025, following a press release issued on September 26, 2025. This gives shareholders an additional cash distribution ahead of the company’s regular dividend schedule.
The company also announced changes to its Board of Directors. Joseph Cohen is being appointed to the board, while Kaj-Erik Relander is departing. These moves adjust the board’s composition and governance profile but are described only at a high level without further detail in this report.