Slide 1: H1 2025 Results: Completion of Intelsat Acquisition
31 July 2025 H1 2025 RESULTS COMPLETION OF INTELSAT ACQUISITION Six months ended 30 June 2025
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements This document contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words s
Slide 3: Acquisition of Intelsat
Adel Al-Saleh, CEO ACQUISITION OF INTELSAT
Slide 4: The New SES: Compelling Acquisition Focused on the Future
Better together: THE NEW SES COMPELLING ACQUISITION FOCUSED ON THE FUTURE Value accretive acquisition underpinned by significant & readily executable synergies Our MISSION We are building a secure Stronger multi-orbit connectivity powerhouse within the new, fast-moving market collaborative space lan
Slide 5: Multi-orbit fleet: MEO and GEO
MEO MEDIUM EARTH ORBIT High throughput OUR FLEET Fibre-equivalent Low latency TODAY data connectivity 30 MEO HTS (O3b & O3b mPOWER) Unique flexibility Multi-orbit, multi-band satellite network of ~120 GEO & MEO, extensive ground network, with strategic access to LEO satellites 99% coverage of the wo
Slide 6: Stronger Financial Profile
STRONGER Total revenue Adjusted EBITDA Adjusted EBITDA less CapEx FINANCIAL PROFILE €3.7B €1.8B €0.9B + (2024) + (2024) + (2024) 2024 Pro-forma 1.8x 1.7x 1.8x Figures €2.0B €1.03B €0.5B (2024) (2024) (2024) €2.4B >€8B ~60% >€1B NPV of highly visible gross contract backlog of revenue FCF by 2027/2028
Slide 7: Significant Synergy Execution From Day 1
Significant Synergy Execution From Day 1 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 General operating expenses Third-party capacity Procurement efficiencies Non-satellite & ground infrastructure Future fleet optimisation ~70% (~€260M) OF RUN RATE SYNERGIES EXECUTED BY YEAR 3 PLUS, ~30% (~€110M) FROM YEAR 3
Slide 8: Leading Global Space Solutions Company
LEADING GLOBAL SPACE SOLUTIONS COMPANY GOVERNMENT MEDIA MARITIME AVIATION FIXED DATA Support over 60 government organisations Deliver over 9,500 Serve 5 of the 6 including the channels to major cruise lines Provide inflight US government nearly 2 billion & leading provider internet to 30 Serve 8 of
Slide 9: Executive Team
EXECUTIVE TEAM Senior Leadership Team Adel Al-Saleh David Broadbent Deepak Mathur Michael DeMarco Jean-Philippe Gillet Xavier Bertrán Chief Executive President Government President Media President Aero President Fixed and Chief Product & Officer Vertical Vertical Vertical Maritime Vertical Innovatio
Slide 10: Combined Company Growth Outlook Reiterated
Combined Company Growth Outlook Reiterated 2024PF GROUP 2024-2028E REVENUE €3.7B Low- to mid-single digit CAGR 2024PF ADJUSTED 2024-2028E EBITDA(1) €1.8B Mid-single digit CAGR 2024PF CAPITAL 2025-2028E EXPENDITURE €0.9B Average of €600-650M Combined company on track to expand Adjusted Free Cash Flow
Slide 11: H1 2025 Business Highlights
Adel Al-Saleh, CEO H1 2025 BUSINESS HIGHLIGHTS
Slide 12: H1 Highlights
H1 25 Highlights Solid H1 financial performance Accretive Intelsat acquisition underpins FY25 outlook execution creates a stronger multi-orbit operator O3b mPOWER to drive future Competitive vertical solutions driving growth & cash generation continued growth in Networks H1 2025 RESULTS 12
Slide 13: Solid H1 2025 Financial Performance
Solid H1 2025 Financial Performance REVENUE €978M -0.2% yoy with Networks growth of +10.3% yoy(2)) ADJUSTED EBITDA(1) €521M -0.7% yoy incl. 5% yoy reduction in OpEx (excl. COGS)(3) (53% margin) €193M ADJUSTED FREE CASH FLOW +32.0% yoy inc. excl. restricted cash & special items(4) €4.2B CONTRACT €510
Slide 14: Trusted Partner to Customers Worldwide
GOVERNMENT MEDIA AVIATION MARITIME FIXED DATA Notable wins in H1 25 TRUSTED PARTNER TO CUSTOMERS WORLDWIDE Broadcasters, telcos, airlines, enterprises, governments and businesses in over 130 countries H1 2025 RESULTS 14
Slide 15: Networks Growth driven by Government & Mobility
Networks Growth driven by Government & Mobility Networks +10.3% yoy(1) – now 60% of total revenue Strong growth +17.1% yoy, in both US & Global Government Mobility +9.5% yoy(1) with double digit growth in Aviation and solid performance in Maritime Fixed Data (-4.0% yoy) performing to expectations €5
Slide 16: Government
1 Leading commercial satellite capacity provider to the USG GOVERNMENT 50+ years serving the USG and allied governments >30 Countries >60 Agencies and institutions served worldwide Geopolitical shifts trigger surge for resilient, secure, multi-orbit and sovereign space-based capabilities GOVSAT-2 SE
Slide 17: Media Performance Delivered to Expectations
Media Performance Delivered to Expectations Media (40% of total revenue) was -12.1% yoy YoY decline on the back of lower revenue in mature markets due to capacity optimisation, impact of SD channel switch offs as well as full quarter of impact of the Brazilian customer bankruptcy €175M of long-term
Slide 18: O3b mPOWER Deployment on Track, Supporting Growth
1) Initial 6 O3b mPOWER satellites operating with reduced operational life & available capacity. O3b mPOWER Deployment on Track, Supporting Growth EXTENDING Significant increase in capacity with full constellation from 2027 OUR CAPABILITIES GEO SATELLITE Creating a Future SOFTWARE DEFINED GEO SATELL
Slide 19: Financial Highlights
Lisa Pataki, CFO FINANCIAL HIGHLIGHTS
Slide 20: Q2 & H1 2025 Vertical Performance
Q2 & H1 2025 VERTICAL PERFORMANCE Rev/Adj.EBITDA as reported (€m) Change (yoy) at constant FX Q2 2025 H1 2025 H1 2025A Q2 2025 H1 2025 Average €/$ FX rate 1.12 €978 1.08 M - MEDIA €192 €398 -13.6% -12.1% - NETWORKS €277 €579 +12.5% +10.3% - GOVERNMENT €153 €301 +21.1% +17.1% - FIXED DATA €49 €109 -6
Slide 21: H1 Adjusted Net Profit of €77M
H1 25 Adjusted Net Profit of €77M Adjusted Net Profit and Reported Net Profit Walk (€M) Revenue of €978M (-0.2% yoy) Adjusted EBITDA of €521M (-0.7% yoy) Adjusted EBITDA margin of 53% (H1 2024: 54%) w/ focus on reduction of controllable OpEx by 5% yoy Lower yoy Adjusted Net Profit reflects higher D&
Slide 22: Strong Financial Position & Balance Sheet Metrics
Strong Financial Position & Balance Sheet Metrics Adjusted Free Cash Flow (FCF)(1) of €193M +32.0% yoy ~€90M of final C-band reimbursements received H1 Final FY24 dividend (€0.25 per A-share, €0.10 per B-share ) paid to shareholders on 17 April In October 2025, SES will pay an interim dividend of €0
Slide 23: H1 Performance Tracking to Stable Financial Outlook for 2025
H1 Performance Tracking to Stable Financial Outlook for 2025 Financial outlook assumes constant FX, nominal satellite health, and nominal launch schedule H1 2025A GROUP 2025E REVENUE €978M Stable YOY On track H1 2025A ADJUSTED 2025E EBITDA(1) €521M Broadly Stable YOY On track 2025E CAPITAL H1 2025A
Slide 24: Conclusion
SES* CONCLUSION
Slide 25: Evolved Strategy is Showing Results
Evolved Strategy is Showing Results TRANSFORMATION & EXECUTION FOCUS ON GREEN ZONES INVEST IN INNOVATION Most efficient & agile operating model Managed multi-orbit solutions in our Across our network & operations to to accelerate execution, maximising selected segments where we have a digitise
Slide 26: Industry Leader
INDUSTRY CUSTOMER CENTRIC LEADER Delivering value for governments and clients in a valuable, in our chosen markets fast growing SATCOM industry GROWING Showing sustainable, profitable growth for future investments and shareholder returns INNOVATIVE Enhancing our capabilities; improving our commercia
Slide 27: Additional Information
ADDITIONAL = he INFORMATION —
Slide 28: Alternative Performance Measures
Alternative Performance Measures SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly
Slide 29: Committed to Disciplined Financial Policy
Committed to Disciplined Financial Policy MAINTAINING A STRONG DELIVERING RETURNS PROFITABLY INVESTING BALANCE SHEET TO SHAREHOLDERS FOR THE FUTURE Committed to investment grade metrics Stable to progressive dividend policy Sustain & profitably grow the business Target net leverage of below 3x Annua
Slide 30: Future Satellite Launch Schedule
Future Satellite Launch Schedule Region Application Launch EAGLE-1 Europe Networks 2026 O3b mPOWER (11-13) Global Networks 2026 ASTRA 1Q Europe Media, Networks 2027 SES-26 Asia, EMEA Media, Networks 2027 GOVSAT-2 Europe Government TBD Final launch dates are subject to confirmation by launch provider
Slide 31: Alternative Performance Measures (1/2)
Alternative Performance Measures (1/2) SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to sim
Slide 32: Alternative Performance Measures (2/2)
Alternative Performance Measures (2/2) SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to sim
Slide 33: SES Investor Relations
SES Investor Relations Email: IR@ses.com Telephone: +352 710 725 261