$SGBAF

SES S.A.

CIK:0001347408|SEC Filings

Consolidated income statement - EUR (€) € / shares in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Line Items]
Revenue	€ 2,627	€ 2,001	€ 2,030
C-band repurposing income	3	88	2,744
Other income	182	3	5
Cost of sales	(755)	(461)	(444)
Staff costs	(495)	(402)	(409)
Other operating expenses	(348)	(236)	(244)
Operating expenses	(1,598)	(1,099)	(1,097)
Fair value movement on contingent value rights	(28)
Depreciation expense	(836)	(650)	(603)
Property, plant and equipment impairment	(73)	(216)	(26)
Assets in the course of construction impairment			(425)
Amortisation expense	(140)	(156)	(89)
Intangible assets impairment	(73)	93	(3,225)
Operating profit / (loss)	64	64	(686)
Finance income	160	136	64
Finance costs	(332)	(139)	(106)
Net financing costs	(172)	(3)	(42)
Other non-operating income / expenses (net)	(7)	21
Profit / (loss) before tax	(115)	82	(728)
Income tax expense	21	(55)	(176)
Profit / (loss) after tax	(94)	27	(904)
Profit / (loss) for the year	(94)	27	(904)
Attributable to:
Owners of the parent	(95)	15	(905)
Non-controlling interests	1	12	1
Profit / (loss) for the year	€ (94)	€ 27	€ (904)
Class A Shares [Member]
Basic loss per share (in euro)
Basic loss per share Class A and Class B	€ (260)	€ 0	€ (2,140)
Diluted loss per share (in euro)
Diluted loss per share Class A and Class B	(260)	0	(2,120)
Class B Shares [Member]
Basic loss per share (in euro)
Basic loss per share Class A and Class B	(100)	0	(860)
Diluted loss per share (in euro)
Diluted loss per share Class A and Class B	€ (100)	€ 0	€ (860)

Consolidated statement of cash flows - EUR (€)
€ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of cash flows [abstract]

Profit / (loss) before tax

€ (115)

€ 82

€ (728)

Taxes paid during the year

(35)

(168)

(442)

Interest expense on borrowings

178

104

Interest income

(136)

(127)

(51)

Depreciation, amortisation and impairment

1,121

929

4,368

Amortisation of client upfront payments

(25)

(45)

Other non-cash items in the consolidated income statement

(5)

173

Consolidated operating profit adjusted for non-cash items and tax payments and before working capital changes

983

775

3,361

Changes in working capital

(Increase) in inventories

(26)

Decrease in trade and other receivables

Decrease/(increase) in prepayments

(12)

(2)

Increase/(decrease) in trade and other payables

(116)

205

(4)

(Decrease)/increase in upfront payments

(21)

(19)

137

Changes in working capital

(75)

231

118

Net cash generated by operating activities

908

1,006

3,479

Cash flow from investing activities

Payments for acquisition of subsidiary, net of cash acquired

(1,454)

Payments for purchases of intangible assets

(26)

(23)

(22)

Payments for purchases of tangible assets

(522)

(280)

(383)

Proceeds from sale of tangible assets

Interest received

123

158

Insurance claim received

164

Proceeds from sale of business

Other investing activities

(14)

(10)

Net cash absorbed by investing activities

(1,665)

(159)

(370)

Cash flow from financing activities

Proceeds from borrowings

2,159

1,034

Repayment of borrowings

(2,906)

(717)

(706)

Partial redemption of perpetual bond

(59)

(35)

Transaction costs in respect of undrawn facilities

(10)

(22)

Coupon paid on perpetual bond

(16)

(49)

Dividends paid on ordinary shares

^[1]

(207)

(320)

(220)

Interest paid on borrowings

(264)

(110)

(109)

Payments for acquisition of treasury shares

(128)

(22)

Proceeds from treasury shares sold and exercise of stock options

Lease payments

(60)

(26)

(22)

Payment in respect of changes in ownership interest in subsidiaries

(2)

Net cash absorbed by financing activities

(1,361)

(375)

(1,126)

Net foreign exchange movements

(328)

142

(123)

Net increase / (decrease) in cash

(2,446)

614

1,860

Cash and cash equivalents at start of the year

3,521

2,907

1,047

Cash and cash equivalents at end of the year

€ 1,075

€ 3,521

€ 2,907

[1]	Dividends are presented net of dividends received on treasury shares of EUR 17 million (2024: EUR 15 million, 2023: EUR 3 million)

Consolidated statement of financial position - EUR (€) € in Millions	Dec. 31, 2025	Dec. 31, 2024
Non-current assets
Property, plant and equipment	€ 5,399	€ 2,924
Assets in the course of construction	1,750	1,348
Subtotal	7,149	4,272
Intangible assets	2,810	908
Other financial assets	135	34
Derivatives	9
Lease receivable	13
Investments accounted for using the equity method	77
Prepayments	28	2
Income tax receivable	155
Trade and other receivables	91	107
Deferred customer contract costs	19	1
Deferred tax assets	644	701
Total non-current assets	11,130	6,025
Current assets
Inventories	196	49
Trade and other receivables	770	649
Deferred customer contract costs	8	2
Other financial assets	9
Prepayments	117	58
Income tax receivable	65	23
Cash and cash equivalents	1,075	3,521
Total current assets	2,240	4,302
Total assets	13,370	10,327
Equity
Attributable to the owners of the parent	2,623	3,423
Non-controlling interests	91	69
Total equity	2,714	3,492
Non-current liabilities
Borrowings	5,507	4,247
Provisions	46	3
Deferred income	522	338
Deferred tax liabilities	455	212
Other long-term liabilities	35	41
Contingent value rights	749
Employee benefit obligations	48	14
Lease liabilities	559	32
Fixed assets suppliers	164	426
Total non-current liabilities	8,085	5,313
Current liabilities
Borrowings	798	273
Provisions	64	128
Deferred income	303	225
Trade and other payables	1,032	678
Employee benefit obligations	1
Lease liabilities	76	19
Fixed assets suppliers	279	184
Income tax liabilities	18	15
Total current liabilities	2,571	1,522
Total liabilities	10,656	6,835
Total equity and liabilities	€ 13,370	€ 10,327