Solid Govt Demand Outshines Soft Q2 Results; mPOWER Ramps, Intelsat Integration Begins. 
 
Revenue miss. SES reported Q2 revenue of €469M (down 2% y/y), missing consensus by 2.4%. Growth in Government (+18%) and Mobility (+7%) was offset by continued declines in Video (-15%) and fixed data (-11%). Full-year guidance remains unchanged.
Margins steady. AEBITDA was €241M (down 3.8% y/y) with stable margins at 51%. Opex rose 5% due to restructuring costs (€63M YTD) and management affirmed its 2025 cost-saving target of 5-6%, suggesting efficiency measures are already underway.

SES (SESG): 2025 Q2 Earnings Review & Financial Analysis

SKU: QS-CE-2025-Q2-SES_(SESG)

$500.00

Aug 5, 2025
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