SES Reaffirms Debt Reduction Goal After Moody's Downgrade
Satellite operator SES has acknowledged the credit rating downgrade by Moody's Investor Service, announced following the publication of its third quarter 2025 results and an update on the integration of Intelsat. Nevertheless, the Luxembourg-based group reaffirms its commitment to reducing its debt.
According to the press release, the management of SES states that the company continues to execute its strategy with a plan aimed at improving its credit metrics over time. The group maintains its goal of reducing its adjusted net leverage to 3.0 times adjusted EBITDA or below, a level considered compatible with an investment grade rating. The operator specifies that this downgrade does not affect its ability to conduct operations, serve its customers, or implement its strategic plan. SES has an average weighted debt maturity of about five years, and Moody's action is not expected to have a significant impact on the interests due under its existing credit facilities, the company indicates.
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SES's CFO, Lisa Pataki, states that the group's priority is to convert its strategic position into sustainable cash generation and improved credit metrics. The company asserts it has multiple levers for liquidity generation that can support and accelerate its debt reduction plan. These levers will be used in a disciplined manner, the management specifies. The group commits to maintaining active dialogue with its stakeholders and rating agencies, while providing updates through its regular financial communications.
Support from Luxembourg
SES highlights the support from the Grand Duchy of Luxembourg, which remains a reference investor in the company's capital. The group reaffirms its commitment to a stable to progressive dividend policy, despite the current context. The operator, which completed the acquisition of Intelsat in July 2025, now claims more than 100 years of cumulative expertise in the space sector. The company, headquartered in Luxembourg, is listed on the Paris and Luxembourg stock exchanges.
SectorTélécommunications›Équipements de Télécommunications
Context
Period
Period: 3T/9M 2025
Guidance from the release
I am pleased to report our solid 9 months 2025 results which include the first quarter for the combined company following the successful close of the Intelsat acquisition on 17 July 2025.
Croissance tirée par le segment Networks (Aviation, Government), intégration d'Intelsat en bonne voie, carnet de commandes brut de €7,1 billion, lancements O3b mPOWER 9 & 10 réussis et règlement d'assurance partiel d'environ $87 million.
Risks mentioned
Risque de ne pas atteindre les synergies attendues de l’acquisition d’Intelsat
Retards ou échecs de lancements ou problèmes opérationnels des satellites
Risques réglementaires et obtention d’approbations
Pressions concurrentielles et évolution technologique réduisant la demande
Opportunities identified
Positionnement multi-orbit renforcé pour capter la croissance longue durée
Expansion du business Aviation (plus de 3,000 tails; 200 nouveaux tails gagnés depuis clôture)
Augmentation de capacité et résilience avec les satellites O3b mPOWER supplémentaires
Carnet de commandes et renouvellements importants (nouveau business et renewals > €1,4 billion YTD)
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