SES S.A. reported €2.63 billion in revenue for 2025, up from €2.00 billion in 2024, driven by integration of Intelsat and expansion in Networks and Video segments. The company maintains a diversified global customer base without customer revenue concentration over 10%. Despite top-line growth, SES posted a net loss of €94 million and saw adjusted EBITDA margin contract to 45.4%. Heavy capital expenditures and substantial debt raise liquidity and credit rating concerns, including a Moody’s downgrade to Ba1. Strategic focus on hybrid satellite constellations and value-added services aims to sustain growth amid intensified competition from LEO constellations and commoditization pressures.