SES recognizes Fitch’s rating action and reaffirms deleveraging plan

SES recently acknowledged the credit rating action by Fitch following the release of its Q3 2025 results and update on the Intelsat integration. Despite this, SES maintains an investment-grade rating with a stable outlook according to Fitch.

The management at SES reaffirms its commitment to executing its strategy and improving its credit metrics over time. They have outlined a clear plan to bolster cash generating levers that are expected to support and hasten the deleveraging plan. SES will utilize these levers prudently and provide regular updates to investors as they progress in delivering on their strategic plan. The primary objective remains to deleverage and reduce the adjusted net leverage to at least 3.0x or below.

Adjusted net leverage is a key metric for SES, defined as Adjusted Net Debt divided by Adjusted EBITDA. Adjusted Net Debt consists of current and non-current borrowings (including lease liabilities) minus cash and cash equivalents (excluding restricted amounts) while also excluding 50% of the Hybrid Bond and including 50% of the Perpetual Bond. Adjusted EBITDA is calculated by adjusting EBITDA to exclude significant special items that are not recurring in nature.

SES has a vision that space can create a positive impact, and as such, they design space solutions to support governments, businesses, and individuals around the world. They provide seamless connectivity and high-quality video content through their multi-orbit satellites and global terrestrial network. With the recent acquisition of Intelsat, SES brings over a century of combined industry expertise and a history of pioneering innovations.

The company aims to go beyond mere coverage and serve as a trusted partner to its customers and the broader space industry. Headquartered in Luxembourg and listed on the Paris and Luxembourg stock exchanges, SES is at the forefront of driving impactful change through its space solutions.

In a forward-looking statement, SES cautions against relying solely on such statements as they are subject to uncertainties and risks that may impact future performance. The company highlights factors such as intense competition in the telecommunications industry, rapid technological changes, potential disruptions to satellite performance, and security risks as key considerations. SES emphasizes the importance of regularly updating their forward-looking statements due to the ever-evolving nature of their operations.

In summary, SES maintains its commitment to improving its credit metrics, deleveraging, and delivering value to its stakeholders through innovative space solutions. With a focus on resilience, connectivity, and high-quality content, SES continues to pave the way for positive change in the global space industry.