SES Publishes Restated FY2025 EU Taxonomy Disclosure Following Intelsat Integration

Satellite operator, SES, has published a restated version of its FY2025 EU Taxonomy disclosure, updating its Article 8 key performance indicators to reflect a full consolidated group assessment that now includes Legacy Intelsat.

The restatement supersedes the EU Taxonomy disclosures contained in the company’s FY2025 Annual Report, which was limited to Legacy SES due to integration timing and data availability constraints at the time of publication.

Despite the expanded reporting perimeter, SES’s core satellite business remains outside the scope of the EU Taxonomy, with the company reporting 0 per cent taxonomy-eligible activity across all three KPIs – turnover, capital expenditure and operating expenditure.

Why the restatement was needed

The original FY2025 Annual Report assessed EU Taxonomy eligibility based only on Legacy SES operations. With the integration of Legacy Intelsat now progressed, SES has expanded the assessment to cover the full consolidated group perimeter.

The restatement relates solely to FY2025 and has been prepared in accordance with EU Taxonomy Regulation (EU) 2020/852 and its delegated acts. SES has exercised the option to apply amended Article 8 disclosure requirements as introduced by the Omnibus Delegated Act.

Core satellite operations fall outside taxonomy scope

SES’s core business activities – including satellite capacity, managed connectivity and network operations – are not currently covered by the EU Taxonomy delegated acts and are therefore classified as non-eligible.

The company adopted a sequenced approach to eligibility screening. An initial screening confirmed that more than 90 per cent of each KPI denominator falls outside the taxonomy activity descriptions.

SES then mapped the residual portion of each KPI denominator, representing 10 per cent or less, against the applicable delegated acts to identify candidate eligible activities.

A limited number of candidate activities were identified, primarily relating to supporting infrastructure and operational improvements rather than SES’s core satellite business.

What was identified as potentially eligible

The potentially eligible activities span climate change mitigation and circular economy categories. They include transport by passenger cars and light commercial vehicles, renovation of existing buildings, installation and maintenance of energy efficiency equipment, electric vehicle charging stations, renewable energy technologies and building energy performance instruments.

Data-related activities were also identified, including data processing, hosting and related services, as well as data-driven solutions for greenhouse gas emissions reductions.

On the circular economy side, candidate activities included the manufacture of electrical and electronic equipment, repair and refurbishment, and product-as-a-service models.

Eligible amounts remain below materiality threshold

Across all three KPIs, the potentially eligible amounts fell below the 10 per cent materiality threshold defined in the amended Disclosure Delegated Act.

Eligible turnover represented 1.26 per cent of the turnover denominator. Eligible capital expenditure came in at 7.29 per cent and eligible operating expenditure at 7.20 per cent.

Because all three figures sit below the 10 per cent threshold, the taxonomy-eligible share is reported as 0 per cent for the purposes of the required reporting template, and no alignment assessment has been performed.

Financial figures reflect Intelsat integration

The expanded group perimeter has significantly changed the underlying financial figures.

The turnover denominator for FY2025 stands at EUR 2,626.8 million, up from EUR 2,001.07 million in FY2024, reflecting the inclusion of Legacy Intelsat revenue from the acquisition date.

The capital expenditure denominator has been restated from EUR 4,107 million to EUR 4,593 million to include qualifying intangible assets that were not captured in the initial calculation. This compares with EUR 475 million in FY2024, with the increase driven by the Intelsat business combination.

The operating expenditure denominator came in at EUR 250 million, up from EUR 184 million in FY2024. It comprises maintenance and repair costs, research and development costs, short-term lease expenses and other directly attributable operating expenditures.

Year-on-year comparisons carry caveats

SES cautioned that any comparison between FY2025 and FY2024 figures should be interpreted in light of the perimeter expansion resulting from the Intelsat acquisition, rather than underlying performance change. The company noted there is no evidence of material change in eligible activities between the two periods.

Although comparative FY2024 figures have been restated in the financial statements, the shifts in KPI denominators are largely a function of bringing Intelsat into the consolidated reporting scope.

Governance and assurance

The preparation of the restated disclosure is subject to SES’s internal governance and control framework for regulated reporting. The methodology and assumptions are documented, and KPI calculations are reconciled to consolidated financial records.

The process involves coordinated inputs from the company’s finance, ESG and legal functions, with defined responsibilities and validation steps. The disclosure is subject to Audit Committee oversight and requires Board approval prior to publication.

SES has been coordinating with its external auditor in relation to the restatement process. However, the restated disclosure has not been subject to external assurance. Future EU Taxonomy disclosures will be submitted to external assurance once this is required under applicable law.

Next steps

As the Intelsat integration progresses, SES indicated it will continue to enhance the data and control environment supporting EU Taxonomy reporting. This includes improving asset-level documentation, supplier data relevant to “do no significant harm” assessments and traceability between operational and financial data.

These improvements are intended to support a more granular and evidence-based assessment in future reporting periods.

The full FY2025 EU Taxonomy Restatement is available on the SES website.

Last Updated on July 31, 2026 by Nick Ross