Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data SES S.A. files with the SEC in its annual reports.
In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
2,030
2,001
2,627
Cost of revenue
444
461
755
Gross profit
1,586
1,540
1,872
Operating income
-686
64
64
Interest expense
106
139
332
Interest income
64
136
160
Pre-tax income
-728
82
-115
Income tax
176
55
-21
Net income to minority interests
1
12
1
Net income
-905
15
-95
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
2,907
3,521
1,075
Receivables
649
770
Inventory
49
196
Total current assets
4,302
2,240
Property, plant and equipment
4,272
7,149
Lease right-of-use assets
50
646
Goodwill
143
1,808
Total assets
10,327
13,370
Accounts payable
678
1,032
Total current liabilities
1,522
2,571
Lease liabilities
32
559
Total liabilities
6,835
10,656
Shareholders' equity
3,423
2,623
Minority interests
69
91
Total equity
3,758
3,492
2,714
Total liabilities and equity
10,327
13,370
Cash flow statement
FY2023
FY2025
FY2025
Net income
-904
27
-94
Cash from operations
3,479
1,006
908
Capital expenditures
-383
-280
-522
Cash from investing
-370
-159
-1,665
Debt issued
1,034
2,159
Debt repaid
-706
-717
-2,906
Share buybacks
-22
-128
Cash from financing
-1,126
-375
-1,361
Exchange rate effect
-123
142
-328
Net change in cash
1,860
614
-2,446
Free cash flow
3,096
726
386
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Gross margin
71.3%
Gross profit / revenue.
Operating margin
2.4%
Operating income / revenue.
Pre-tax margin
-4.4%
Pre-tax income / revenue.
Net margin
-3.6%
Net income / revenue.
FCF margin
14.7%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
34.6%
Cash from operations / revenue.
Return on equity (ROE)
-3.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-0.8%
Net income / average total assets.
Return on invested capital (ROIC)
7.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue
19.9%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
31.3%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
21.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
0.0%
Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-733.3%
Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
-9.7%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
-46.8%
Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-23.4%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
29.5%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.87x
Current assets / current liabilities.
Quick ratio
0.72x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.42x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
57.5%
Capital expenditures / cash from operations, when that is positive.
What was SES S.A.'s revenue in fiscal 2025?
SES S.A. reported revenue of €2.63B for fiscal 2025, 31.3% higher than the year before.
Was SES S.A. profitable in fiscal 2025?
No. It reported a net loss of €95.0M.
How much free cash flow did SES S.A. generate in fiscal 2025?
Cash from operations of €908.0M minus capital expenditures of €522.0M left free cash flow of €386.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.