What happened? SES reported Q3 revenue and EBITDA below company-compiled consensus estimates (reported basis, with Intelsat consolidated from 17 July) Revenue reached EUR769m (vs company consensus EUR828m) and adjusted EBITDA EUR328m (versus consensus EUR348m), suggesting a margin of 42.7%. Over the first nine months, this suggests a revenue of EUR1,747m (+19.8% YOY) and adjusted EBITDA of EUR849m (+11%) on a reported basis. Media revenue grew +0.7% and now contributes to ~39% of group''s revenue and Networks was up +36% (driven by Government and Aviation) and represent ~60% of total revenue. SES said that is making progress with company integration and synergy execution. SES is communicating an updated 2025 financial outlook on a reported basis and including the consolidation of Intelsat. Revenue is expected to be in the range of EUR2.60-2.70bn (versus company consensus EUR2.73bn and EUR2.0bn SES standalone previously) and adjusted EBITDA in the range of EUR1.17-1.21bn (versus company consensus 1.29bn and EUR1.0bn SES standalone). Capex is now seen in a range of EUR0.6-EUR0.7bn (versus EUR0.9bn standalone). BNPP Exane View: Q3 revenue / EBITDA is below company consensus estimates. Group''s 2025 Revenue / EBITDA guidance look also to track below consensus estimates. The Q3 is the first quarter of a combined company i.e. with Intelsat fully consolidated from the 17th of July.