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Ladies and gentlemen, welcome to the SES nine months and third quarter 2025 results conference call. For the first part of the conference call, the participants will be in listen only mode. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand over the conference to Christian Kern, head of investor relations. Please go ahead.

Thank you, Agaia. Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you to SES Q3 2025 results call on behalf of our management team. Before proceeding with the management presentation, we would like to inform you that the financial information contained in this document has been prepared under international financial reporting standards. As usual, This presentation may contain announcements that constitute forward-looking statements, which are no guarantees for future business performance and involve risks as well as uncertainties. Also, certain results may materially differ from those in these forward-looking statements due to several factors. We invite you to read the detailed disclaimer on page two of the presentation, which is also available on our company webpage. Today, I'm joined by our CEO, Adel Alsaleh and our CFO, Issa Pataki, who will take you through the presentation followed by a Q&A session. Adel, without further ado, over to you. Thank you, Christian.

Good morning, everyone. I'd like to start on page number four with the new SES. Now fully consolidated with Intelsat after transaction closed on 17th of July, 2025, It has been a very extremely and very busy and extremely difficult period for us, bringing the two companies together, creating a heavy weight in our industry. So first of all, let me briefly recap the rationale behind this transformational deal. We brought together two industry leaders beyond scale through a value accretive acquisition with more than 60% of revenues in high growth segments and a total net presence value of 2.4 billion euros in synergies. We have started executing on these synergies from day one of closing. In fact, this transformational combination was not just about bringing SES and Intelsat together. It was about redefining who we are as a company. We have created a new SES, a global multi-orbit connectivity powerhouse and a true space solutions company. empowering businesses and governments worldwide with integrated purpose-built satellite network and connectivity solutions. We have brought together a powerful mix of talented people, market-leading engineering capabilities, network infrastructure, spectrum, innovation, and global relationships. We're expanding beyond satellite connectivity and exploring adjacent capabilities to grow and compete more effectively in space based on our network, such as hosted payloads, space situational awareness, and direct-to-device services. All of this is focused on shareholder value creation and returns. For our customers, we have created a more capable and forward-looking space solutions company, one that combines a compelling value proposition backed by strong underlying capabilities and a continued commitment to innovation focused on solving our customers' challenges. For our shareholders, we are driving value creation and shareholder returns to our focus on profitable growth in combination with discipline, capital management, and allocation. Let's move to page number five. With a combination of SCS and Intelsat, we have significantly strengthened our portfolio. Our four verticals, how we manage the business, if you will, are now media, government, aviation, and fixed and maritime. With a combination, we have created an undisputed leader in satellite-based communication solutions. Let's start with media. Media is our largest and most cash-generated segment, now operating on an even greater scale. delivering nearly 11,000 channels to 2.3 billion viewers worldwide. We're securing long-term renewals well into the next decade. And despite industry headwinds, our strategy is clear. Defend and optimize high-value neighborhoods by leveraging our industry-leading reach while expanding into new segments like sports and events, free-to-air, and free-to-view. In our network segments, government, aviation, and fixed and maritime, capacity and resources are precious, and we're purposely allocated to the right opportunities as we scale for the future. With our expanded scale and capabilities, we're well positioned in our new growth segments, particularly government and aviation. In government, we're supporting over 60 global government organizations, including European governments, U.S. government, NATO allies, and five high nations. We will continue to focus on growing and expanding on both sides of the Atlantic, especially as the geopolitical environment drives increases in global government budgets by capturing sovereign demand and expanding into new space-based solutions. We're not only offering government's capacity, but truly space partnering, allowing governments to diversify and expand their space architecture. In aviation, where we have gained substantial scale through the acquisition, we now provide in-flight connectivity to 30 leading commercial airlines, supporting around 3,000 tails. Powered by our multi-orbit electronically steered antenna technology known as ESA, we offer global coverage, multi-orbit, low latency, and flexible business models that enable airlines to meet their ever-rising bandwidth demand, especially with the rapid rollout of in-flight Wi-Fi. Our strategy here is simple. Accelerate growth by scaling our multi-orbit, multi-band solutions to stay ahead of this fast-growing market. And as our MEO network grows, we will make it available at scale to our airline clients across the world, providing truly unique multi-orbit, multi-band flexibility. In maritime, SCS is also all positioned, serving five of the six major cruise lines and leveraging our scale-up in commercial shipping. We are the leading provider of connectivity at sea, keeping passengers and crews connected, informed, and competitive in the fast-moving world. We're confident in our maritime platforms, which position us well despite facing pressures from some partners moving to Leo solutions. Our strategy is to focus, defend, and rationalize, supported by selective investments. Last but not least, our fixed business, remains very tough and highly competitive. We're serving important customers with eight out of the world's 10 mobile network, sorry, with eight of the world's top 10 mobile network operators, as well as major energy companies and drive digital inclusion across the world. Our strategy here is to rationalize and focus on green zones where we have the right to win. We pursue higher yield opportunities, streamline operations, and leverage digitization to improve efficiency and performance. Let's go to page number six. Here we will show you the combined assets supporting our new business. We're now a multi-orbit space solutions provider at scale. We operate a powerful fleet of around 120 state-of-the-art geo and neo satellites in a multi-orbit, multi-band network supported by over 150 teleports, well spread across the globe, and an extensive ground network with over 600,000 kilometers of fiber, covering 99% of the world's populated regions. In combination with strategic access to LEO capabilities, This unmatched scale and flexibility position us well to meet our customers' most demanding connectivity needs with unified solutions and accelerate profitable growth. Let's move to page number eight, discussing our nine most business highlights and financial performance. The third quarter, 2025, was the first quarter of the combined company with Intelsat contributing roughly 10 weeks to the standalone business performance. Therefore, the following financial performance is shown on a reported basis with Intelsat fully consolidated from 17 July 2025. In the nine months of 2025, we showed a solid financial performance with revenue of around 1.75 billion euros, up 19.8% year-on-year with growth in all verticals. adjusted EBITDA for the nine months with 849 million euros with 11% growth year-on-year and a margin of 48.6%. In the first nine months of the year, we secured 1.4 billion euros of renewals and new customer contracts with the majority coming from our growth segments, supporting our gross backlog of 7.1 billion euros, which has been impacted by the weaker US dollar and intercompany eliminations. We have just combined two companies with multiple platforms. We have been working on various scope changes, intercompany eliminations, and some different accounting conversions. So this has been a rather complex reporting quarter. In terms of like-for-like underlying trends, revenue was down minus 1.8% year-on-year, and adjusted EBITDA declined around minus 10% year-on-year. These year-on-year trends can be mainly attributed to a few key business factors. Number one, in aviation, we're working through the backlog of ESET and TENA implementations, which come with equipment revenue diluting profitability before enabling higher margin service revenue. There are also some timing differences between onboarding new customers, new planes, and decommissioning some of the airline customers. In government, we have seen timing impacts, mainly due to the U.S. budget delays at the start of the year, contract rationalization by the U.S. Department of Government Efficiency, and postponement of large contracts in part due to the U.S. government shutdown. These views remain highly accretive and underpin our confidence in the future growth. In media, we continue to see expected structural decline with SD channel switch-offs and the drag from the Brazilian customer bankruptcy. This combined business is now over 1 billion euros in revenue and remains highly cash-generative. Going forward, we see the underlying decline unchanged in the mid-single digits. while having signed renewals well into the next decade. PIX remains our most challenged business in a highly competitive environment. We face difficult market conditions and are focused on securing value-accretive deals supported by disciplined capacity allocation. And finally, just a reminder of the third-party capacity utilization after the failure of IS33E, as well as intercompany eliminations that we had to adjust. Turning to page number nine, let's talk about the notable wins that support our growing segments. We're a trusted partner to customers worldwide in over 130 countries, as evidenced by our strong customer base. In our high-cash generated media segment, we continue to see momentum driven by the strength of our managed services offerings and the global reach of our network. As media evolves, satellite broadcasting remains the most cost-efficient and reliable way to reach global audiences. SCS continues to be a trusted partner to leading media companies such as Warner Brothers Discovery, having signed this year a long-term capacity agreement to deliver high-quality content to millions of TV users on 19.2 degree east, our most valued TV neighborhood in Europe. In Q3, we renewed a business with major media customer in the Americas, including a multi-transponder. We also had a long-term extension with a major U.S. program, and a broadened our agreement with a long-time customer, Dish Mexico. In addition, we expanded our partnership with Delicom Syria, adding two additional transponders and extending our capacity agreements through 2032. We also renewed a multi-year, multi-million Euro agreement with Arkiva for satellite capacity and our prime video neighborhood at 28.2 degrees east. Under this agreement, SCS will enable Arkiva to deliver a wide range of television channels as well as radio services to audiences in the UK and the Republic of Ireland. In Africa, we continue to build momentum with long-term renewals with our customers in East Africa specifically. We also extended important direct-to-home contracts in Asia and secured two new blue chip broadcasters on our key orbital location for C-band distribution across Asia Pacific. Many of our large customers are now talking to us about extending our partnership well into the next decade. More to come on this in the future as we renew these contracts and are able to talk about them. Let me now shift to our government business. We continue to see strong and growing demand for our resilient, secure communication solutions from government customers around the world. Together, we build a government solution business of scale on both sides of the Atlantic, being true space partner to over 60 government organizations, including European and U.S. agencies. We're well positioned to tackle the sovereign capabilities governments now demand with multi-orbit networks. with space and defense budget increasing both in the U.S. and amongst NATO allies, as we view the government's vertical as one of the strongest growth levers over the next few years. In Q3, the French Navy aircraft carrier Charles de Gaulle utilized SES's O3B Empower SATCOM service during the Clemenceau 25 mission. This high-throughput, low-latency MEO connectivity supported all operational needs on board, enabled seamless collaboration with mission partners, and ensured uninterrupted availability for mission-critical applications. Our IRIS Square program is also progressing well ahead of the Rendezvous One earlier next year. In the U.S., as mentioned, we're experiencing timing delays in some contract awards due to the continuing resolution and subsequent government shutdown. Despite this, our business is growing, and we remain well positioned for long-term growth. Notably, in Q3, the U.S. Space Force awarded five companies, including SES, positions on a five-year, $4 billion contract under the Protected Tactical Satellite Communications Global Program, known as PTSG. SES is now competing for a prime contractor position going forward. This initiative focuses on the design and demonstration of resilient satellite architectures with the potential for future delivery orders. The goal is to provide anti-jam, secure communications for tactical military operations by leveraging both commercial innovation and defense expertise. Also in Q3, SEF Station Defense joined the Defense Innovation Unit's Hybrid Space Architecture Network Initiative with our secure, integrated multi-orbit networking platform known as SIMON. This program is building a secure integrated multi-orbit network that connects commercial and government systems to deliver assured low latency multi-pass communications across a scalable and resilient multi-domain architecture these strategic wins highlight our commitment to innovation and growth in the government sector with regards to aviation the segment continues to be a growth engine for the company over the last three months we have won 200 new tails from various airlines. We're winning new airline customers around the world for choosing SCS because of our clear differentiators. These include our ESA solution, which uniquely enables access to GEO and LEO orbits, delivering broad coverage, low latency, and unmatched resilience. We also offer multi-band flexibility across both KU and KA bands. and solutions tailored for both narrow-body and wide-body aircraft. Our flexible commercial models further strengthen our value proposition. All of this is underpinned by ongoing investments in our global network, enhancing the passenger experience down to the seat level and expanding our footprint globally to meet rising demand. While competition from LEO-only providers remains very strong, the market is large and diverse enough to support multi-players offering solutions tailored to the specific needs of airlines. In Q3, our ESA multi-orbit solution was selected by new airline customers across Latin America and Asia Pacific, spanning both narrow-body and wide-body fleets. Today, it is flying on over 300 aircrafts and has received consistently positive feedback from customers and analysts. 16 airlines have committed to deploy our ESA across 1,000 aircrafts globally, underscoring the growing momentum behind our offer. We also continue to make great progress with our open-orbit solutions, including wins with Thai Airways, Turkish Airlines, and Uzbekistan Airways earlier this year. Our maritime business remains solid, fueled by strong demand from both customers such as MSC, Princess, and Virgin. Our leadership in ocean ships segment is powered by our end-to-end multi-orbit connectivity anchored by our managed MEO network that enhances the onboard passenger experience. In Q3, we secured renewals from multiple major cruise lines, reinforcing the critical role of our solution play in this market. Today, We serve five of the six leading cruise lines at sea. Additionally, SES completed the largest cruise ship transition of the year, helping a major customer migrate from GEO to SES Cruise Empowered service. With SES Cruise Empowered, we're redefining the onboard experience. Our real-time network optimization dynamically synchronizes space and ground systems across multiple orbits enabling the cruise operators to deliver consistent, high-quality connectivity at all times. Further to the cruises, SES is supporting over 14,000 vessels on the FLEX maritime global network, exclusively through our major solution partners, serving commercial shipping, oil and gas, and fishing vessels. While our fixed segment continues to face competitive pressures from NGSO players, we remain focused on offering differentiated solutions to our clients. We're doing this by leveraging the strength of our multi-orbit GEO, MEO, LEO offerings, along with robust cell backhaul and trunking services. These capabilities are supported by our extensive ground infrastructure, which enables us to deliver reliable connectivity across these diverse geographies. We're serving eight of the world's top 10 mobile network operators and a multiple of energy companies across the world. For example, we support Orange across Africa with services in Mali and Burkina Faso, and most recently expanding into Liberia. And additionally, in Q3, we secured business with major mobile network operators in the Americas and expanded our digital inclusion services in Brazil with Telebras. This further strengthens our position in that region. As you can see, we're creating stronger, more agile, more competitive SES, one built on lead across orders, across markets, and across technologies. Let's turn to page number 10. This page highlights our synergy progress and integration efforts. I'm pleased to report that the integration is progressing well. In the first 90 days, We have successfully established our new organization from the leadership team through every level of the company. We have also implemented our new operating model, which defines how we manage the business on a day-to-day basis and ensures alignment across the combined organization. I'm proud to share that we have launched our new SES brand, a new purpose to capture the essence of who we are, space to make a difference, and a new tagline sold and power soar. Our synergy driven delivery plan is strong, and we're crystallizing synergies more rapidly. What we have communicated is that we expect to deliver synergies with a total net present value of 2.4 billion euros, representing an annual run rate of approximately 370 million euros, with 70% of these efficiencies expected to be executed within three years. We're moving fast and delivering ahead of plan. We're moving fast and delivering ahead of our plan on our synergy commitments as we began identifying and capturing synergy opportunities across multiple areas. Our annual run rate of OPEC synergies of 210 million euros are being fast-tracked. We have already executed key labor and non-labor synergies, including overlapping contracts, office footprint consolidation, third-party capacity optimization, procurement savings, IT consolidations, and license optimization with loaning IT systems such as ERP and CRMs are all progressing to plan. We're approaching this process with the utmost care and respect, ensuring we support our people while aligning our workforce to the needs of the new organization. On the CAPEX side, We're fast-tracking the annual run rate of 160 million euros savings through smarter asset use, non-replacement of certain satellites, and the rationalization of networks and ground infrastructure. These efficiencies will flow through in 2026 and 2027, reflecting our determination to deliver what we promised. We're executing with discipline and precision. And with our financial year 2025 results, and plan to share further details on our synergy progress. With this, I'd like to hand over to our CFO, Lisa, who will share with you more details of our financial performance.