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

Thank you, Gaia. Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you to SES for year 2025 results poll 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 have been prepared under international financial reporting standards. This presentation may contain announcements that constitute forward-looking statements, which are no guarantees for future business performance and involves 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 this presentation. The presentation is also available on our company webpage. Today, I'm joined by our CEO, Adel Alsaleh, and our CFO, Lisa Pataki, who will take you through the presentation, followed by a Q&A session. Adel, without further ado, over to you.

Great. Good morning, Christian. Good morning, everybody. Thank you. Good morning. Good afternoon. Thank you for joining us. Look, I'm going to start our presentation, before we get into the results, with a little bit of an overview of the direction of travel of our network. You've probably heard us talk about our next generation MEO in different events, and I thought it would be probably important to talk to you as analysts, investors, colleagues on this call to repeat the message and maybe clarify the direction of travel that we have as a company. So if we go to slide number three, especially given the latest events over the weekend, I want to emphasize that our largest vertical or market opportunity is the defense sector. And what we've seen over the last several decades, a dramatic shift in the defense and how defense uses SADC communications to enhance their capabilities. So, if you rewind back between 2000 and 2010, really the function of SADCOM was basically strategic long-haul pipes. So, important communication links between the command center and the theaters of operation. During that period, the dominant technology was geo, right, with very large terminals, with limited bandwidth, and, you know, early steps into communication on the move. If you fast forward into 2010 and 2025, space evolved into a contested theater. as adversary began to build counter space capabilities. So, militaries had to adopt a different approach. Specifically, they started thinking about hybrid architectures, combining commercial military capabilities. They started looking at different orbits, looking at different throughput. But predominantly, the networks remained siloed. So, the LEO network would be siloed from the NEO, from the GEO, from the different application and so on. But that began to evolve very, very quickly, especially in the last three, four years. Now, if you look at 2026 going forward, it is now very clear that space is a warfighting domain. It is no longer a contested domain. It is a warfighting domain requiring superiority across all orbits. This domain is now looked at the same as they look at air maybes, cybersecurity, et cetera, et cetera. So, the applications using space have become to evolve dramatically. So, if you look at the complexity of what is being done today, it's dramatically different than the past. I'll give you a couple of jumps. So, in the past, being able to capture images across Earth and deliver them to the right hands to be able to make decisions is changing into continuous observation of Earth, real-time image processing on the fleet to be able to issue commands. Missile defense systems, missile tracking like Golden Dunge and European Space Defense Agencies, that's absolutely now a requirement, and not just predicting the launch of the missile, but actually being able to acquire that launch from the beginning, all the way to strike in a persistent way. And then sharing that information across multiple domains within the defense and the arms. And the third, the last example I'll give you is this control center, the command centers are becoming extremely complicated, extremely diverse, connecting many different aspects of data from space, from the ground, to be able to compile it and be able to deliver the right level of intelligence to the folks that are in the theaters. These kind of command complications require an integrated network. It requires more sophisticated capabilities in order to deal with it going forward. So, if you go to the next slide, dynamic that I just described is really shaping our direction of travel as a company. And although the slide is a little bit complicated, we're hoping to do it in a build slide, and I'm going to try to explain it to you. So, the first layer of space continues to be this proliferated LEO capabilities, right? And that will continue to grow. FCS is not in proliferated LEO domain. We use partners to access LEOs when we need it in order to provide services to our clients. We will have our own micro-LEO capabilities like quantum key distribution when we launch that constellation, but we predominantly use that as a partner network. If you look to the next layer with the light green layer, that's our NEO layer. And you've got to keep in mind that NEO, although Victoria looks like it's between GEO and LEO, it's actually very close to LEO. It's much further away from GEO than it is from LEO, which gives it that unique capability to cover Earth with less satellites, but also have an attractive latency period, which is about 130, 150 milliseconds. Our focus as a company is to continue to build that backbone of the network. And I'll come back to that in a second. And if you think about GEO, our focus in GEO will be on very specific applications where GEO continues to be the superior medium to be able to transfer data or connect people, like media distribution or very specific governmental applications. So, why do we like NEO? NEO is the backbone for us of this network. The future is going to be connecting all these networks to optical links. That's what we developed. So, we'll be able to talk to NEOs. We'll be able to talk to GEOs. We'll be able to talk to Earth. We'll be able to talk between our constellations, but also connect to other constellations to move data. It provides a high-speed backbone capability and a very attractive, resilient layer to the network that without it could be weakened. So, this mesh network combined with our ground infrastructure, which is one of the largest ground infrastructures in the world, gives us that an edge and a differentiating capability to provide that multi-orbit service to our customers. So, if we go to the next stage, now I want to talk about what are the design principles as we evolve this NEO Sphere network. So, first of all, when we think about NEO, and the new name of the network will be NEO Sphere, we think big. We don't think small. We think big. Satellites, we think satellites that could do multiple things. We want more power on these satellites in order to accomplish some of the things that I'll talk about in a second. We also believe it's very critical we take control over some of the supply chains that are critical for innovation and control of our destiny. So, therefore, we will be doing more vertical integration as a company, creating this new layer of resilience, a new layer of a backbone in space. This network will be ideal to be able to connect to the different networks to create that backbone that I keep talking about, which just opens up multiple partnerships that we have today to enhance this partnership further, but actually new partnerships for people who want to enhance their networks to drive these capabilities. It enables multi-orbit resilience for sure. Right? We will be able to move signals from one layer of the network to the next layer between satellites in order to make sure we avoid jamming and we avoid direct attacks, which is happening, ladies and gentlemen. It also is ideal for the mission-critical applications because the next level of satellites, are going to have some combination of commercial and military capabilities requiring security to be built in beyond what we currently have. Mixing the military capabilities that we currently have in our military satellites with the commercial capabilities to give us that ability to drive these important missions. And the last point is really important. With the size of the satellite, with the flexibility of the satellite, we will be able to do multi-mission capabilities. The platform will always have the capability of having a communication as the foundation of the capability. But actually, it is the additional missions, the additional capabilities that the satellite will provide is a growth opportunity for us. So, what are these missions? So, if we go to slide number six, these are some examples of missions that we can host on our satellites, on our Neosphere capability. Number one, data, space data relay. This is something you remember we talked about demonstrating when we did a project with NASA and Planet Labs, using RF at that point in time, not optical lens, to be able to move data from Planet Labs, Earth observation satellites, to Neosphere, to the MEO layer, and then delivering it to our customers wherever they want to deliver, real time. which reduce the time of getting the signal to the right people and demonstrating that we can actually move those very, very quickly in real time. The next generation of our neosphere will have these optical links within the satellites. The other potential host admissions will be missile warning and missile tracking. I described that. Being able to build sensors on these satellites to capture capabilities, to capture things that are happening on Earth. The third area, an example, is being able to slice the network to provide governments a sovereign network slice of the overall network, giving them control and giving them the sovereignty that they're looking for. Of course, military communication channels and all that like X bands, K, military bands, UHF, that's something we'll be able to do in these satellites as well, space situational awareness, Again, not just tracking an object, but being able to connect the intelligence across the wall, across space, and deliver it with AI to decision-making systems to be able to track everything that's happening around us in space, and combine that with our partners. Imagine the ability to combine our space situational awareness data with, for example, Starlink situational, which they announced, creates an incredible intelligence available for space. And of course, the last one is the old P&T capabilities that will require older to have more accurate positions within within space and within the earth. So these are some important government missions that we will host on ourselves. And we see incredible demand for these capabilities. Our government customers are excited about this next generation of NEOs that we will be launching very, very soon. So, if you go to the next stage, obviously, we're working on getting this project off the ground, and we're thinking about it in a very different way compared to the traditional way of a waterfall development of creating requirements and then waiting for five to seven years to be able to launch the constellation. We're going to do it in a different way. So first of all, this is going to be an iterative phased approach as we build up this capability. We're not going to do everything in one go. That's number one. Number two is we're going to use space to actually test the capabilities as they evolve. So instead of waiting and just testing in the labs and on the ground, we'll be launching missions to start testing portions of our design as it becomes available. And I'm happy to deliver, and I think we announced it earlier, that our first test flight is going to be Pathfinder 1 at the end of March 2026, to the next couple of weeks, launching our bus, as well as some of the payload capabilities already to be able to test it. And we have that scheduled every year until we get to a point where we're comfortable with the production of the final systems. It is also going to be a very disciplined, milestone-based investment approach, both based on demand we're getting from our customers, as well as the investment we'll continue to be putting in building up and scaling the capability. And all of this is going to be done with a very disciplined approach based on data and our customers' reactions. We're going to be leveraging new space capabilities and our deep experience to drive innovation. SES is well known with many firsts in the industry, many innovations that we have driven. Combining that with new space capability, their agility, their speed, and their ways of development is going to be very, very helpful as we go forward. And, of course, this investment that we're going to be deploying is contained in our CAPEX guidance. We see Neosphere as an important evolution of the company, and we see Iris Square being the first phase of Neosphere. And we'll talk a little bit more about Iris Square a little bit later in the day. So let me just end this session by going to slide number eight. So what we're doing, obviously, is we're sticking to our strategic focus of multi-orbit capabilities. By building this next generation MEO in a very different way than what we've done in the past, partnering with new space capabilities and leveraging the experience we have across the world. We're taking control of the supply chain to make sure that we capture our IP and our strategic advantage and keep it within the company. And with this approach, we're driving towards our North Star. which is building and evolving the company to advanced space solutions company, with defense being a very important vertical within that solution capabilities. We drive solutions beyond communications, while communication continues to be a very important component of the overall portfolio. And of course, controlling supply chain and customer relationships is a very important point that we need to keep driving. So that's what I wanted to share with you before we get into actually our financials and what we're doing. And now let's get into the financial. Let's go to page number 10. So on this slide, we summarize our full year 2025 business highlights and financial performance. With the closure of the Intelsat transaction on July 17 last year, these full year 2025 results are shown on a reported basis, with Intelsat contributing roughly 22 weeks to the combined company. On this reported basis, we delivered 2025 financial performance within our financial targets with lower than guided capital expenditures. 2025 revenue of about 2.6 billion euros was up 34% year-on-year with growth in all verticals. 2025 adjusted EBITDA of close of 1.2 billion euros was up 19% growth year-on-year with a margin of 45.4%. Capital expenditure of around 560 million euros were lowered and guided, demonstrating faster-than-plan execution of our capital synergies. We generated 229 million euros of adjusted free cash flow, another year of positive cash generation. Over the last 12 months, we have secured 1.8 billion euros of renewals and new customer contracts, with the majority coming from our growth segments. This has supported our growth backlog of 6.6 billion euros, which has been impacted by the weaker U.S. dollar and intercompany eliminations. 2025 is a milestone year for SES. With major progress and a step change in SES's scale, having combined two major companies with multiple platforms. We've been working on various scope changes, intercompany eliminations, and some different accounting conventions. So this has been a rather complex reporting year. With a financial performance in the second half of 2025, below our initial expectations for the first year of the combined company, we're facing these challenges head on and are building a stable foundation for future growth. In terms of life-for-life financial trends, revenue was down 1.6% year-on-year, and adjusted EBITDA declined around 12% year-on-year. These life-for-life trends are due to key business factors that are unchanged from what we've previously discussed. Leases, we'll cover those in more detail. Let's go to page number 11. Across our businesses, We integrated operations, continued to innovate, and supported customers at scale as one SES. We are a trusted partner to customers worldwide in over 130 countries, as evidenced by our strong customer base and notable wins in 2025. Starting with our media business, now operating at greater scale following the Intelsat acquisition. We serve more than 2 billion people around the world and nearly 700 million households with a strong cash generation profile. 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 in market growth segments like sports and events. In 2025, we signed close to 450 million euros in renewals and new business, including multi-year agreement with Sky, RTL, ORF, Telecom Serbia, Warner Brothers Discovery, Dish Mexico, Arkiva, PGA Tour, and QVC. We're winning new businesses by leveraging our combined satellite and ground network, including major new media customer in North America, We'll launch our new free-to-air, free-to-view offerings in Mexico and Spain, opening new markets with our compelling channel offerings. Let's 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. We build a government solutions business of scale on both sides of the Atlantic. being a true space partner to over 60 government organizations, including European and U.S. agencies. We're well positioned to tackle the sovereign capabilities which governments now demand with multi-orbit networks. I just described it a few slides ago. With space and defense budgets increasing both in the U.S. and among NATO allies, we view the government vertical as one of the strongest growth levers over the next few years. For example, The IRIS Square program continues to progress well through one-to-one, reinforcing SES as the European Commission's trusted partner for its flagship sovereign connectivity network. IRIS Square will become Europe's multi-orbit network of choice and supports the future expansion of our differentiated multi-orbit architecture, enabling profitable growth from 2030 onwards. Another important milestone was the announcement that SES and Luxembourg government will develop and launch GovSat-2, the second satellite under the Lux GovSat public-private partnership. We also extended a long-term hosted payload contract with Australian Defense Force. The French Navy's aircraft carrier, Charles de Gaulle, utilized SES O3D Empower services during the Clemenceau 25 mission. In the U.S., We secured important new contracts, including being selected as one of five companies on the U.S. Space Force's $4 billion Protected Tactical SATCOM Global PTSD IDIQ contract, and a strategic award from the Defense Innovation Unit for secure, integrated multi-orbit networking. These strategic wins highlight our commitment to innovation and growth in the government sector. Turning to aviation. Millions of passengers rely on SES multi-orbit, multi-band connectivity that delivers reliable, consistent performance in the air and on the ground. We're winning new airline customers around the world who are choosing SES because of our clear differentiators. These include our electronically steered antenna solution we call ESA, which uniquely enables access to geo and LEO orbits delivering block coverage, low latency, and unmatched resilience. We also offer multi-band flexibility across both KU and KA bands, and solution storage for both narrow-body and wide-body aircraft. Our flexible commercial models further strengthen our value proposition. In 2025, our aviation business was supported by important customer wins and ramp-up in equipment installations. 16 airlines have committed to our multi-orbit ESA solution on more than 1,000 aircrafts, with many awards secured in recent months, including American Airlines, Air Canada, Avianca, Jal, Skymark, Royal Brunei, and others. While competitive pressure from LEO providers remains, the market continues to support multi-providers with differentiated offerings. Shifting to maritime. We are the leading provider of connectivity at sea, keeping passengers and crews connected, informed, and competitive in a fast-moving world. We're confident in our maritime platform, which positions us well, despite facing pressures for some partners moving to leader solutions. Our strategies focus, defend, and rationalize supported by selective investments. Our direct maritime business remains strong and resilient. despite Megaleo's entry into the market. We secured renewals with multiple major cruise lines and continue to serve five of the six global leaders. In 2025, we supported the largest cruise fleet transition from GEO to SES Cruise Empowers and continue to see strong demand, for example, from MSC Virgin and other major cruise lines. Our Flex maritime platform performs well and connects over 13,000 vessels across the world. Finally, our fixed data business. Fixed data saw intense competition in 2025. We have taken several actions to transform the business and focus in areas where we have market leading offerings and the right to win. Our fixed data business serves eight of the world's top ten mobile operators and numerous global energy companies. We expanded digital inclusion in Brazil with Teleglass and made meaningful progress in Africa, expanding 200 Africa mobile network sites, reaching 500,000 people. We won additional business with Orange across multiple countries and closed our first SES simple set combined fixed data deal in Chad. In recognition of our impact in Africa, we're honored with a Changing Lives Award at Africa Tech Fest for connecting schools in South Sudan and Uganda. As you can see, we're creating a stronger, more agile, more competitive SES, one built to lead across orbits, markets, and technologies. Let's go to slide number 12. This slide highlights our fast-track synergy progress and integration efforts. We began delivering surges from day one. The integration of the two businesses is well on track. The organization design and structure is complete. Leadership is in place on all levels of the company. And the new operating model across the combined business is established, enabling faster decisions and clear accountability as one company. Leveraging these operational changes, we're progressing well with fast-tracking our initial synergy plan. On OpEx, we're crystallizing synergies more rapidly and tracking well toward the 210 million euros annual one-way target. Both labor and non-labor savings are already flowing through, with contracts rationalized, office footprints consolidated, automation scaled, procurement deficiencies captured, and IT consolidation progressing to plan. Always delivering these efficiencies with utmost care and transparency to support our teams as we align on the needs of our scale business operations. On CapEx, we're also fast-tracking the annual synergy run rate of 160 million euros. We're confident to achieve this target sooner than initially planned. To focus on our growth priorities, smarter asset use, non-replacement of certain satellites, as well as rationalizing of networks and ground infrastructure. Already in 2025, we're able to save around 100 million euros in capex versus the midpoint of our guidance. Our labor costs went down 7% on a life-for-life basis in 2025, accelerating the decline in fourth quarter. As you can see, we're executing with discipline and precision on our synergy targets. This positions us well to unlock the full value of one SES. With this, I'll hand over to Lisa, who will share with you more details of our 2025 financial performance.