SES has reported Q2 results ahead of lowered expectations, with revenue supported by accelerating government services. However the company is yet to provide FY25 guidance for the combined business, following the Intelsat merger close on 17 July. This is expected with the Q3 results, leaving a degree of uncertainty until then. In this Quick Take, we review the Q2 numbers and estimate the FY25 guidance as implied by the (reiterated) standalone guidance.
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