Space42 Reports Decline Amid Services Recovery

Space42 reported an 8% decline in full-year 2025 revenue to $577m on Thursday, although fourth-quarter revenue rose 7% year-on-year. Normalised EBITDA was $224m (39% margin); Smart Solutions revenue fell 39% to $124m with a $129m impairment, while Space Services grew 6% supported by a $700m, 15-year government contract tied to Thuraya-4. Al Yah 4/5 remain on schedule under a $5.1bn, 17-year contract.