In this paper we describe SEAS5, ECMWF's fifth generation seasonal forecast system, which became operational in November 2017. Compared to its predecessor, System 4, SEAS5 is a substantially changed forecast system. It includes upgraded versions of the atmosphere and ocean models at higher resolutions, and adds a prognostic sea-ice model. Here, we describe the configuration of SEAS5 and summarise the most noticeable results from a set of diagnostics including biases, variability, teleconnections and forecast skill. An important improvement in SEAS5 is the reduction of the equatorial Pacific cold tongue bias, which is accompanied by a more realistic El Nino amplitude and an improvement in El Nino prediction skill over the central-west Pacific. Improvements in 2m temperature skill are also clear over the tropical Pacific. Sea-surface temperature (SST) biases in the northern extratropics change due to increased ocean resolution, especially in regions associated with western boundary currents. The increased ocean resolution exposes a new problem in the northwest Atlantic, where SEAS5 fails to capture decadal variability of the North Atlantic subpolar gyre, resulting in a degradation of DJF 2m temperature prediction skill in this region. The prognostic sea-ice model improves seasonal predictions of sea-ice cover, although some regions and seasons suffer from biases introduced by employing a fully dynamical model rather than the simple, empirical scheme used in System 4. There are also improvements in 2m temperature skill in the vicinity of the Arctic sea-ice edge. Cold temperature biases in the troposphere improve, but increase at the tropopause. Biases in the extratropical jets are larger than in System 4: extratropical jets are too strong, and displaced northwards in JJA. In summary, development and added complexity since System 4 has ensured that SEAS5 is a state-of-the-art seasonal forecast system which continues to display a particular strength in the El Nino Southern Oscillation (ENSO) prediction.