{"slug":"ses","name":"SES","name_en":"SES S.A.","ticker":"SESG.PA","updated_at":"2026-07-12T04:10:27.154+00:00","canonical":"https://valuechain.wiki/ses","same_as":["https://finance.yahoo.com/quote/SESG.PA"],"citable":"밸류체인 그래프 기준 SES의 직접 연결 기업은 4곳(관계 기준 공급 4·매출 0)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, SES S.A. is directly linked to 4 companies (4 supply, 0 revenue relationships) and reaches 8 companies within two hops; the links are backed by 11 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"GEO+MEO 다궤도 운영사 (인텔샛 통합)","kicker_en":"Multi-orbit GEO+MEO operator (Intelsat combined)","lead":"SES는 GEO 정지궤도와 MEO 중궤도(O3b mPOWER)를 결합한 룩셈부르크의 다궤도 위성 운영사로, 2025년 7월 인텔샛 인수(현금 31억 달러)를 완료해 약 120기 함대를 운영한다. 2025년 매출 26억2,700만 유로(+33.9%, 인텔샛은 7월부터 연결), 조정 EBITDA 11억9,600만 유로를 기록했다. 정부와 항공 모빌리티가 성장을 끌고 수주잔고는 66억 유로를 넘는다. EU IRIS² 컨소시엄(SpaceRISE) 참여사이자 룩셈부르크 정부의 GovSat 파트너다.","lead_en":"SES is a Luxembourg-based multi-orbit satellite operator combining GEO with MEO (O3b mPOWER), running a fleet of about 120 satellites after completing the $3.1 billion cash acquisition of Intelsat in July 2025. FY2025 revenue was EUR 2,627 million (up 33.9%, consolidating Intelsat from July) with EUR 1,196 million of adjusted EBITDA. Government and aviation mobility drive growth, and gross backlog exceeds EUR 6.6 billion. SES is part of the EU IRIS² consortium (SpaceRISE) and Luxembourg's GovSat partner.","segments":{"parts":[{"desc":"방송·비디오 — 성숙·구조적 감소하는 현금창출 축","name":"Media (방송·비디오)"},{"desc":"정부·국방 위성통신 — GovSat·IRIS² 등이 끄는 성장 축","name":"Networks: Government"},{"desc":"항공 IFC·해상 — 다궤도 저지연으로 고성장하는 핵심 축","name":"Networks: Mobility (항공·크루즈)"},{"desc":"고정 데이터 — 안정 매출 축","name":"Networks: Fixed Data"}],"total":"FY2025 매출 €2,627M (인텔샛 7월부터 연결)","concentration":"정부·항공 모빌리티 견인, 수주잔고 €6.6B+"},"segments_en":{"parts":[{"desc":"Broadcast/video — a mature, structurally declining cash-generative axis","name":"Media (broadcast, video)"},{"desc":"Government defense satcom — a growth axis led by GovSat and IRIS²","name":"Networks: Government"},{"desc":"Aviation IFC and maritime — the core high-growth axis on multi-orbit low latency","name":"Networks: Mobility (aviation, cruise)"},{"desc":"Fixed data — a stable revenue axis","name":"Networks: Fixed Data"}],"total":"FY2025 revenue €2,627M (Intelsat consolidated from July)","concentration":"Government and aviation mobility lead; gross backlog €6.6B+"},"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":1,"returns_yearly":{"2026":0.7}},{"slug":"gilat","name":"Gilat Satellite Networks","name_en":"Gilat Satellite Networks","tier":1,"returns_yearly":{"2021":18.1,"2022":-18,"2023":5.3,"2024":0.7,"2025":110.4,"2026":-7.2}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":1,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":2,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"moog","name":"무그","name_en":"Moog","tier":2,"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":67.5}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":2,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"mitsubishi-heavy-industries","name":"미쓰비시중공업","name_en":"Mitsubishi Heavy Industries","tier":2,"returns_yearly":{"2021":7.2,"2022":68.3,"2023":100.5,"2024":134.2,"2025":98.3,"2026":-15.3}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","tier":3,"returns_yearly":{"2026":102.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":3,"returns_yearly":{"2026":19.2}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":3,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":3,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":3,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":3,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":3,"returns_yearly":null}],"analysis":"GEO 정지궤도와 MEO 중궤도(O3b mPOWER)를 결합한 다궤도 위성 운영사로, 2025년 인텔샛 인수로 약 120기 함대와 €6.6B+ 수주잔고를 확보했다. 성장 논지는 정부·항공 모빌리티 — 다궤도 저지연이 항공 기내연결(IFC)·정부 국방통신에서 강점이라 이 두 부문이 성숙·감소하는 방송(Media)을 상쇄하며 성장을 끈다. 리스크는 인텔샛 통합 실행과 위성 재보충 CapEx(탈레스·보잉 제조, 스페이스X 발사)이며, 그래프 파급은 함대 재보충 발주가 제조·발사 공급단으로 흐르고 정부·항공 수요가 매출로 전이되는 경로다.","analysis_en":"A multi-orbit satellite operator combining GEO with MEO (O3b mPOWER), which secured a ~120-satellite fleet and €6.6B+ backlog via the 2025 Intelsat acquisition. The thesis is government and aviation mobility — multi-orbit low latency is an edge in in-flight connectivity and government defense comms, and these two segments offset maturing/declining Media to drive growth. Risks are Intelsat integration and fleet-replenishment capex (manufacturing by Thales/Boeing, launch by SpaceX), and in graph terms replenishment orders flow to manufacturing/launch suppliers while government/aviation demand transmits into revenue.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"항공·해운 모빌리티 고객 (IFC·FlexMaritime)","counterparty_slug":null,"confidence":"high","metric":{"type":"installed_base","unit":"aircraft (16개 항공사)","as_of":"2025-12-31","basis":"다궤도 ESA 채택 항공기(운용 500+), FlexMaritime 선박 13,000+","value":1000,"period":"FY2025","basis_en":"Aircraft committed to multi-orbit ESA (500+ operational); 13,000+ ships on FlexMaritime"},"note":"모빌리티 부문에서 항공 IFC(기내 커넥티비티) 및 해상 고객이 매출처. FY2025 기준 다궤도 ESA 시스템이 500대 이상 항공기에 운용 중이며 16개 항공사가 1,000대 이상 항공기에 채택, FlexMaritime으로 전 세계 13,000척 이상 선박에 서비스.","note_en":"Mobility revenue from airline in-flight connectivity and maritime/cruise fleets: multi-orbit ESA systems live on 500+ aircraft, selected by 16 carriers for 1,000+ aircraft, and 13,000+ ships served via FlexMaritime as of FY2025.","sources":[{"stance":"confirms","publisher":"Euronext (SES 규제공시)","publisher_en":"Euronext (SES regulated company news)","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://live.euronext.com/en/products/equities/company-news/2026-03-02-ses-full-year-2025-results","title":"SES: Full Year 2025 Results","title_en":"SES: Full Year 2025 Results","excerpt":"Networks delivered a 4th consecutive year of growth, primarily driven by Aviation and Government; revenue of €2,627 million (+33.9%) and Adjusted EBITDA of €1,196 million at a 45.4% margin, including Intelsat from 17 July 2025.","excerpt_en":"Networks delivered a 4th consecutive year of growth, primarily driven by Aviation and Government; revenue of €2,627 million (+33.9%) and Adjusted EBITDA of €1,196 million at a 45.4% margin, including Intelsat from 17 July 2025."},{"stance":"confirms","publisher":"SES","publisher_en":"SES","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.ses.com/news/press-release/full-year-2025-results","title":"Full Year 2025 Results","title_en":"Full Year 2025 Results","excerpt":"Aviation: Multi-orbit ESA systems now operational on 500+ aircraft; selected by 16 carriers for 1,000+ aircraft. Cruise/Maritime: Over 13,000 ships served globally through FlexMaritime solution.","excerpt_en":"Aviation: Multi-orbit ESA systems now operational on 500+ aircraft; selected by 16 carriers for 1,000+ aircraft. Cruise/Maritime: Over 13,000 ships served globally through FlexMaritime solution."}]},{"direction":"revenue","counterparty":"룩셈부르크 정부 (GovSat)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"EUR million","as_of":"2023-02-26","basis":"국방위성통신 서비스 계약(O3b mPOWER)","value":195,"period":"10년","basis_en":"Defense satcom service contract (O3b mPOWER)"},"note":"룩셈부르크 정부가 SES의 중궤도 위성 O3b mPOWER을 국가안보 목적으로 사용하는 10년 €195M 국방위성통신 계약. FY2025에는 GovSat-2 파트너십 및 IRIS² 참여로 정부 부문 매출처를 추가 확대.","note_en":"10-year, €195M defense satcom deal under which Luxembourg uses SES's MEO O3b mPOWER for national security; extended in FY2025 via the GovSat-2 partnership and IRIS² participation, anchoring SES's Government revenue line.","sources":[{"stance":"confirms","publisher":"SES","publisher_en":"SES","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.ses.com/news/press-release/full-year-2025-results","title":"Full Year 2025 Results","title_en":"Full Year 2025 Results","excerpt":"Government: Secured IRIS² participation; announced GovSat-2 partnership with Luxembourg. Networks achieved a 4th consecutive year of growth, primarily driven by Aviation and Government expansion.","excerpt_en":"Government: Secured IRIS² participation; announced GovSat-2 partnership with Luxembourg. Networks achieved a 4th consecutive year of growth, primarily driven by Aviation and Government expansion."},{"stance":"confirms","publisher":"스페이스레이더","publisher_en":"SpaceRadar","kind":"news","lang":"ko","published_at":"2023-02-26","url":"http://www.spaceradar.co.kr/news/articleView.html?idxno=930","title":"룩셈부르크, SES와 1억9500만 유로 국방위성통신 서비스 계약","title_en":"Luxembourg signs €195 million defense satcom service deal with SES","excerpt":"룩셈부르크가 자국 위성통신사 SES와 1억9500만 유로 규모의 위성통신 서비스 제공 계약을 체결했으며, 10년짜리 계약으로 이 기간 동안 룩셈부르크 정부는 SES의 중궤도 통신위성 O3b mPOWER을 국가안보 목적으로 사용하게 된다.","excerpt_en":"Luxembourg signed a €195 million satcom service agreement with SES; over the 10-year contract the government will use SES's MEO O3b mPOWER satellites for national security purposes."}]},{"direction":"cost","counterparty":"Boeing","counterparty_slug":"boeing","confidence":"high","metric":{"type":"supply_volume","unit":"satellites","as_of":"2025-12-31","basis":"O3b mPOWER 위성 제작 계약(10기 발사 완료)","value":13,"period":"2017~2026","basis_en":"O3b mPOWER satellite construction contract (10 launched)"},"note":"SES의 MEO 주력 함대 O3b mPOWER 위성 제조사. Boeing이 총 13기를 공급 계약(2017년 최초 7기+후속 발주, 이후 위험·자본 분담 개정). 2025년 기준 10기 발사, 나머지 3기 2026년 예정, SES 위성 CapEx의 핵심 비용처.","note_en":"Manufacturer of SES's flagship MEO O3b mPOWER fleet, Boeing is contracted to build 13 satellites (initial 7 from 2017 plus follow-ons, later amended to share risk/capex). 10 launched by 2025, 3 remaining in 2026, a core line of SES's satellite capex.","sources":[{"stance":"confirms","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2025-07-22","url":"https://en.wikipedia.org/wiki/O3b_mPOWER","title":"O3b mPOWER","title_en":"O3b mPOWER","excerpt":"Boeing was selected in September 2017 for the first satellites; Boeing is now under contract to supply 13 O3b mPOWER satellites. With ten of thirteen launched, three more are on track, and SES and Boeing amended their contract to share risk and capital expenditure.","excerpt_en":"Boeing was selected in September 2017 for the first satellites; Boeing is now under contract to supply 13 O3b mPOWER satellites. With ten of thirteen launched, three more are on track, and SES and Boeing amended their contract to share risk and capital expenditure."},{"stance":"confirms","publisher":"Boeing","publisher_en":"Boeing","kind":"news","lang":"en","published_at":"2024-11-13","url":"https://boeing.mediaroom.com/news-releases-statements?item=131506","title":"Boeing Delivers Advanced O3b mPOWER Satellites to Operator SES","title_en":"Boeing Delivers Advanced O3b mPOWER Satellites to Operator SES","excerpt":"Boeing delivers O3b mPOWER satellites to SES; Boeing is under contract to build the high-throughput MEO spacecraft that form SES's O3b mPOWER constellation.","excerpt_en":"Boeing delivers O3b mPOWER satellites to SES; Boeing is under contract to build the high-throughput MEO spacecraft that form SES's O3b mPOWER constellation."}]},{"direction":"cost","counterparty":"Thales Alenia Space","counterparty_slug":"thales","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"SES의 GEO 정지궤도 위성 제조사. 소프트웨어 정의(software-defined) ASTRA 1P·ASTRA 1Q 및 SES-26 위성을 제작, SES GEO 함대 재보충 CapEx의 주요 비용처.","note_en":"Manufacturer of SES's GEO satellites, builds the software-defined ASTRA 1P and ASTRA 1Q plus SES-26, a key line of SES's GEO fleet-replenishment capex.","sources":[{"stance":"confirms","publisher":"SES","publisher_en":"SES","kind":"ir","lang":"en","published_at":"2022-06-01","url":"https://www.ses.com/press-release/ses-adds-third-satellite-thales-alenia-space-extend-services-across-europe-africa-and","title":"SES Adds Third Satellite from Thales Alenia Space to Extend Services across Europe, Africa and Asia","title_en":"SES Adds Third Satellite from Thales Alenia Space to Extend Services across Europe, Africa and Asia","excerpt":"SES ordered SES-26, a fully software-defined geostationary satellite, from Thales Alenia Space, adding a third satellite to the ASTRA 1P/1Q order.","excerpt_en":"SES ordered SES-26, a fully software-defined geostationary satellite, from Thales Alenia Space, adding a third satellite to the ASTRA 1P/1Q order."},{"stance":"confirms","publisher":"Thales Group","publisher_en":"Thales Group","kind":"news","lang":"en","published_at":"2021-11-18","url":"https://www.thalesgroup.com/en/worldwide/space/press-release/thales-alenia-space-build-state-art-astra-1p-and-astra-1q-satellites","title":"Thales Alenia Space to build state-of-the-art ASTRA 1P and ASTRA 1Q satellites for SES","title_en":"Thales Alenia Space to build state-of-the-art ASTRA 1P and ASTRA 1Q satellites for SES","excerpt":"Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), will build the ASTRA 1P and ASTRA 1Q satellites for SES.","excerpt_en":"Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), will build the ASTRA 1P and ASTRA 1Q satellites for SES."},{"stance":"confirms","publisher":"탈레스알레니아스페이스","publisher_en":"Thales Alenia Space","kind":"ir","lang":"en","published_at":"2019-05-06","url":"https://www.thalesaleniaspace.com/en/news/thales-alenia-space-satellite-2019","title":"Thales Alenia Space @ Satellite 2019","title_en":"Thales Alenia Space @ Satellite 2019","excerpt":"O3b 위성은 탈레스알레니아스페이스가 SES 주계약자로 제작했으며, O3b 컨스텔레이션은 중궤도 20기로 완성됐다.","excerpt_en":"The O3b satellites were built by Thales Alenia Space as prime contractor for SES; the O3b constellation now counts 20 satellites in MEO."}]},{"direction":"cost","counterparty":"SpaceX","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"O3b mPOWER 위성 발사를 전담한 발사 서비스 제공사. 2019년 Falcon 9 발사 계약 이후 다수 미션으로 위성을 2기씩 배치, 2025년 7월까지 10기 발사 완료, SES의 발사(launch) CapEx 비용처.","note_en":"Launch-services provider for the O3b mPOWER fleet, SES contracted Falcon 9 launches in 2019 and SpaceX has flown the satellites in pairs, reaching 10 launched by July 2025, SES's launch-capex line.","sources":[{"stance":"confirms","publisher":"Spaceflight Now","publisher_en":"Spaceflight Now","kind":"news","lang":"en","published_at":"2025-07-22","url":"https://spaceflightnow.com/2025/07/21/live-coverage-spacex-to-launch-2-o3b-mpower-satellites-for-ses-on-a-falcon-9-rocket-from-cape-canaveral/","title":"SpaceX launches 2 O3b mPOWER satellites for SES on a Falcon 9 rocket from Cape Canaveral","title_en":"SpaceX launches 2 O3b mPOWER satellites for SES on a Falcon 9 rocket from Cape Canaveral","excerpt":"A SpaceX Falcon 9 launched the latest pair of O3b mPOWER satellites for SES from Cape Canaveral on July 22, 2025, bringing the number launched to ten of thirteen.","excerpt_en":"A SpaceX Falcon 9 launched the latest pair of O3b mPOWER satellites for SES from Cape Canaveral on July 22, 2025, bringing the number launched to ten of thirteen."},{"stance":"confirms","publisher":"Teslarati","publisher_en":"Teslarati","kind":"news","lang":"en","published_at":"2019-08-01","url":"https://www.teslarati.com/spacex-ses-falcon-9-o3b-mpower-launch-contracts/","title":"SpaceX, SES announce new Falcon 9 launch contracts for seven high-bandwidth satellites","title_en":"SpaceX, SES announce new Falcon 9 launch contracts for seven high-bandwidth satellites","excerpt":"SpaceX and SES announced launch contracts for seven O3b mPOWER communications satellites on two separate Falcon 9 missions, placing the constellation in medium Earth orbit.","excerpt_en":"SpaceX and SES announced launch contracts for seven O3b mPOWER communications satellites on two separate Falcon 9 missions, placing the constellation in medium Earth orbit."}]},{"direction":"cost","counterparty":"Gilat Satellite Networks","counterparty_slug":"gilat","confidence":"mid","metric":null,"note":"SES는 SES-17과 O3b mPOWER 운영에 필요한 다중궤도 지상 네트워크 플랫폼(SkyEdge IV)을 길랏에서 조달한다. 지상 인프라 조달은 SES의 비용 측 관계다.","note_en":"SES sources its multi-orbit ground networking platform (SkyEdge IV) for SES-17 and O3b mPOWER from Gilat. Ground infrastructure procurement is a cost-side relationship for SES.","sources":[{"stance":"confirms","publisher":"새트뉴스","publisher_en":"SatNews","kind":"news","lang":"en","published_at":"2024-05-07","url":"https://satnews.com/2024/05/07/sess-o3b-mpower-system-launches-service-via-gilats-skyedge-iv-platform/","title":"SES의 O3b mPOWER, 길랏 SkyEdge IV 플랫폼으로 서비스 개시","title_en":"SES's O3b mPOWER system launches service via Gilat's SkyEdge IV platform","excerpt":"SES의 O3b mPOWER 시스템이 길랏 SkyEdge IV 플랫폼을 통해 GEO-MEO 서비스를 제공한다. 길랏이 SES에 다중궤도 지상 네트워크 플랫폼을 공급한다.","excerpt_en":"SES's O3b mPOWER delivers GEO-MEO services via Gilat's SkyEdge IV platform, with Gilat supplying SES the multi-orbit ground networking platform."}]}]}