Multi-orbit GEO+MEO operator (Intelsat combined)
SES S.A.
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.
SESG.PA Updated Jul 12, 2026 5 AI consumers· 3 recurring
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).
Financials & Segments
- Total revenue · FY2025 revenue €2,627M (Intelsat consolidated from July)
- Customer concentration · Government and aviation mobility lead; gross backlog €6.6B+
- Segments · Media (broadcast, video) · Networks: Government · Networks: Mobility (aviation, cruise) · Networks: Fixed Data
Revenue from
- Aviation · maritime mobility customers (IFC · FlexMaritime) High confidence· installed base 1,000 aircraft (16개 항공사) · FY2025 · Aircraft committed to multi-orbit ESA (500+ operational); 13,000+ ships on FlexMaritime
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.Confirms EN Euronext (SES regulated company news) Published Mar 2, 2026: SES: Full Year 2025 Results - Luxembourg government (GovSat) High confidence· Contract value €195M · 10년 · Defense satcom service contract (O3b mPOWER)
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.Confirms KO SpaceRadar Published Feb 26, 2023: Luxembourg signs €195 million defense satcom service deal with SES
Pays to
- Boeing High confidence· supply volume 13 satellites · 2017~2026 · O3b mPOWER satellite construction contract (10 launched)
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. - Thales Alenia Space High confidence
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.Confirms EN SES Published Jun 1, 2022: SES Adds Third Satellite from Thales Alenia Space to Extend Services across Europe, Africa and AsiaConfirms EN Thales Group Published Nov 18, 2021: Thales Alenia Space to build state-of-the-art ASTRA 1P and ASTRA 1Q satellites for SES - SpaceX High confidence
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.Confirms EN Spaceflight Now Published Jul 22, 2025: SpaceX launches 2 O3b mPOWER satellites for SES on a Falcon 9 rocket from Cape CanaveralConfirms EN Teslarati Published Aug 1, 2019: SpaceX, SES announce new Falcon 9 launch contracts for seven high-bandwidth satellites - Gilat Satellite Networks Medium confidence
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.Confirms EN SatNews Published May 7, 2024: SES's O3b mPOWER system launches service via Gilat's SkyEdge IV platform
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| SES S.A. | node | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Boeing | benef1 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| Gilat Satellite Networks | benef1 | +18.1 | -18 | +5.3 | +0.7 | +110.4 | -7.2 |
| Thales | benef1 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -11.6 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| Moog | benef2 | +3.4 | +9.8 | +66.6 | +36.8 | +24.5 | +67.5 |
| Airbus | benef2 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Mitsubishi Heavy Industries | benef2 | +7.2 | +68.3 | +100.5 | +134.2 | +98.3 | -15.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target €9 · Price €7.705 (07-10) · Upside +17%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Berenberg | Buy | €9.6 | Jun 26, 2025 | Report ↗ |
| Kepler Cheuvreux · Alessandro Cuglietta | Buy | €7.8 | Apr 4, 2025 | Report ↗ |
On the completed Intelsat acquisition and expected European defense/IRIS2 tailwinds, Berenberg and Kepler Cheuvreux issued Buy calls; consensus is Buy with an average target near EUR 7.7. (No individually verifiable post-Oct-2025 rating actions found; latest verified calls included.)
Analyses covering this node
- When budgets move, primes move: the European-Korean defense re-rating Jul 5, 2026
- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026