SES S.A.

What they do

SES operates satellites and related ground infrastructure across two commercial segments, SES Video and SES Networks, with revenue reported separately from other items. The fleet includes GEO and MEO satellites plus the mPOWER constellation, and the company also holds orbital slots. Revenue is recognized both at a point in time and over time under customer contracts.

Revenue drivers

• SES Video — Satellite capacity and services sold to media customers; reported as a distinct segment, with revenue not directly attributable to either Video or Networks shown in Other.
• SES Networks — Connectivity capacity and services sold to network customers; reported as a distinct segment alongside Video.
• Space segment and right-of-use assets — The space segment comprises owned satellites of EUR 1,571 million and right-of-use assets of EUR 438 million, reflecting the capital base that supports capacity sales.

Recent performance

The 20-F includes segment reporting for 2025 for Media, Networks and Other units, alongside comparative 2024 and 2023 periods. Satellites ASTRA 2A and Galaxy-23 were retired from service, and ASTRA 2C, Ciel-2 and NSS-7 were de-orbited in 2024. Goodwill retirements in the period related primarily to brought-forward goodwill from the GEO North America, GEO International and MEO cash-generating units. Transfers from assets in the course of construction related primarily to the mPOWER 7 and 8 satellites. Dividends were presented net of dividends received on treasury shares of EUR 17 million.

Strategy

SES continues to invest in its satellite fleet, with construction transfers for the mPOWER 7 and 8 satellites during the period. The company retired or de-orbited several older satellites, including ASTRA 2A, Galaxy-23, ASTRA 2C, Ciel-2 and NSS-7. It also retired orbital slot rights related to 85 W, 105.5 W, 68.5 W, 65 E, 63 E and certain rights at 129 W, and sold the AMC-11 satellite. The 20-F references the Intelsat Holdings S.à r.l. member, indicating Intelsat-related activity in the reporting period. The company incorporated SES Eurasia LLP on 6 January 2025.

Risks

• Satellite retirements and de-orbitings — The retirement of satellites such as ASTRA 2A and Galaxy-23 and de-orbiting of ASTRA 2C, Ciel-2 and NSS-7 reduces available space segment capacity.
• Goodwill impairment risk — Goodwill retirements in the period related to the GEO North America, GEO International and MEO cash-generating units, indicating no future economic benefits expected from those elements.
• Orbital slot attrition — Orbital slot retirements related to 85 W, 105.5 W, 68.5 W, 65 E, 63 E and certain rights at 129 W reduce potential future capacity rights.
• High-yield fixed income exposure — The company holds investments in a fund that invests at least 80% of net assets in high-yield fixed income securities rated below investment grade.

Outlook

The filing does not present a separate forward-looking outlook section in the excerpts provided. Management references continued fleet investment through mPOWER 7 and 8 transfers from assets under construction. The company also notes ongoing capital commitments, including borrowings with a fair value of EUR 4,137 million in both 2025 and 2024, and fixed asset suppliers with a fair value of EUR 592 million in both years. No specific revenue or earnings guidance is included in the provided text.