SES S.A. Due Diligence

Run due diligence on SES S.A.: check compliance and get alerts when suppliers change.

Luxembourg · www.ses.com · 17 vendors

SES S.A. is a Luxembourgish communications satellite operator that provides video and data connectivity worldwide. The company serves broadcasters, content and internet service providers, mobile and fixed network operators, governments, and institutions. It operates a global fleet of satellites in geostationary and medium Earth orbits.

Resilience scores

Technology vendors

Services catalogue

5 services in catalogue across 1 category; runs on 17 sub-vendors.

Insights

Last updated 2026-08-12 · revision 7

17 direct vendors, 224 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

13 in-scope frameworks identified; showing 3.

US FCC Regulations — No public evidence

Evidence: https://www.ses.com/company/our-offices, https://www.ses.com/solutions/government

NIS2 (source) — No public evidence

Evidence: https://www.ses.com/company/environmental-social-and-governance/governance, https://www.ses.com/network-and-technology/technology-enablers/security/cyber-security, https://www.ses.com/solutions/government/institutional-programs/govsatcom, https://www.ses.com/news/press-release/ses-advances-nextgeneration-meo-strategy-following-successful-completion-of

Anti-Bribery and Corruption — Evidence found

Evidence: https://www.ses.com/company/environmental-social-and-governance/governance, https://www.ses.com/company/environmental-social-and-governance/governance/ses-global-compliance-hotline

Financials

Three-year financials

Financial Resilience Score: 6/10

SES demonstrates moderate financial resilience, supported by a large contracted backlog of EUR 6.6 billion providing multi-year revenue visibility, an investment-grade credit profile, and diversified revenue streams across Media, Government, Fixed & Maritime, and Aviation. The company maintains a strong strategic position as the world's largest combined GEO/MEO fleet operator with approximately 120 satellites following the Intelsat acquisition, and has a growing defensible government revenue pillar including IRIS², GovSat-2, and U.S. PTS-G contracts. However, resilience has been materially weakened by the July 2025 Intelsat acquisition. Net leverage jumped from 1.1x in 2024 to 3.9x in 2025, cash reserves dropped from EUR 3,521M to EUR 1,075M, and equity attributable to parent fell 23% in one year. The company also reported a net loss of EUR 95M in 2025, following a EUR 905M loss in 2023 driven by a EUR 3.7B impairment. Structural decline in Media/Video revenue, weakness in Fixed Data, competitive pressure from LEO constellations like Starlink and Kuiper, and heavy ongoing CapEx (guided ~EUR 700M for 2026) further constrain resilience. Deleveraging will depend on successful Intelsat synergy delivery.

Key strengths: EUR 6.6B contracted backlog providing multi-year revenue visibility, EUR 1.8B of new business and renewals signed in 2025, Investment-grade credit profile with target ≤3.0x net leverage, EUR 674M unrestricted cash plus EUR 401M restricted at end-2025, World's largest combined GEO/MEO fleet (~120 satellites) post-Intelsat, Growing government revenue pillar (IRIS², GovSat-2, U.S. PTS-G), Dividend maintained (EUR 0.50 per A-share for 2025), Adjusted EBITDA grew to EUR 1,196M in 2025

Risk factors: Net leverage jumped from 1.1x to 3.9x post-Intelsat acquisition, Equity attributable to parent dropped 23% in 2025, Reported net loss of EUR 95M in 2025, History of large asset writedowns (EUR 3.7B impairment in 2023, EUR 123M in 2024, EUR 146M in 2025), Structural decline in Media/Video revenue, Competitive pressure from LEO constellations (Starlink, Kuiper), Heavy CapEx cycle continues (~EUR 700M guided for 2026), Execution risk on Intelsat integration and synergy delivery, EUR 749M contingent value rights liability (Intelsat-related), EUR 58M FX loss in 2025; EUR/USD volatility risk, Cash dropped from EUR 3,521M to EUR 1,075M in one year

Revenue by product/service

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