SES

What SES does

SES S.A. is a Luxembourg-headquartered, publicly listed satellite communications operator (Euronext Paris / Luxembourg, ticker SESG) founded in 1985. Following the $3.1 billion acquisition of Intelsat completed in July 2025, the company operates the world's largest combined GEO/MEO satellite fleet of approximately 120 satellites and holds strategic access to LEO. SES delivers multi-orbit connectivity across two reportable segments — Networks (enterprise, government, aviation, maritime, mobility, and telco/MNO customers) and Media & Broadcast (10,900 channels reaching approximately 2.3 billion viewers) — serving telecommunications providers, broadcasters, corporations, and 60+ government organizations worldwide. Core technology assets include the O3b mPOWER MEO constellation (10 of 13 planned satellites operational, software-defined payloads, electronically steerable beams) and the next-generation meoSphere MEO network in development with K2 Space for 2030 operation, complemented by a sub-7 cm multi-orbit ESA flat-panel antenna enabling seamless in-flight and maritime connectivity.

The company generates revenue predominantly through long-term, recurring subscription and capacity contracts sold via direct enterprise sales teams, OEM partnerships (notably Boeing for factory-fit aviation installations), and channel partnerships with mobile network operators including the Jio Space Technology joint venture in India. Government revenue is anchored by a $437.7 million PTS-G contract with the US Space Force and the lead-partner role in the EU IRIS2 sovereign constellation (€10.6 billion program). FY2025 revenue was €2.6 billion (up 34% YoY post-Intelsat) with adjusted EBITDA of €1.2 billion (up 19% YoY); Q1 2026 revenue reached €847 million (up 80.5% YoY), though like-for-like FY2025 organic revenue declined 1.6% due to fixed data, aviation equipment, and US government budget headwinds. Capital structure includes €3 billion of acquisition financing plus €1 billion and €650 million hybrid securities issuances; net debt/EBITDA stood at 4.1x against a 3.0x deleveraging target as of March 2026.

Name

SES

Legal name

SES S.A.

Website

https://ses.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SES S.A. is a Luxembourg-based, publicly listed satellite communications operator running the world's largest combined GEO/MEO fleet of 120+ satellites post-Intelsat acquisition, delivering multi-orbit connectivity to governments, telcos, airlines, maritime, and broadcasters across two reportable segments.

Ownership category

akta.pro rank

Product category

Satellite Communications

NAICS

Satellite Telecommunications (51741), Satellite Telecommunications (5174), Television Broadcasting Stations (51612)

SIC

Communications Services, Nec (4899), Television Broadcasting Stations (4833), Cable & Other Pay Television Services (4841)

akta.pro primary industry

Satellite Video & Media Distribution (DTH, Contribution/Distribution, Occasional Use) (HDAIAJAG)

Keywords

• Satellite communications
• Multi-orbit connectivity
• Managed network services
• Inflight connectivity
• Video distribution

Headquarters

HQ city

Betzdorf

HQ country

Luxembourg

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales

Revenue model

1. Networks: Satellite connectivity services for enterprise, government, aviation, maritime, and mobility markets. Includes managed services, bandwidth contracts, and multi-orbit solutions. Revenue growing significantly post-Intelsat acquisition, with Networks revenue up 106% YoY in Q1 2026.
2. Media & Broadcast: Video distribution and content delivery services delivering 10.9K channels to nearly 2.3 billion viewers worldwide. Includes DTH, DTT, cable distribution, and occasional use services for sports organizations.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

SES is a satellite communications operator providing managed connectivity and video distribution services via a fleet of 120+ satellites across geostationary (GEO), medium earth orbit (MEO), and low earth orbit (LEO) networks. The company sells multi-orbit bandwidth, managed network solutions, inflight and maritime connectivity, government satellite services, and broadcast content delivery to enterprise, government, telco, aviation, maritime, and media customers worldwide.

Product overview

SES is a space solutions company offering an integrated, multi-orbit satellite and connectivity portfolio. The company operates as the world's largest combined GEO/MEO operator with strategic access to LEO, delivering 120 satellites across GEO and MEO orbits. The core product portfolio includes O3b mPOWER (operational MEO network with 10 of 13 planned satellites) and meoSphere (next-generation MEO network targeted for 2030 via K2 Space partnership). Vertical solutions span Aviation Connectivity (multi-orbit in-flight services with Boeing line-fit integration), Government Solutions (multi-orbit, GovSatCom, quantum-safe), Media & Broadcasters (10.9K channels to 2.3B viewers), Maritime (FlexMaritime multi-orbit), Sports (SES SCORE analytics), and Space Services (launch, operations, AI data). Cloud integrations with Azure ExpressRoute and AWS Direct Connect enable direct satellite-to-cloud connectivity for enterprise customers.

Differentiator

Problem solved

Functional benefit

Brands

• O3b mPOWER: Medium Earth Orbit (MEO) satellite network providing high-throughput, low-latency connectivity for enterprise, government, and mobility customers
• meoSphere
• FlexMaritime
• Astra

Products and services

• O3b mPOWER Medium Earth orbit (MEO) satellite network providing high-throughput, low-latency connectivity with software-defined capabilities and electronically steerable beams, delivering resilient broadband for mobility, government, enterprise, and telecommunications markets.
• meoSphere Next-generation multi-mission MEO satellite network targeted for 2030 operation, designed to boost global broadband capacity with software-defined payloads, optical intersatellite links, and 5G Non-Terrestrial Network compliance.
• GEO Satellite Network Geostationary orbit satellite constellation providing global coverage for wide-area broadcast and broadband connectivity as part of SES's combined 120-satellite GEO/MEO fleet.
• Aviation Connectivity Multi-orbit in-flight connectivity solutions for airlines covering airline support, operations, revenue generation, and onboard connectivity services, including electronically steered array antenna technology and Boeing line-fit integration.
• Government Solutions Comprehensive satellite connectivity and managed services for government organizations, including multi-orbit solutions, ground infrastructure, enterprise management and control, and institutional programs covering navigation, GovSatCom, and quantum-safe communications.
• Media & Broadcasters Solutions Video content delivery solutions for broadcasters including DTH/DTT/cable distribution, content via satellite, consumer experiences, and free-to-air services, supporting 10.9K channels delivered to nearly 2.3 billion viewers worldwide.
• FlexMaritime Multi-orbit maritime connectivity service providing flexible, high-throughput satellite broadband for commercial vessels, supporting operational efficiency and crew welfare across global shipping routes.
• SES SCORE Real-time booking and analytics platform for sports organizations, enabling content aggregation, hybrid distribution, and performance insights for live sports broadcasting.
• Q-stream IP-based content delivery platform based on DVB-NIP (Native IP) standard, enabling video-on-demand, targeted advertising, and hybrid broadcast-broadband delivery via satellite networks.
• Space Services Comprehensive space-based services including launch services, satellite flight operations and engineering, consulting, ground services, hosted payloads, space situational awareness, and AI data services for satellite operators.
• Telcos & MNOs Solutions Satellite connectivity services for mobile network operators including enterprise connectivity, high-speed trunking, IoT and edge compute, cellular backhaul, emergency response, and digital inclusion.
• Jio Space Technology Joint Venture Joint venture (51% Jio-owned) delivering high-performance broadband services across India using SES satellite infrastructure.

Quantifiable outcome

• Q1 2026 revenue up 80.5% YoY to €847 million
• +3 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

17 partnerships are on record, tiered major, strategic, regional, core, innovation and humanitarian.

• Tototheo GlobalmajorChannel Partner/ Reseller/ Distributor · 25 June 2026Expanded collaboration to deploy SES FlexMaritime multi-orbit services across global maritime markets.
• International Telecommunication Union (ITU)strategicStrategic or Co-development Partner · 5 June 2026Partnership to advance connectivity and digital inclusion for remote communities. Joint initiatives include connecting 100 schools across Africa, Americas, and Asia-Pacific. Develops rapidly deployable solutions for humanitarian emergencies.
• TV ISLAregionalChannel Partner/ Reseller/ Distributor · 2 June 2026Broadband expansion project on Colombia's Providencia Island using hybrid MEO/LEO satellite connectivity. Delivers 500+ Mbps capacity for fiber-to-the-home connectivity for approximately 1,500 homes and 7,000 residents.
• Viva (Mexico)majorChannel Partner/ Reseller/ Distributor · 1 June 2026Multi-orbit inflight connectivity service for 100 Airbus aircraft (60 A320s, 40 A321s). Viva first Mexico-based airline to use SES's electronically steered array antenna technology. Deployment covers June 2026.
• PetrobrasmajorChannel Partner/ Reseller/ Distributor · 11 May 2026O3b mPOWER MEO connectivity for 7 new Floating Production, Storage and Offloading (FPSO) systems in Brazil. FPSOs entering operation 2026-2030. Supports mission-critical offshore operations and digitalization of Brazil's energy sector.
• BoeingcoreTechnology or Integration · 14 April 2026Agreement to integrate SES multi-orbit antenna as factory-installed line-fit option on Boeing aircraft. Initial offerability on 737 followed by 787. Marks shift from retrofit to factory-installed LEO broadband installations. 500 installations already completed with 1,000 more commitments.
• Japan AirlinesmajorChannel Partner/ Reseller/ Distributor · 14 April 2026Expansion of existing partnership (since 2013) to deliver multi-orbit inflight connectivity for long-haul fleet. Covers 20 A350-900 (linefit), 10 B787-9 (linefit), and 11 B787-9 (retrofit) aircraft. Linefit deliveries starting 2028.
• K2 SpacecoreTechnology or Integration · 24 March 2026Partnership to deploy meoSphere next-generation MEO network by 2030. K2 Space providing 28 high-power satellite platforms (20 kW each). SES developing software-defined payloads in Luxembourg. Pathfinder missions planned over 3 years to test and validate technology ahead of full deployment.
• Lynk Global / OmnispacestrategicStrategic or Co-development Partner · 24 March 2026SES positioned as major investor in merged D2D constellation combining Lynk Global and Omnispace. 640-satellite constellation targeting mid-2027 commercial service. SES providing ground infrastructure while combined entity contributes globally coordinated S-band spectrum.
• Swissto12innovationTechnology or Integration · 19 March 2026HummingSat small-GEO satellite order from Swissto12 for SES applications. Part of fleet modernization and technology diversification.
• InvertostrategicTechnology or Integration · 13 March 2026Strategic collaboration to advance Q-stream IP-based content delivery platform. Leverages DVB-NIP technology for video-on-demand, targeted advertising, and hybrid broadcast-broadband delivery across SES's global satellite network.
• emergency.lu / Luxembourg MinistryhumanitarianStrategic or Co-development Partner · 4 March 2026Partnership for humanitarian connectivity. O3b mPOWER MEO satellites deployed at Farchana refugee settlement in Chad for high-speed internet access for refugees and humanitarian organizations. First use of MEO for emergency.lu platform.
• e& Carrier & Wholesale ServicesregionalTechnology or Integration · 4 March 2026Demonstrated Middle East's first 1.25 Gbps low-latency satellite connectivity using O3b mPOWER constellation in Dubai. Average latency of 140ms for enterprise, government, and 5G backhauling applications.
• TelebrasregionalChannel Partner/ Reseller/ Distributor · 4 March 2026Bridging Brazil's digital divide with high-speed satellite connectivity for underserved areas.
• Advannotech / EARNinnovationTechnology or Integration · 3 March 2026Satellite-enabled IoT technology deployment at climate-smart training farm in South Africa. LoRaWAN sensors connected via SES satellites for soil moisture, temperature, and environmental monitoring. 3-month proof-of-concept completed.
• Starfish SpaceinnovationTechnology or Integration · 1 April 2025Starfish Space's Otter spacecraft for satellite life extension and deorbit services contracted by SES. Part of broader satellite servicing ecosystem development.
• Jio Space Technology Limited (Jio Platforms / Reliance)coreStrategic or Co-development Partner · 1 January 2022Joint venture established in 2022 with Jio owning 51%. Delivers high-performance broadband across India using SES-12 and O3b mPOWER constellation. Multi-year capacity purchase estimated at $100 million. Complements Jio's terrestrial network for remote towns, enterprises, and government institutions.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Viasat: Viasat is a direct peer as a global satellite communications operator providing broadband, aviation connectivity (Inmarsat), government, and maritime services. It co-won the US Space Force PTS-G contract alongside SES, competes in aviation IFC, and shares exposure to the GEO broadband and mobility markets.
• Eutelsat: Eutelsat is a direct European peer operating GEO satellites plus the OneWeb LEO constellation. It is a co-prime on the SpaceRISE/IRIS² consortium alongside SES, and competes head-to-head in European video distribution, government, and broadband markets.
• Intelsat: Intelsat was acquired by SES in July 2025 for $3.1B. Prior to acquisition it was the closest direct peer: a global GEO operator serving media, government, and mobility customers with overlapping fleet and customer base. Now operates as an integrated subsidiary but historical comparables remain relevant.
• Telesat: Telesat is a Canadian satellite operator developing the Telesat Lightspeed LEO constellation. It is a direct peer in enterprise and government connectivity, and a fellow member of the IRIS² SpaceRISE consortium with overlapping customer segments.
• Hughes Network Systems (EchoStar): Hughes, owned by EchoStar, is a major satellite broadband operator serving consumer and enterprise customers, including the Jupiter fleet. It directly competes with SES in broadband, cellular backhaul, and enterprise VSAT markets.

Emerging players

• Starlink (SpaceX): Starlink is the dominant LEO broadband constellation operated by SpaceX, rapidly capturing consumer, enterprise, and mobility connectivity share. While its service model and target customer overlap with SES, Starlink's pure LEO architecture and direct-to-consumer positioning make it an emerging disruptor rather than a like-for-like GEO/MEO competitor.
• OneWeb (Eutelsat Group): OneWeb, now part of Eutelsat, operates a global LEO constellation targeting enterprise, government, and maritime backhaul. It is a partial-overlap competitor in enterprise connectivity and a fellow SpaceRISE/IRIS² participant.
• Speedcast: Speedcast is a managed satellite connectivity provider focused on maritime, energy, and government markets. It is a downstream customer and competitor in the enterprise/maritime layer, and provides a relevant comparable for SES's FlexMaritime commercial shipping offerings.

Broad incumbents

• Iridium Communications: Iridium operates a global LEO constellation focused on voice, low-bandwidth data, IoT, and safety services for maritime, aviation, and government. It overlaps with SES in mobility and government segments but with a narrower bandwidth profile and distinct subscriber base.

Regional players

• Hispasat: Hispasat is a Spanish-language video and broadband satellite operator serving Latin America, Spain, and Portugal. It overlaps with SES in DTH/video distribution and Latin American broadband but is geographically narrower and smaller in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SES_Satellites
• YouTubeyoutube.com/user/SESVideo
• Facebookfacebook.com/SESSatellites
• LinkedInlinkedin.com/company/ses
• Instagraminstagram.com/sessatellites

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries4 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SES