SES advances post-Intelsat growth: constellation complete, dividends, new deals
H1 results show strong growth and reaffirmed outlook SES reported first-half revenue up 72% and EBITDA up 47%, driven by Mobility and Government & Defense, and signed €1.2 billion in new business. Management reiterated full-year guidance, signaling that the Intelsat acquisition is delivering growth and the core business is on track.
This is the period's most important fundamental update, directly shaping investor expectations for earnings and cash flow.
O3b mPOWER constellation completed, boosting future capacity SES launched the final three O3b mPOWER satellites, completing its next-generation medium Earth orbit network. The full 13-satellite constellation will expand high-speed connectivity for governments, enterprises and mobility customers, supporting future revenue growth once operational by mid-2027.
Completing the constellation is a major operational milestone that underpins SES's long-term growth strategy and competitive position.
Shareholder returns and vertical integration investments The board approved a €0.25 interim dividend and targets at least €0.50 for the full year, while SES began building a satellite manufacturing facility in Luxembourg. The dividend signals confidence in cash generation, and the factory aims to cut costs and speed up satellite production over time.
These capital allocation moves show management's commitment to returning cash and investing in efficiency, both supportive of the stock.
New technology and customer wins strengthen media and quantum offerings SES launched a content orchestration platform and signed a multi-year satellite capacity renewal with Sky, while also progressing a quantum-secure communication ground station. These moves reinforce SES's media business and open new technology avenues, supporting revenue stability and growth.
These commercial and technological developments demonstrate SES's ability to retain key customers and innovate, which supports the investment case.