SES S.A. Business Summary

SES S.A. (SGBAF) operates a multi-orbit satellite connectivity model, generating revenue through long-term capacity leases, managed service contracts, and subscription fees across its two primary business segments: Networks and Media. Following the landmark $3.1 billion acquisition of Intelsat in July 2025, the Networks segment now accounts for approximately 60% of total revenue, providing mission-critical data solutions to government, aviation, maritime, and fixed-broadband sectors. The Media segment (40% of revenue) leverages a massive geostationary (GEO) fleet to distribute video content to over 360 million households globally. SES competes directly with Eutelsat Group, Viasat, EchoStar, and SpaceX’s Starlink, positioning itself as the market’s leading hybrid operator by integrating high-capacity GEO resilience with the low-latency performance of its proprietary O3b mPOWER Medium Earth Orbit (MEO) constellation. Established in 1985 by Candace Johnson and the Luxembourg Government, SES is currently led by CEO Adel Al-Saleh, the former head of T-Systems who brings extensive experience in global IT and digital transformation. The leadership team includes CFO Elisabeth Pataki, a veteran of the Intelsat integration, and Adam Levy, who serves as Chief Operations & Engineering Officer managing the company’s multi-orbit infrastructure. The Board of Directors, chaired by Frank Esser, includes notable members such as Joseph Cohen, co-founder of Trilantic Europe. The company maintains a unique ownership structure with the Luxembourg State and its state-owned banks (BCEE and SNCI) holding a significant combined voting stake, while major institutional investors like Atlas Infrastructure Partners and Lazard Asset Management provide additional public market stability.