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MARKETS / BALCAO / SGBAF
BALCAO · COMMUNICATIONS SERVICES, NEC · SMALL CAP

SES S.a. SGBAF

3 fiscal years on record · EUR · FY2025 reported · SEC filings only
€2.6B
▲ 31.3% YoY
€-95.0M
▼ 733.3% YoY
€386.0M
▼ 46.8% YoY
In brief

What this company does

SES supports government operations, connects aircraft and ships, and powers global media platforms. SES operates a combined fleet of nearly 120 GEO and MEO satellites, including future planned launches. Its network, supported by more than 150 teleports and 600,000 kilometers of terrestrial fiber, reaches 99% of the world's populated regions. No single customer accounted for 10% or more of SES's total revenue in 2025, 2024 or 2023. SES operates across two core businesses, Networks and Media. Networks provides connectivity and data transmission services for enterprise networks, cellular backhaul and trunking, maritime markets, in-flight connectivity, and government applications, while Media distributes television channels by satellite over direct-to-home and other platforms and carries out professional exchanges of video content. SES was founded in 1985 under the laws of the Grand Duchy of Luxembourg.

Written from the business description in SES S.A.'s annual report to the U.S. Securities and Exchange Commission, filed 1 April 2026. Every sentence was checked against that document before publication.

Growth
EUR 2.6B
Revenue, FY2025 · full 3-year series below
Revenue €B Net income €B
FY2025 · Revenue 2.6 · Net income -0.1
1.0B2.0B-0.4B-0.8B202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−4 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 2.4% · Net -3.6%
-20%-40%202320242025
ROE
FY2025 · ROE -3.1%
0.2%0.4%-1.0%-2.0%-3.0%202320242025

Each EUR of equity lost 3 cents this year.

Cash & shareholders
EUR 24.0M
returned in FY2025 · dividends + net buybacks
Free cash flow €B
FY2025 · FCF 0.4
2B202320242025
Net buybacks €M Dividends €M
FY2025 · Dividends 24.0 · Net buybacks —
100M200MDividendsNet buybacks202320242025

EUR 24.0M in dividends went back to shareholders in a year without profit.

Total assetsEUR 13.4B
EquityEUR 2.6B
CashEUR 1.1B
Current ratio0.87×

Equity funds 20% of total assets.

The 3-year record
3 fiscal years
Every figure from documents filed with the SEC · EUR
row low → row highnegative
Metric 202520242023
Revenue €B2.62.02.0
Operating income €B0.10.1−0.7
EBITDA €B···
Income tax €B−0.00.10.2
Net income €B−0.10.0−0.9
Free cash flow €B0.40.73.1
EPS, diluted···
Dividend / sh···
Payout %−25240−24
ROE %−3.10.4·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 7 reconciliationsAUDITED

Reconciled in 3 of 19 fiscal years. 85 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityCommunications Services, NEC
Listed onOTC market
Incorporated inoutside the United States — SEC code N4
Fiscal year endsDecember 31
Data on record since2023

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