1. Luxembourg Stocks

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    Communication Services

  3. •

    Telecommunications Services
Ses S.a.

Ses S.a.

SESG.PA
Ses S.a.undefined flagEuronext Paris
7.61
EUR
-0.15
- -
3.19BMarket Cap
Ses S.a.
SESG.PA
(Euronext Paris)

Recent

price

7.61

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
3.48
4.37
4.56
4.63
4.75
3.95
3.8
3.58
3.52
3.48
3.29
3.19
3.54
4.62
4.71
7.19
4.14
Revenue per Share
0.98
1.56
1.62
1.41
1.49
1.07
1.77
1.05
0.51
0.52
-0.15
0.81
-0.06
-2.06
0.04
-0.26
-0.09
Basic EPS, GAAP
0.75
0.61
1.49
1.9
1.94
1.73
1.2
1.36
1.51
1.46
1.47
1.81
0.21
7
1.66
0.99
- -
Free Cash Flow per Basic Share
0.58
0.8
0.87
0.97
1.07
0.94
0.97
1.07
0.64
0.64
0.32
0.32
0.4
0.5
0.75
0.57
- -
Dividend per Share
- -
- -
- -
- -
- -
2.34
3.09
2.31
1.75
1.78
1.11
2.1
1.2
-0.48
1.67
1.64
1.47
Book Value per Share
-1.48
-0.75
0.01
0.37
0.4
0.93
3.12
2.61
2.68
2.76
2.19
3.48
2.49
6.46
6.09
-0.26
4.42
Tangible Book Value per Share
499
397
401
403
404
509
545
568
571
570
570
559
550
439
425
365
483
Basic Weighted Avg Shares
1,736
1,733
1,828
1,862
1,919
2,014
2,069
2,035
2,010
1,984
1,876
1,782
1,944
2,030
2,001
2,627
2,001
Sales/Revenue/Turnover
45.94
46.63
43.24
45.7
45.99
44.41
39.65
31.99
27.79
24.4
22.39
20.82
20.42
15.12
11.19
15.04
11.99
Operating Margin (%)
474
470
556
514
545
600
631
673
708
754
720
670
705
692
806
976
818
Depreciation Expense
488
618
649
566
601
545
963
596
292
296
-86
453
-34
-905
15
-95
-44
Net Income, GAAP
12.29
2.46
- -
12.91
11.71
11.19
10
- -
- -
- -
- -
- -
167.31
- -
67.07
- -
286.67
Effective Tax Rate (%)
28.09
35.64
35.49
30.42
31.31
27.05
46.53
29.29
14.55
14.92
-4.58
25.42
-1.75
-44.58
0.75
-3.62
-2.2
Profit Margin (%)
-1,374
-938
-1,189
-402
250
222
102
-498
114
134
241
552
547
1,871
2,780
-331
2,964
Working Capital
2,996
3,580
3,068
3,542
4,228
4,178
4,223
3,414
3,937
3,767
3,342
3,546
3,659
3,466
4,279
6,066
4,843
LT Debt
2,128
2,617
2,881
2,899
3,490
4,061
6,945
6,112
6,251
6,256
5,438
5,733
5,658
3,758
3,492
2,714
2,878
Total Equity
11.63
11.77
- -
10.25
10.17
9.6
7.42
- -
- -
- -
- -
- -
-2.73
- -
0.91
- -
-5.65
Return on Invested Capital (%)
16.66
18.62
- -
16.41
16.5
13.19
18.15
- -
- -
- -
- -
- -
-2.04
- -
0.86
- -
-2.54
Return on Capital (%)
- -
- -
- -
- -
- -
91.53
67.03
39.78
25.29
29.41
-10.44
50.19
-3.71
- -
- -
-14.48
-5.95
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
292
- -
948
LT Borrowings
4,247
- -
4,808
LT Finance Leases
32
- -
35
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
413
- -
413
Market Capitalization
1,396
2,639
2,919

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
4,302
- -
5,189
Cash, Cash Equivalents & STI
3,221
- -
4,615
Accounts Receivable, Net
649
- -
440
Inventories
49
- -
42
Total Current Liabilities
1,522
- -
2,225
Payables & Accruals
- -
- -
- -
ST Debt
292
- -
948
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-1.05%
-11.77%
-22.28%
Free Cash Flow
233.51%
466.77%
-48.79%
Net Income, GAAP
85.23%
198.5%
-733.33%
Sales/Revenue/Turnover
3.15%
7.67%
31.28%
Total Cash Common Dividend
-3.31%
6.21%
-35.31%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
498
480
497
526
2,001
2025
509
469
- -
- -
2,627
2026
847
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.16
- -
- -
- -
0.04
2025
0.06
- -
- -
- -
-0.26
2026
-0.04
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.75
2025
- -
- -
- -
- -
0.57
2026
- -
- -
- -
- -
- -
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Business
SES S.A. (SESG.PA) operates as a leading global satellite communications provider, delivering video distribution and data connectivity services worldwide through its fleet of over 100 geostationary (GEO) and medium Earth orbit (MEO) satellites, including the O3b mPOWER constellation and the integrated Intelsat network; core offerings encompass SES Media services such as direct-to-home (DTH), direct-to-cable, internet protocol television (IPTV) distribution, content management, playout, encryption, uplinks and interactive services via subsidiary HD+ in Germany, and SES Networks solutions including capacity-on-demand and managed connectivity for telecommunications (mobile backhaul), cloud computing (Microsoft Azure Orbital), aviation (passenger entertainment via Open Orbits), maritime (cruise and shipping), remote industrial (energy, mining), government and defense (via SES Space & Defense with SIMON hybrid architecture), fixed data networks across the US, Africa, Middle East, Americas and Asia-Pacific, and humanitarian operations (Satmed). The Luxembourg-based company, founded in 1985 and headquartered at Château de Betzdorf, maintains extensive geographic operations spanning Europe, the Americas, Africa, Asia-Pacific and the Middle East, with regional offices supporting satellite fleet management, customer service and tailored solutions for broadcasters, telcos, mobile network operators, governments, cloud providers, enterprises and content owners. In a transformative development, SES completed its $2.6 billion acquisition of Intelsat on July 17, 2025, creating a multi-orbit powerhouse with combined backlog exceeding €8 billion, annual synergy run-rate of €370 million (70% within three years), and enhanced scale in high-growth segments representing about 60% of revenue; recent advancements include O3b mPOWER satellites 9 and 10 launched July 22, 2025 (service entry 2026), satellites 7 and 8 entering service in May 2025, a partnership with the Luxembourg government for a second GovSat defense satellite, aviation wins with Thai Airways, Turkish Airlines and Uzbekistan Airways, €1.4 billion in YTD 2025 new business and renewals, and financing completions such as €1 billion senior notes in June 2025 and hybrid bonds in 2024 to support the transaction.