Ses S.A. (OTC: SGBAF)

SES is an industry leader in space based communications. The company operates one of the world's largest satellite networks with a combined fleet of nearly 120 geostationary and medium earth orbit satellites. It provides connectivity and broadcast services to telecommunications companies, mobile network operators, governments, airlines, maritime operators, broadcasters and content owners. SES delivers multi orbit solutions that combine geostationary and medium earth orbit satellites with strategic access to low earth orbit services to meet demanding customer needs.

SES generates revenue primarily by leasing satellite capacity and providing managed services across its Networks and Media businesses. Revenues come from selling bandwidth for data transmission, broadband connectivity, video distribution and related value added services. In 2025 the company reported total revenue of 2,627 million euros reflecting growth after the acquisition of Intelsat. The business model relies on long term contracts with a diversified customer base.

The company operates through the following segments: Networks and Media.

• Networks: This segment provides fixed and mobile connectivity and data transmission services for enterprise networks, cellular backhaul and trunking, maritime markets, in flight connectivity, government applications (civilian and defense) and direct to consumer broadband.

• Media: This segment distributes television channels by satellite over direct to home and other platforms and provides professional exchanges of video content on a full time or occasional use basis.

SES ranks among the largest satellite operators globally, competing with companies such as Eutelsat, Viasat (including Inmarsat), SpaceX’s Starlink, Amazon’s Kuiper and Telesat. The company’s competitive advantage stems from its multi orbit capability, extensive spectrum holdings across C, Ku, Ka, Military Ka, X and UHF bands and a resilient ground network of more than 150 teleports and 600,000 kilometers of fiber. The recent acquisition of Intelsat added scale, expanded the satellite fleet to nearly 120 vehicles and created significant cost synergies, strengthening SES’s ability to offer reliable, secure and high performance services to government, aviation, maritime and enterprise customers.

SES serves a broad range of customers including telecommunications carriers, mobile network operators, government agencies, commercial airlines, shipping and cruise lines, broadcasters, content owners and enterprise users. The company reports that no single customer accounted for 10% or more of total revenue in 2025, 2024 or 2023, indicating a well diversified revenue base.