SES's mid-year acquisition of Intelsat (completed July 17, 2025) created a combined entity positioning the merged company as a global multi-orbit satellite operator. 2026 is described as a "build" year, focused on successful integration and realizing synergies related to the acquisition, projecting more sustained growth from 2027 and beyond.
Cyborg Score Rationale
By end-2026, 8 new GEO (including 6 software-defined) satellites and 7 new MEO (O3b mPOWER) satellites are expected to be launched adding further redundancy and additional growth capacity. However, the company faces near-term integration challenges post-acquisition, with second half of 2025 financial performance below initial expectations.
Top Insights
SES expects €3.5 billion in revenue for 2026 (if Intelsat had been part of the company all year).
The combined entity operates a network of 120 GEO+MEO satellites and has access to LEO constellations.
In December 2020, Intelsat completed its acquisition of Gogo's Commercial Aviation business, combining global telecommunications with customer-facing in-flight connectivity capabilities.
Networks revenue (62% of total) increased +55.2% year-over-year in 2025, driven by growth in Aviation (+145.5%), Government (+47.0%), and Fixed and Maritime (+30.5%).
Named Competitors
SES — Global satellite operator (parent company as of July 2025)
Eutelsat — European satellite communications operator
Telesat — Canadian satellite operator
Viasat — Satellite broadband and cybersecurity provider
Recent Developments
(March 2026) SES reported combined 2025 results with Networks revenue up 55.2%, though second-half performance was below expectations
(July 2025) SES completed acquisition of Intelsat for €2.8 billion, fully consolidating from July 17, 2025
(April 2024) SES announced agreement to acquire Intelsat for €2.8 billion (US$3.1 billion) cash
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