This new entity is positioned to deliver integrated, multi-orbit, multi-band connectivity solutions to governments and businesses worldwide, with approximately 60% of revenue coming from high-growth market segments.
With a comprehensive network — including around 90 geostationary (GEO) satellites, nearly 30 medium earth orbit (MEO) satellites, and strategic access to low earth orbit (LEO) constellations — SES now offers connectivity solutions across a broad spectrum of frequencies such as C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency. The expanded capabilities will enable SES to provide tailored, high-quality services to diverse sectors including government, aviation, maritime, and media, strengthening its competitive edge globally.
“Today, we’re not just merging two companies — we’re building a more resilient, future-ready organisation. I welcome our new employees, customers, and partners to this exciting chapter. Our combined talent, infrastructure, spectrum, and relationships will allow us to deliver next-generation, space-enabled connectivity faster and smarter,” said Adel Al-Saleh, CEO of SES.
Financially, the acquisition establishes a robust foundation for growth, with a projected pro forma revenue of €3.7 billion and an expected CAGR of low to mid-single digits from 2024 to 2028. The combined company anticipates an Adjusted EBITDA of €1.8 billion, growing at a mid-single digit CAGR including synergies, and aims to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028 (pre-IRIS2). Backed by a contract backlog exceeding €8 billion, the firm has clear visibility into future revenue streams.
Looking ahead, SES plans disciplined investments averaging €600–€650 million annually between 2025 and 2028 (excluding IRIS2), to further enhance its network and explore emerging markets such as IoT, direct-to-device communications, space-based data relay, space situational awareness, and quantum key distribution. The company’s strong financial profile and expanding cash flows will support ongoing innovation, shareholder returns, and the potential for dividend increases once net leverage falls below 3x within 12-18 months post-closing.
“Our focus is clear: grow, lead in high-potential markets, and shape the future of the industry,” said Al-Saleh. “This is a long-term strategy — building year after year, expanding capabilities, and creating lasting value for our customers and shareholders.”
The merger is expected to generate approximately €2.4 billion in synergies, with 70% of these efficiencies achievable within three years, primarily through operational streamlining, capacity optimisation, procurement savings, and strategic fleet and infrastructure integration.
