--- title: "SES Trims Capex Before 2026 Satellite Surge" type: "News" locale: "en" url: "https://longbridge.com/en/news/277492899.md" description: "SES, the European satellite giant, is reducing its capital expenditure by 100 million euros to 700 million euros ahead of a significant launch surge in 2026. The company reported a revenue of 2.63 billion euros and an adjusted EBITDA of 1.2 billion euros for 2025. Despite fluctuations in share prices, SES secured 1.8 billion euros in new contracts and has a backlog exceeding 6.6 billion euros. Analysts praised its Q4 earnings but noted potential cash-flow risks due to delayed EU validations. SES aims for a mid-single-digit EBITDA increase by 2028, leveraging synergies from its recent Intelsat acquisition." datetime: "2026-03-02T15:46:54.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277492899.md) - [en](https://longbridge.com/en/news/277492899.md) - [zh-HK](https://longbridge.com/zh-HK/news/277492899.md) --- # SES Trims Capex Before 2026 Satellite Surge Going forward The European satellite giant SES is tightening its belt before a huge 2026 launch spree heralds wise expense management in high stakes space race. ## Strong 2025 Finish At the end of 2025, SES achieved analyst predictions. It recorded a total revenue of 2.63 billion euros ($3.09 billion) and an adjusted EBITDA of 1.2 billion euros. The Luxembourg-based company just finalized a 3.1 billion purchase of the Intelsat company. It has also secured 1.8 billion euros in new contracts, and its gross backlog is now above 6.6 billion euros. This represents a 37% growth, which is due to clear demand. Europe’s desire for secure communications helped minimize the effects of the U.S. government shutdown and DOGE-related spending cuts. This highlights the diversified saving grace of SES. Fluctuations affected Paris shares. They dropped by 7 per cent in the morning session and then recovered by 3.7% by 0945 am GMT. Analysts from ING praised the Q4 earnings as a beat but noted there was no guidance after 2026. They mentioned second-half launch delays, indicating gradual revenue realization. ## Strategic Capex Trim SES cut its 2026 capital expenditure by 100 million euros, taking the total to 700 million euros. It offset investment in its O3b fleet of medium-orbit satellites and the IRIS2 of the EU fleet of low-orbit challengers against Starlink. In late 2017, it is expected that those in power will place up to 13 satellites in orbit. This move will solidify space dominance through multi-orbital deployments. This strategic stance enables SES to take sovereign contracts as it overcomes capex stresses, which are increasing. Analyst Clara Voss of KeplerCheuvre notes this trend. ## Future Edge The estimated revenue and earnings projected for 2026 are similar to those of previous years. Discussion of IRIS 2 is ongoing within the European Commission. SES has a backlog that is more than 2.5 times its annual revenue, which acts as a buffer to delays. The company can beat competitors in the Starlink-monopolized market. However, there is a risk of cash-flow limitation in the short term if EU validations are delayed, especially after the second-half launch. Over the long run, SES aims for a mid-single-digit increase in EBITDA value to over 40,000 in 2028. It will use Intelsat’s synergies to grow the network by 20,000. In this congested space atmosphere, this is a calculated ambition, not a wanton waste. ### Related Stocks - [SES+.US](https://longbridge.com/en/quote/SES+.US.md) - [SES.US](https://longbridge.com/en/quote/SES.US.md) ## Related News & Research - [20:07 ETSES Investors Have Opportunity to Lead SES AI Corporation Securities Fraud Lawsuit Filed by The Rosen Law Firm](https://longbridge.com/en/news/286483383.md) - [15:47 ETSES AI Corporation (SES) Shareholders Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit](https://longbridge.com/en/news/286307771.md) - [Numbers Do Not Matter In Space](https://longbridge.com/en/news/287104226.md) - [08:50 ETShareholders who lost money in SES AI Corporation (NYSE: SES) Should Contact Wolf Haldenstein Immediately](https://longbridge.com/en/news/286773888.md) - [Astroscale to Switch Independent Auditor to KPMG AZSA After Seven-Year Term](https://longbridge.com/en/news/286828754.md)