SES Trims Capex Before 2026 Satellite Surge
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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.
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