Report
Antoine Lebourgeois

SES: modest beat, stable guidance

SES has reported solid Q2 2025 results: a modest revenue beat (c.1% vs css) and adj. EBITDA margin +130bps vs css. As expected, Networks achieved double-digit growth (+12.5% organic in Q2), propelled by new mPOWER capacity in Gov (+21.1%) and Mobility, narrowly offsetting a double-digit decline in
Underlying
SES
Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Antoine Lebourgeois

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