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TL;DR

SES is propping up flat revenue with defense contracts, satellite insurance payouts, and “adjusted” metrics, while betting big on a bankrupt acquisition and a rocket that hasn’t launched.

SES Just Bought a Space Zombie

and Called It Synergy in their H1 2025 Results.

Look, if you’re tired of watching telecoms companies parade out numbers like magicians pulling rabbits from hats, SES has the perfect trick for you: Buy an ex Ch11 satellite company, slap the word “synergy” on it, and call it “value accretive.”

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