SES (SGBAF) caps IRIS² MEO spend at €1.35B with 90% capacity for sales
Rhea-AI Filing Summary
SES reports the successful completion of Rendez-vous 1 (RDV1) under the EU’s IRIS² secure connectivity programme, a key implementation milestone that validates programme costs, technical requirements, timelines and industrial arrangements for the Medium Earth Orbit (MEO) segment.
SES expects a capital commitment for the MEO segment of up to €1.35 billion, maintaining deployment of 18 MEO satellites with targeted service entry in 2030. Management states that the Internal Rate of Return is expected to meet SES’s minimum 10% hurdle rate and that about 90% of MEO capacity is expected to remain commercially exploitable by SES over the satellites’ lifetime. SES indicates the 2026 share of IRIS² investment is already included in its FY26 capex outlook and that no future exceptional cash proceeds will be used to fund the project.
The company highlights significant public funding, built-in protection mechanisms and an expanded operational role, including designing and building payloads, satellite AIT in Luxembourg, leading user terminal development and operating LEO/MEO services through IRIS² control centres, positioning IRIS² as a cornerstone of SES’s next-generation MEO strategy.
Positive
- IRIS² MEO capital commitment capped at €1.35 billion with a validated baseline, providing greater certainty on long-term scope, performance and economics.
- The IRIS² contract is expected to meet SES’s minimum 10% IRR hurdle, supported by significant public funding and protection mechanisms.
- Approximately 90% of MEO capacity is expected to remain commercially exploitable by SES, creating long-term revenue opportunities across multiple connectivity markets.
Negative
- None.
Filing Explained
RDV1 is complete, and SES will now move into implementation activities—including satellite development, payload integration, network operations and user-terminal deployment—while future review and validation milestones remain.
Key Figures
Key Terms
Medium Earth Orbit technical
Internal Rate Return financial
Concession Contract regulatory
SpaceRISE consortium technical
multi-orbit connectivity technical
FAQ
What milestone did SES (SGBAF) achieve under the IRIS² programme?
How much capital will SES (SGBAF) commit to the IRIS² MEO segment?
What return does SES (SGBAF) expect from its IRIS² contract?
When are IRIS² operational services expected to begin for SES (SGBAF)?
How much IRIS² MEO capacity will SES (SGBAF) be able to commercialise?
How is SES (SGBAF) funding its IRIS² investment in 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 Under the
Securities Exchange Act of 1934
Date: August 10, 2026
Commission File Number: 333-286828
SES
(Translation of registrant’s name into English)
Château de Betzdorf
L-6815 Betzdorf
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
| Exhibit |
Description | |
| 99.1 | Press Release, dated August 7, 2026 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SES | ||||||
| (Registrant) | ||||||
| Date: August 10, 2026 | By: | /s/ Aaron Shourie | ||||
| Name: | Aaron Shourie | |||||
| Title: | Chief Legal Officer | |||||
Exhibit 99.1
IRIS² expands SES’s differentiated MEO architecture while supporting
Europe’s secure, sovereign multi-orbit connectivity ambitions
Luxembourg, 7 August 2026 – SES today announced the successful completion of Rendez-vous 1 (RDV1) under the Infrastructure for Resilience, Interconnectivity and Security by Satellite (IRIS²) programme, marking a key milestone in the programme’s implementation phase and reinforcing Europe’s path towards sovereign, resilient and secure satellite connectivity.
The successful completion of RDV1 confirms the programme’s readiness to move forward with implementation and provides greater visibility on the long-term scope, performance and economics of the MEO segment. SES’s expected capital commitment for the MEO segment is up to €1.35 billion, reflecting current programme scope, while maintaining the deployment of 18 MEO satellites and the targeted service entry in 2030. SES’s share of the investment in the IRIS² programme for 2026 is included in SES’s FY26 Capex outlook as previously communicated. No future exceptional cash proceeds will be used to fund the project.
Since the signing of the IRIS² Concession Contract in December 2024, the European Commission, the SES-led SpaceRISE consortium and the European Space Agency have worked together to validate programme costs, technical requirements, delivery timelines and industrial arrangements. RDV1 establishes a validated baseline for implementation, providing greater certainty on programme scope and execution while strengthening the long-term value of IRIS² for customers and SES through lower capital requirements, enhanced satellite capabilities and an expanded role in programme delivery.
SES’s participation in IRIS² is consistent with our disciplined financial policy, benefiting from significant public funding, and built-in protection mechanisms. The Internal Rate Return (IRR) of the contract is expected to meet SES’s minimum 10% hurdle rate, underpinned by a compelling commercial value proposition.
Approximately 90% of MEO capacity is expected to remain commercially exploitable by SES, generating significant long-term revenue opportunities across government, mobility, enterprise and cloud connectivity markets over the lifetime of these satellites.
IRIS² is a cornerstone of SES’s next-generation Medium Earth Orbit (MEO) strategy. Building on the company’s proven capabilities, the programme extends SES’s roadmap into the next decade and positions the company to address growing demand for secure and resilient connectivity services across government and commercial markets.
SES will design and build the payloads for the MEO satellites and perform satellite assembly, integration and test from its facilities in Luxembourg. The upgraded payload architecture will support a wider range of secure connectivity services while further advancing SES’s expertise in high-performance satellite communications.
In addition to leading the MEO satellites segment, SES will lead user terminal development, operations and the provisioning of LEO/MEO services through IRIS² control centres.
“The successful completion of RDV1 marks an important step towards delivering Europe’s next-generation secure, sovereign connectivity infrastructure,” said Adel Al-Saleh, CEO of SES. “IRIS² builds on SES’s proven leadership in MEO and reinforces our long-term vision for secure, resilient and high-performance connectivity. Together with our existing O3b fleet and meoSphere roadmap, the programme positions SES to address evolving government and commercial requirements while supporting Europe’s ambitions for secure and sovereign multi-orbit communications.”
The programme is on track with operational services expected to begin in 2030. Following RDV1, SES and its partners will move into implementation activities, including satellite development, payload integration, network operations and user terminal deployment, while continuing to progress through future review and validation milestones.
For further information please contact:
SES Communications
Tel : +352 691 419 118
SES.Press@ses.com
Christian Kern
Investor Relations
Tel: +352 710 725 7787
ir@ses.com
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About SES
At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com
Forward-looking Statements
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “expected,” “targeted,” “extends,” and “will.”
Forward-looking statements are not assurances of future performance and are subject to inherent uncertainties and risks that are difficult to predict. Factors that might cause such a difference include those discussed in our filings with the US Securities and Exchange Commission, including our Form 20-F, such as risks relating to the development, deployment, manufacturing, and operation of satellites; risks relating to complex consortium arrangements, long development timelines, evolving regulatory and institutional requirements, and material funding and delivery obligations arising from IRIS2; costs or implementation requirements may differ from current expectations and delays or execution challenges could increase investment needs, reduce expected returns, and may not yield the expected benefits; risks relating to governmental customers and programs, and changes in procurement, priorities, budgets or contract awards and governmental funding decisions and policy changes; and risks that anticipated commercial demand, market opportunities, or commercial benefits may not meet expectations. The forward-looking statements included in this press release are made only as of the date hereof and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.