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    Stéphane Beyazian • ODDO BHF

    Stéphane Beyazian's questions to SES SA (SGBAF) leadership

    Stéphane Beyazian's questions to SES SA (SGBAF) leadership • Q1 2025

    Question

    Stéphane Beyazian inquired if the IRIS² project cost seems high and has room for revision, about SES's exposure to potential U.S. space budget cuts, and about Starlink's C-band strategy.

    Answer

    CEO Adel Al-Saleh assured that IRIS² is subject to a strict IRR requirement and that SES can exit the contract if returns are not met, ensuring capital discipline. Regarding U.S. budgets, he noted that while some specific projects face pressure, aggregate demand remains strong and is balanced by growing European demand. On competition, he focused on SES's own strategy to be a robust alternative with its multi-orbit solutions (mPOWER, IRIS², next-gen GEOs) rather than speculating on Starlink's specific plans.

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    Stéphane Beyazian's questions to SES SA (SGBAF) leadership • Q1 2025

    Question

    Stéphane Beyazian of ODDO BHF questioned the perceived high cost of the IRIS² project, SES's exposure to potential U.S. space budget changes, and the company's visibility on Starlink's C-band strategy.

    Answer

    CEO Adel Al-Saleh defended the IRIS² business case, highlighting that it meets strict IRR requirements and includes an exit clause if final costs do not deliver the required returns. He expressed confidence in the government business, with rising European demand balancing potential U.S. budget shifts. He also acknowledged Starlink as a formidable competitor but affirmed SES's multi-orbit strategy is designed to be competitive and relevant.

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