DB Daily Fibre: SES REIT BUY; MARITIME COLAB / ZEG DEBT REFI / DIGI BEL CEO

Research evidence excerpt

DB Daily Fibre: SES REIT BUY; MARITIME COLAB / ZEG DEBT REFI / DIGI BEL CEO

Deutsche Bank

Research

Europe Industry Date

Belgium 26 June 2026

Luxembourg DB Daily Fibre

United Kingdom Industry Update

Telecommunications

Wireless Services

SES REIT BUY; MARITIME COLAB / ZEG

DEBT REFI / DIGI BEL CEO

Robert Grindle, Ph.D.

KEY EVENTS NEXT WEEK

Research Analyst

Monday - Digi Communications AGM +44-20-754-58490

SES (Buy, last close EUR 6.63): In recent weeks SES shares have come under John Karidis

pressure despite no fundamental/industry newsflow. We believe the pullback

+44-20-754-54610

follows the strong rally in May on the back of general sub-sector excitement, with

SES shares still +20% YTD. We think ahead of expected C-band news there is an Keval Khiroya, CFA

attractive entry point given scope for material (we est. c.50% market cap.) cash to Research Analyst

SES with relocation reimbursements in addition to accelerated relocation +44-20-754-18164

payments (incentive payments). Our note this morning looks at SES’ latest filing Roshan Ranjit, CFA

and the unit cost to relocate, with overall relocation costs consistent with the Research Analyst

auction 1 (2020) range. Link to note. +44-20-754-52908

Vijay Saravanan

Separately, SES and Tototheo Global, a provider of connectivity/technology Research Associate

solutions for the maritime, enterprise and government sectors, have announced an

expanded collaboration to deploy SES FlexMaritime across global markets. Under Ankit Sharma

the multi-year agreement, SES FlexMaritime will provide Tototheo Global with Research Associate

multi-orbit satellite and terrestrial connectivity enabling maritime customers

access to connectivity supporting critical vessel operations and enhancing crew

welfare.