Aviation (in)stalls, but C the light

Research evidence excerpt

Aviation (in)stalls, but C the light

Deutsche Bank

Research

Rating Company Date

Buy SES 1 July 2026

Forecast Change

Europe

Luxembourg

Reuters Bloomberg Exchange Ticker Price at 29 Jun 2026 (EUR) 6.87

SESFd.PA SESG FP PAR SESFd

Price Target (EUR) 9.50

Telecommunications

52-week range (EUR) 9.89 - 4.85

Wireless Services

Valuation & Risks

Roshan Ranjit, CFA

C-band newsflow could be imminent, Q2 operational trough Research Analyst

We believe C-band news is imminent, with potential to hear later today if the topic +44-20-754-52908

is on 22 July FCC meeting agenda. Our valuation for SES' share of 100MHz is c.EUR

Robert Grindle, Ph.D.

1.5bn (post tax), in the event 160MHz is auctioned we est. SES could receive c.EUR Research Analyst

3bn in accelerated relocation payments (ARPs) equivalent to 100% market cap. +44-20-754-58490

Operationally, we believe Q2 will be a tough quarter given lumpy Aviation installs

Keval Khiroya, CFA

and ongoing Govn delays. The market will look for reassurance of a Q3 pick up.

Research Analyst

+44-20-754-18164

Eyes on FCC meeting agenda

Vijay Saravanan

Whilst the next FCC Open meeting is scheduled for the 22 July, agendas are

Research Associate

typically published three weeks in advance, which would be today. Given the

spectrum auction deadline of July 2027, if not on the published agenda for the next

meeting, we believe C-band will be a discussion point for mid August. Whilst we Ankit Sharma

may not get exact details of any potential ARPs due to SES, the FCC could detail the

allocation to the satellite industry which will help frame any proceeds due to SES.

Key changes

Q2 a trough quarter, need confidence in Q3 pick up DB EPS (EUR) 0.52 to 0.54 ↑ 4.1%

Q1 was impacted by a contract restructuring which masked core trends, but we est.