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SES Advances Next-generation MEO Strategy Following Successful Completion of IRIS² Rendez-vous 1 

SES 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.