Did SES' (ENXTPA:SESG) O3b mPOWER and D2D Push Just Redefine Its Connectivity Narrative?

• In mid-September 2026, SES S.A. successfully launched its eleventh, twelfth and thirteenth O3b mPOWER satellites and expanded its collaboration with Elveo Mobile to roll out direct-to-device satellite services in Europe, while also introducing SES CORE, a hybrid content orchestration platform for broadcasters and media customers.

• Together, these moves highlight SES's push toward a multi-orbit, software-driven connectivity ecosystem that combines high-capacity MEO infrastructure, future LEO D2D capability, and flexible content distribution tools for governments, enterprises and media clients.

• We'll now examine how the expanded O3b mPOWER constellation may influence SES's existing investment narrative built around new connectivity contracts.

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SES Investment Narrative Recap

To own SES today, you need to believe its heavy investment in multi orbit infrastructure will eventually translate into steadier, higher quality connectivity revenues, even while the company remains loss making and is guiding for flat 2026 revenue. The latest O3b mPOWER launches and Elveo D2D tie up reinforce that story but do not, on their own, resolve short term concerns around high CapEx, weak free cash flow and reliance on lumpy government and aviation contracts.

Among the recent announcements, the launch of SES CORE stands out in this context. It links the capital heavy satellite fleet to a more software driven, flexible delivery layer for media customers at a time when traditional video revenue is shrinking. For investors focused on how SES's new contracts and platforms might offset pressure in Media and Fixed Data, SES CORE sits alongside O3b mPOWER as a key test of whether this investment cycle can strengthen margins.

Yet while the technology story is appealing, investors should also be aware of the risk that high upfront CapEx and integration debt could still...

Read the full narrative on SES (it's free!)

SES' narrative projects €3.4 billion revenue and €81.6 million earnings by 2029. This requires 5.1% yearly revenue growth and a €232.6 million earnings increase from -€151.0 million today.

Uncover how SES' forecasts yield a €8.24 fair value , a 73% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were assuming SES could reach about €3.6 billion of revenue and €565.5 million of earnings by 2029, which contrasts sharply with the current consensus focus on flat 2026 revenue and execution risk around new constellations, and this new O3b mPOWER and D2D news could eventually push your own view closer to either side of that wide range.