SES Drops 5% at Close After a Harsh Week Following Q3 Results

Significant Correction for SES Since Q3 2025 Results Announcement

SES shares have undergone a significant correction since the announcement of its third-quarter 2025 results last Thursday, which are the first accounts to include contributions from Intelsat. Although the group has raised its annual revenue forecast to between 2.6 and 2.7 billion euros, operational margins have disappointed analysts. The costs of integrating the acquisition completed in July for 3.1 billion dollars are weighing on short-term profitability, and the synergies announced are materializing slower than the market anticipated. Over three months, SES now shows a decline of 17.55%, contrasting with a still favorable annual performance of 47.55%, significantly outperforming the CAC 40 over the same period.

Increased Volatility Amid Intelsat Acquisition Integration

The volatility of the stock has significantly increased, with a volatility index measured at 21.61% over a month, reflecting the uncertainty surrounding the digestion of the Intelsat operation. The price is now above the support level identified at 5.14 euros, tested this week, but remains under pressure facing a technical resistance located at 7.06 euros, now distant. The RSI is at 32, approaching the oversold zone without reaching it, suggesting that the downward movement could continue in the short term if no positive catalyst emerges. The 50-day moving average, at 6.28 euros, is now a distant reference from the current price, indicating a weakened trend.

Negative Dynamics Confirmed by MACD Indicator

The MACD indicator, with a main line at -0.21 and a signal at -0.03, remains in negative territory and confirms an unfavorable momentum. The MACD histogram, at -0.18, shows a divergence that does not allow for anticipating an immediate reversal. Investors are questioning SES's ability to quickly realize the 370 million euros of annual synergies expected from the merger, of which 70% were to be achieved within three years following the closure. In a context of increased competition against LEO constellations like Starlink, the group must reassure on the execution of its integration plan to regain market confidence.