🔴 SES is trading 4.3% down today as management signals delayed capital returns until 2030

SES is trading 4.3% down now at €5.51 after investors reacted to delayed capital return expectations tied to FCC incentive payments.

• Management signaled that significant capital returns may not arrive until 2030, which remains the clearest company-specific catalyst for the stock.
• The sell-off began on July 30 and has been accompanied by unusually heavy volume, with trading activity surging well above normal levels.