SES Reports H1 2026 Results & Reiterates Full-Year Outlook
SES S.A. announces financial results for the three and six months ended June 30, 2026.
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- 3 Minutes
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- Connectivity, Media, Technology, Corporate, Finance
Luxembourg, July 30, 2026 -- SES S.A. announces financial results for the three and six months ended June 30, 2026.
| H1 2026 Performance (€ million) | H1 2026 as reported (1) | H1 2025 as reported (1) | ∆ at constant FX (2) | H1 2025 like-for-like (3) | ∆ at constant FX (2) |
| Average €/$ FX rate | 1.17 | 1.08 | 1.08 | ||
| Revenue | 1,602 | 978 | +72.4% | 1,799 | -5.0% |
| Adjusted EBITDA (4) | 725 | 521 | +47.0% | 824 | -6.2% |
1) ‘Reported basis’ with Intelsat fully consolidated from 17 July 2025
2) ‘At constant FX’ refers to comparative figures restated at the current period FX rates to neutralise currency variations
3) ‘Like-for-like basis’ as if Intelsat fully consolidated from 1 January 2024
4) Excluding operating expenses/income recognised in relation to U.S. C-band repurposing, other income non-recurring, fair value movement on contingent value rights and other significant special items (disclosed separately)
• Networks revenue up +89.0% yoy( ) supported by growth in Mobility (+169.9% yoy(1); including positive impact from a contract restructuring in Aviation in Q1 26) and Government & Defense (+41.9% yoy(1)); Media (+46.5% yoy(1)) performance in-line with expectations
• €1.2 billion of new business and contract renewals signed in H1 2026, contributing to €6.4 billion backlog
• 2026 financial outlook( ) reiterated: both Revenue and Adjusted EBITDA expected to be stable yoy(1) on a like-for-like and constant FX basis, unchanged CapEx of around €700 million
• O3b mPOWER satellites 11,12 and 13 expected to launch in Q3 2026, boosting mPOWER network capacity and resilience
• IRIS2 Rendez-vous 1 negotiations are in their final stages
• SES is progressing well with its satellite manufacturing site, supporting meoSphere, its next generation MEO network targeted for operation by 2030 and designed to significantly boost the company’s next generation MEO network capacity
• FCC’s Upper C-band Report and Order, establishes a time frame to clear 160 MHz of Upper C-band spectrum by 2030/2031 in the contiguous United States while maintaining substantially the same service to our customers
• On June 17, 2026, shareholders at the EGM approved the cancelation of treasury shares resulting in a c.6% reduction of the total shares (economic) to 417 million shares
• SES will host a Capital Markets Day in Luxembourg, on December 9, 2026, with focus on the company’s strategic transformation and growth opportunities supporting mid-term guidance
Adel Al-Saleh, CEO of SES, commented: “SES delivered first half 2026 results according to our expectations. While Q2 performance was softer than expected due to slippage of some contracts, we are where we expected to be at the end of H1. We expect H2 performance to ramp up, and we remain confident in our unchanged financial outlook for 2026. At the same time, we continue to realize cost synergies across the business with a 9% reduction in total OpEx and 16% in Staff costs, while maintaining disciplined execution against our strategic priorities. During H1 2026 we already secured strategic agreements that underpin SES’s mid-term and long-term growth and financial performance.
Networks growth continues to be driven by solid commercial momentum in Mobility and Government & Defense, while Fixed Data is navigating headwinds as expected after decisive restructuring actions. In Aviation, we signed several important agreements and continued to build strong commercial momentum with 200 new aircraft wins in H1 26 and now over 600 tails flying with our multi-orbit Electronically Steered Antena (ESA) solution. We have added Viva México, Avianca and Latam Airlines to our aircraft portfolio, reinforcing our position as a leading inflight connectivity provider, delivering reliable, high-performance connectivity to millions of passengers around the world.
In Government & Defense, demand for secure, resilient and mission-critical communications remains strong. This was demonstrated by the selection of SES Space & Defense to prime mission execution for the U.S. Space Force's Protected Tactical SATCOM-Global (PTSG) program, as well as our award under the U.S. Space Force SSC five-year Blanket Purchase Agreement (BPA) for managed Ku-band satellite services. These awards underline the trusted role SES plays in supporting the evolving communications requirements of government and defense customers globally.
IRIS² is a strategically important program for SES and a cornerstone of Europe's future secure and sovereign space infrastructure. Rendez-vous 1 negotiations are in their final stages and we are working closely with the members of the SpaceRISE consortium and the European Commission to validate most of the key terms and conditions.
We are also encouraged by the continued progress of our satellite manufacturing development activities in Luxembourg tied to our next-gen MEO, meoSphere program. meoSphere is highly complementary to IRIS2, further strengthening our industrial capabilities and positioning SES to play an even greater role across future secure sovereign space programs.
In Media, performance was aligned with our expectations. Satellite remains the most efficient and reliable platform for large-scale content distribution, as demonstrated by the over €400 million of contract renewals secured during H1.The next three O3b mPOWER satellites, 11, 12 and 13 are expected to launch in Q3 2026. These will further enhance network resilience, service quality and boost mPower constellation capacity for our customers in the Networks segments.
We are pleased with the outcome of the FCC’s Upper C-band Report and Order and commend the FCC for the speed, fairness, and diligence of the process. We remain fully committed to working cooperatively with the FCC and all stakeholders as the process progresses. Gross incentive payments to SES for compliance with the transition deadlines total approximately $5.6 billion. The incentive payment and cost reimbursement framework appropriately recognizes the critical role SES will play in repurposing 160 MHz of spectrum for next-generation wireless services, while ensuring that C-band customers continue to receive substantially the same service. Overall, this provides a clear path to future cash generation and de-leveraging, which will further strengthen our financial position and long-term value creation when reinforced by our commitment to disciplined financial allocation.
With enhanced operational and commercial momentum expected in the second half of 2026, continued delivery of synergies, and the strong long-term opportunities represented by IRIS² and Upper C-band programs, we reiterate our 2026 financial outlook and are committed to disciplined financial execution and long-term value creation.”
For further information please contact:
SES Communications
Tel. +352 710 725 500
[email protected]
Presentation of Results
A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 30 July 2026 and will be broadcast via webcast and conference call.
The details for the conference call and webcast are as follows:
Conference Call registration: https://engagestream.euronext.com/ses/h1-2026-results/dial-in
Webcast registration: https://ses.engagestream.euronext.com/h1-2026-results
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
About SES
At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.
Forward-looking Statements
This press release contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “ensure,” “estimate,” “committed,” “expect,” “positioned,” “prime” “project,” “intend,” “plan,” “forecast,” “likely,” “believe,” “target,” “on track,” “will,” and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our reiterated financial outlook for 2026, 2026 financial targets, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, Upper C-band transition process, our plans and decisions relating to various capital expenditures, capital allocation priorities, anticipated future satellite launches, dividends, O3b mPOWER satellites, including expected service dates and settlements, the IRIS² contract, SpaceRISE consortium and MEO capabilities, including through meoSphere, and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance.
Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company’s ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; the FCC’s current C-Band proceeding, which could impact the value of the CVRs; difficulties determining the value of the CVRs; the company’s ability to clear 160 MHz of Upper C-band spectrum in a timely manner to achieve the incentive payments set forth in the FCC’s Upper C-band Report and Order; certain relocation expenses may not ultimately be approved for reimbursement under the Upper C-band Report and Order; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and the company’s ability to comply with extensive regulation and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company’s dependence upon several large customers; changes in technology or the satellite communications market that could make the company’s satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, international conflict, trade wars and tariffs and related uncertainties; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company’s information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; U.S. federal government shutdowns; and the company’s level of indebtedness.
Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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