SES Delivers Solid 9 Months & Q3 2026 Results and Reiterates Full-Year Outlook

SES S.A. announces financial results for the nine and three months ended September 30, 2026.

1) ‘Reported basis’ with Intelsat fully consolidated from July 17, 2025
2) ‘At constant FX’ refers to comparative figures restated at the current period FX rates to neutralize currency variations
3) ‘Like-for-like basis’ is as if Intelsat was fully consolidated from January 1, 2024
4) Excluding operating expenses/income recognized 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)
5) 2025 has been restated to reflect Purchase Price Allocation (PPA) adjustments recorded in connection with the acquisition of Intelsat.

• YTD 2026, Networks revenue up +54.4% yoy (+1.0% yoy LFL) supported by growth in Mobility (+98.8% yoy, +9.7% yoy LFL, including positive impact from contract restructurings in Aviation in Q1 & Q3 26) and Government & Defense (+27.4% yoy, +2.7% yoy LFL); solid performance in Media (+30.1% yoy, -6.8% yoy LFL)
• €5.8 billion of new business and contract renewals signed YTD including IRIS2 contribution of €3.4 billion, leading to €10.0 billion backlog
• Net Leverage ratio stands at 3.7 times including cash and cash equivalents balance of 1.26 billion euros
• 2026 financial outlook reiterated, CapEx optimized: both Revenue and Adjusted EBITDA expected to be stable yoy on a like-for-like and constant FX basis, optimized CapEx of around €600 million
• Final three O3b mPOWER satellites successfully launched on Sept 13, 2026, strengthening performance, resiliency and reach of SES’s MEO network, expected to be operational mid-2027
• IRIS2 implementation agreement signed, moving Europe’s sovereign constellation from design to implementation phase
• Construction of the satellite manufacturing site in Luxembourg has started, with completion expected by first half 2028, supporting IRIS2 and meoSphere
• Submission of SES’s transition plan to clear Upper C-band to the U.S. FCC on Nov 5, 2026
• Interim 2026 dividend of €104 million (€0.25 per A-share; €0.10 per B-share) paid on Oct 15, 2026; a final 2026 dividend (subject to shareholder approval) of at least €0.25 per A-share (€0.10 per B-share) expected to be paid in May 2027
• Capital Markets Day rescheduled to coincide with FY26 results publication on Mar 11, 2027; key agenda items are expected to include updates on SES’s strategic evolution, mid-term financial targets, long-term financial ambitions, financial/capital allocation policy, and deleveraging path incl. plans to potentially bring forward a portion of C-band proceeds 

Adel Al-Saleh, CEO of SES, commented: “SES’s performance in the first nine months 2026 reflects solid execution across the business and supports confidence in our reiterated FY26 financial outlook. We delivered a good third quarter with Revenue growth of +4.2% yoy LFL and an increase in Adjusted EBITDA of +18.6% yoy LFL. These developments were mainly driven by strong momentum in Mobility incl. a positive contract restructuring and robust Government & Defense performance as well as a solid recovery in Media trends, reflecting focused commercial execution and growing demand for mission-critical connectivity services.

YTD 2026, we have added €5.8bn to our backlog, bringing our total backlog to €10.0bn, which provides a strong foundation for our medium- and long-term financial performance. The integration of Intelsat is progressing well, with synergy delivery on-track and continued emphasis on cost discipline and strict capital deployment. 

Networks growth continues to be driven by solid commercial momentum in Mobility and Government & Defense. While Fixed Data remains challenging, we did see some sequential improvement from Q2. In Aviation, we signed several important new airlines like Finnair, Air Astana and expanded our reach with more aircraft from LATAM, American Airlines and Avianca, continuing to build strong commercial momentum with more than 250 new aircraft wins in YTD 2026 and close to 650 tails flying with our multi-orbit Electronically Steered Antenna (ESA) solution. 

In Government & Defense, demand for secure, resilient and mission-critical communications remains strong, reflected in key strategic Space Mission Prime awards such as the U.S. Space Force PTS-G and IRIS², and strong demand related to our long-term managed services contracts.

The construction of the new satellite manufacturing facility in Luxembourg has commenced. SES will design and build the payloads, and perform assembly, integration and test (AIT) for the next generation MEO satellites – including meoSphere and IRIS2 – in Luxembourg. This new facility marks a major milestone for SES’s transformation and business model evolution. It will enhance SES’s ability to design, develop and manufacture critical satellite technologies including next-gen meoSphere and IRIS². 

Media continues to have a strong cash-generative profile and is at the center of global broadcasting, underpinned by €900 million of long-term contract renewals such as Canal+ and Sky and new business beyond the next decade.

The final three O3b mPOWER satellites were successfully launched in September and will enhance network resilience, service quality and boost mPower constellation capacity for our customers from mid next year. 

The process for repurposing 160 MHz of Upper C-band spectrum is on track. The next milestone is the submission of SES’s transition plan to the FCC for public comments on Nov 5, followed by the selection of the Clearinghouse by year-end and the auction expected to be finalized by July 2027. 

On the back of good operational and commercial momentum, clear visibility into Q4, we reiterate our FY26 financial outlook and have reduced CapEx and are committed to disciplined financial execution and long-term value creation for all stakeholders.”