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. 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.”