SES Maintains 2026 Outlook After Securing €1.2 Billion in New Contracts During H1

Satellite operator SES  has reported solid financial results for the first half of 2026, driven by strong growth in its Networks business, major contract wins, and continued progress on strategic satellite and infrastructure projects. The company generated reported revenue of €1.6 billion for the six months ended June 30, 2026, while adjusted EBITDA reached €725 million, reflecting the contribution of Intelsat following its consolidation in July 2025. On a like-for-like basis, however, revenue declined 5% and adjusted EBITDA fell 6.2% at constant exchange rates.

The company’s Networks segment was the strongest performer during the period, with revenue increasing 89% year-on-year. Growth was fueled by exceptional performance in the Mobility business, where revenue surged nearly 170%, partly supported by a contract restructuring in the aviation segment. Government & Defense revenue also recorded robust growth of 41.9%, while Media revenue increased 46.5% in line with company expectations.

SES strengthened its commercial position during the first half of the year by signing €1.2 billion worth of new business and contract renewals, bringing its contracted backlog to €6.4 billion. The company reaffirmed its financial outlook for 2026, expecting both revenue and adjusted EBITDA to remain broadly stable on a like-for-like, constant currency basis while maintaining planned capital expenditure of around €700 million.

The company is also advancing several strategic initiatives aimed at expanding its satellite capabilities. SES expects to launch O3b mPOWER satellites 11, 12 and 13 during the third quarter of 2026, increasing the capacity and resilience of its medium Earth orbit (MEO) network. At the same time, negotiations for the IRIS² Rendez-vous 1 program are nearing completion, while construction of its satellite manufacturing facility in Luxembourg continues to support the development of meoSphere, SES’s next-generation MEO network targeted for operation by 2030.

In aviation connectivity, SES continued to expand its customer base, securing approximately 200 new aircraft commitments during the first half of 2026. Airlines including Viva México, Avianca and LATAM Airlines joined its growing portfolio, bringing the number of aircraft using its multi-orbit electronically steered antenna solution to more than 600.

Government and defense also remained a key growth area, with SES Space & Defense securing major U.S. government contracts, including selection to lead mission execution for the U.S. Space Force’s Protected Tactical SATCOM-Global (PTSG) program and an award under the Space Force’s five-year Blanket Purchase Agreement for managed Ku-band satellite services.

Meanwhile, the company’s Media business remained resilient despite broader industry pressures, with SES securing more than €400 million in media contract renewals during the reporting period, underscoring continued demand for satellite-based content distribution.

SES also welcomed a recent decision by the U.S. Federal Communications Commission (FCC) establishing the timeline for clearing 160 MHz of Upper C-band spectrum by 2030-2031. The company said the framework provides a clear pathway for future cash generation, noting that gross incentive payments for meeting transition milestones are expected to total approximately $5.6 billion while ensuring continued service for existing C-band customers.

Commenting on the results, CEO Adel Al-Saleh said first-half performance met expectations despite some contract delays affecting the second quarter. He said the company expects stronger operational and commercial momentum in the second half of the year, supported by continued cost synergies, strategic investments in next-generation satellite infrastructure, and long-term opportunities presented by the IRIS² and Upper C-band programs. He added that SES remains committed to disciplined financial execution and delivering long-term value for shareholders.