SES S.A.
SES operates satellites that connect aircraft, ships, remote sites and government operations, alongside television and other media services.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
H1 2026 results
Investment Thesis
A bigger satellite network has to earn its way out of debt
European Tech Equities analysis ·
Integration and cash generation are the central questions
SES S.A.’s acquisition of Intelsat created a broader satellite-connectivity business serving governments, aircraft, ships and media customers. Combining networks and customer relationships could improve capacity use and reduce duplicate costs. The investment case depends on those benefits arriving quickly enough to support a heavily financed asset base while SES builds its next generation of infrastructure.
The acquisition changes what growth means
H1 2026 revenue reached €1.60 billion and adjusted EBITDA €725 million. On a like-for-like basis including Intelsat in both periods, revenue fell 5.0% and adjusted EBITDA 6.2% at constant exchange rates. SES signed €1.2 billion of business and renewals during H1, taking backlog to €6.4 billion. New business supports the case, but the underlying decline shows why reported acquisition-driven growth is insufficient evidence of success.
IRIS² moves from a role to contracted construction
SES’s role in Europe’s IRIS² programme became more concrete in August with a contract worth just under €1 billion for OHB to build 18 satellite platforms. First launches are planned for 2029 and services from 2030. The programme could expand secure connectivity for government and commercial users, but it also commits SES to development spending before those services can earn revenue.
Investment and interest consume the operating surplus
SES reported adjusted free cash outflow of €130 million in H1 and adjusted net debt of €6.22 billion. Its adjusted net-debt-to-EBITDA ratio reached 4.4 times, using the company’s half-debt, half-equity treatment of hybrid bonds. Management retained roughly €700 million of 2026 capital-expenditure guidance. Reducing leverage therefore requires improvements in earnings and cash generation while major network investment continues.
A low EBITDA multiple can hide a large capital bill
Satellite assets require replacement, expansion and financing, so EBITDA alone overstates the money available to equity holders. The valuation case should work through cash after capital expenditure, interest and integration costs, then test how quickly debt can fall. IRIS² and future network expansion can create long-lived revenue, but should receive value only alongside the capital and execution risk required to deliver them.
What would weaken the case
- Competition or customer losses keep underlying revenue falling faster than integration savings improve profit.
- Satellite delays, technical problems or higher capital costs postpone cash generation.
- Leverage stays elevated, leaving interest and refinancing needs ahead of shareholder returns.
Sources
Financials
The business in numbers
Latest
Income statement
| For the periodEUR million | H1 2026 |
|---|---|
| Revenue | 1,602.00 |
| Operating profit (EBIT) | -7.00 |
| Operating margin | -0.4% |
| Net income | -165.00 |
Cash flow
| For the periodEUR million | H1 2026 |
|---|---|
| Operating cash flow | 306.00 |
| Capital expenditure | 444.00 |
| Free cash flow | -138.00 |
Balance sheet
| At period endEUR million | H1 2026 |
|---|---|
| Cash & cash equivalents | 918.00 |
| Total debt | 7,100.00 |
| Net debt / (net cash) | 6,182.00 |
Sources and details
Additional figures
- Adjusted EBITDA
- EUR 725m
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR millions. Net income includes non-controlling interests. Intelsat joined the group in July 2025, so the two half-years cover different businesses. Financial debt includes borrowings and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow; it differs from the company’s own free-cash-flow measure.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR millions. Net income includes non-controlling interests. Intelsat joined the group in July 2025, so the two half-years cover different businesses. Financial debt includes borrowings and leases. Cash after investment subtracts cash purchases of tangible and intangible assets from operating cash flow; it differs from the company’s own free-cash-flow measure.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
SES to supply Finnair with Ground-like Connectivity Experience in the Skies
SES and Air Astana Introduce Multi-orbit Inflight Connectivity on A321LR Fleet
SES and CANAL+ Strengthen Strategic Partnership Through 2040
SES Space & Defense Launch Demo Payload Supporting NASA Communications Services Plan
SES Announces Final Results of its Cash Tender Offer
Interviews
Interviews are coming soon
No interviews with SES S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Jul 30, 2026 · Checked Sep 9, 2026
H1 2025 · Published Jul 30, 2026 · Checked Oct 27, 2026
H1 2026 · Published Jul 30, 2026 · Checked Oct 27, 2026
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