SES: Adjusted EBITDA up 18.6% in the third quarter, net loss widens to €175 million over nine months
SES published its accounts on November 5, 2026, which can be read on two levels. In the third quarter alone, adjusted EBITDA rose 18.6% on a like-for-like basis and at constant exchange rates, to €413 million, and revenue rose 4.2%, to €870 million. The second quarter had shown declines of 17.4% and 12.8%.
Over nine months, the net loss attributable to the group widened to €175 million, compared with €48 million a year earlier, due to depreciation and amortization and financing costs linked to the acquisition of Intelsat. The satellite operator confirmed its annual targets of stability and lowered its investment budget to approximately €600 million.
Excluding the Intelsat effect, activity declines slightly over nine months
On a reported basis, revenue for the first nine months reached €2,472 million, up 45.5% at constant exchange rates, and adjusted EBITDA reached €1,138 million, up 40.0%. These increases are due to the consolidation of Intelsat, which was included in the comparison base only from July 17, 2025.
On a like-for-like basis, as if Intelsat had been consolidated from January 1, 2024, revenue fell 2.0%, while adjusted EBITDA rose 1.4%.
The reported adjusted EBITDA margin fell 2.3 points to 45.8%. By contrast, it rose to 47% in the third quarter, compared with 41% a year earlier and 42% in the second quarter.
Among the unfavorable factors, the group cites the mix effect linked to the decline in Fixed Data and Media revenues, the timing of government contracts, and exchange rate effects. These were partially offset by the contribution of Intelsat, contract restructurings in Mobility, and lower operating costs.
Adjusted net income went from a profit of €72 million to a loss of €82 million. The group explains this mainly by a €285 million increase in amortization linked to Intelsat and by net financial expenses rising to €235 million.
Reported net income also includes a €106 million impairment recorded in the second quarter. In the third quarter alone, it reached break-even, at €1 million, compared with a loss of €62 million a year earlier.
Mobility drives growth, Fixed Data declines 15.2%
The Networks division (64% of revenue, at €1,574 million) grew 1.0% on a like-for-like basis over nine months, then 6.1% in the third quarter.
Mobility, at €655 million, is the main driver, with growth of 9.7%, rising to 19.3% in the quarter. These figures include the positive effect of contract restructurings in aviation, of €81 million in the first quarter and €54 million in the third.
The Government and Defense business, at €597 million, grew 2.7% over nine months and 4.2% in the third quarter.
Fixed Data, at €322 million, fell 15.2% over the period and 12.3% in the third quarter. “While Fixed Data remains difficult, we have seen some improvement compared with the second quarter,” said Adel Al-Saleh, Chief Executive Officer.
Media (36% of revenue, at €875 million) fell 6.8% on a like-for-like basis over nine months, but was stable in the third quarter (-0.1%).
The group cites the optimization of capacity in mature markets and the bankruptcy of a Brazilian customer in the first quarter. These factors are partially offset by €900 million of long-term renewals, including Canal+ and Sky. The agreement with Canal+ had been extended until 2040, according to an announcement dated October 27, 2026.
Annual targets confirmed, investments reduced to €600 million
SES confirms that it expects revenue and adjusted EBITDA for 2026 to remain stable, on a like-for-like basis and at constant exchange rates. Investments are now expected at approximately €600 million, compared with €700 million previously, excluding expenses related to the release of the C-band, estimated at between €100 and €150 million.
Third-quarter revenue, at €870 million, came in above the average of €841 million expected by analysts.
The order backlog reached €10 billion, after €5.8 billion of new contracts and renewals signed since January, including €3.4 billion under the European IRIS2 program. The ratio of adjusted net debt to adjusted EBITDA stands at 3.7 times, compared with 3.9 times at the end of 2025, with cash of €1.26 billion.
The group has repaid approximately €1,320 million of maturities since January. In October, it issued €500 million of bonds maturing in 2031 and repurchased €363 million of securities maturing in November 2027. Its debt target is 3.0 times or less: once this target is reached, SES intends to raise its base annual dividend.
On the market, the stock had fallen 41.5% over one quarter as of October 23, before gaining 3.5% the day before the publication. The third quarter brings activity back to growth on a like-for-like basis, while the amortization and debt resulting from the Intelsat acquisition continue to weigh on net income.
