SES Tops the SBF 120 with a 14.5% Gain Following Its Results
The Luxembourg-based satellite operator leads the Paris market mid-session, in a context driven by falling oil prices and interest rates. The results published this morning add a particular dimension to the session, within a share price trajectory marked by a prolonged decline.
A Rebound Extending an Already Positive Month
The stock gains 14.75% to €4.76, well ahead of the other index constituents: Air France-KLM follows at +11.93%, while the SBF 120 rises 0.52%. This surge adds to a 14.36% gain over one month. It lifts the price above the MM20 (€4.06, a gap of +17.22%) and the MM50 (€4.20), but leaves it below the MM200 at €5.86, i.e. 18.72% lower.
The RSI at 64 reflects a stock that has regained momentum without entering overbought territory. The €0.25 coupon detached on October 13 plays no role in today's session: it only distorts gross performance over three and twelve months, which have been adjusted here.
A Stronger Third Quarter, but a Wider Net Loss Over Nine Months
SES published results this morning that can be read on two levels. In the third quarter, adjusted EBITDA rose 18.6% on a like-for-like basis and at constant exchange rates, to €413M, while revenue increased 4.2%, to €870M.
The second quarter had shown declines of 17.4% and 12.8%. Over nine months, the net loss attributable to the group reached €175M, compared with €48M a year earlier, due to depreciation and financing costs linked to the Intelsat acquisition.
With the nine-month 2026 results, the group confirmed stable annual revenue and adjusted EBITDA targets, and reduced its investment envelope to approximately €600M. It also highlighted an order backlog of €10.0bn, including €3.4bn linked to the IRIS2 programme. The technical resistance zone at €9.89 remains far above the current share price.
