LUXEMBOURG--(BUSINESS WIRE)--July 30, 2026--
SES S.A. announces financial results for the three and six months ended June 30, 2026.
H1 2026 H1 2025
H1 2026 as as At At
Performance reported reported constant H1 2025 constant
(EUR million) (1) (1) FX (2) like-for-like(3) FX (2)
----------------- -------- -------- -------- ---------------- --------
Average EUR/$
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 July 17, 2025
2) 'At constant FX' refers to comparative figures restated at the current
period FX rates to neutralize currency variations
3) 'Like-for-like basis' is as if Intelsat was fully consolidated from
January 1, 2024
4) Excluding operating expenses/income recognized 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(1) 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
-- EUR1.2 billion of new business and contract renewals signed in H1 2026,
contributing to EUR6.4 billion backlog
-- 2026 financial outlook(2) 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 EUR700 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.
IRIS(2) 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 IRIS(2) , 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 EUR400 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 IRIS(2) and Upper C-band programs, we reiterate our 2026 financial outlook and are committed to disciplined financial execution and long-term value creation."
1) At constant FX (comparative figures restated to neutralize currency
variations)
2) Financial Outlook is stated at constant FX, and like-for-like, as if
Intelsat consolidated from January 1, 2024; assuming nominal satellite
health and launch schedule; Capital Expenditure outlook excludes any
capital expenditures related to C-band clearance, expected to be around
EUR100-150 million in FY26; is set at an EUR/USD exchange rate of 1.20.
Financial Outlook
SES reiterates its 2026 financial outlook on a like-for-like (as if Intelsat was consolidated from January 1, 2024) and constant FX basis(1) .
On this basis, SES's 2026 financial outlook expects both Revenue and Adjusted EBITDA to be stable year-on-year.
Capital expenditures (net cash absorbed by investing activities excluding acquisitions and financial investments; including IRIS(2) and first phase of meoSphere capital expenditures) are expected to be around EUR700 million(2) .
SES plans to continue building on its MEO capabilities through meoSphere, the company's next generation multi mission MEO network supported by New Space innovators, including the K2 Space partnership.
1) Financial outlook is based on i) constant FX; ii) like-for-like basis is
as if Intelsat fully consolidated from January 1, 2024; iii) adjustments
to convert the financial information of the Intelsat Group from U.S. GAAP
to IFRS; (iv) adjustments for intercompany eliminations; and (v)
assumption of nominal satellite launch schedule and nominal satellite
health status. The actual results and financial outlook are presented
including the effects of purchase price accounting related to the Intelsat
acquisition.
2) Includes capital expenditures relating to SES involvement in IRIS(2)
program and first phase of meoSphere; excludes any capital expenditures
related to C-band clearance, expected to be around EUR100-150 million in
FY26; is set at an EUR/USD exchange rate of 1.20.
Key business and financial highlights
(Intelsat fully consolidated from 17 July 2025 -- as reported; at constant FX unless explained otherwise)
SES regularly uses Alternative Performance Measures (APMs) to present the performance of the group and believes that these APMs are relevant to enhance understanding of the group's financial performance and financial position.
EUR million H1 2026 H1 2025 at reported FX at constant FX
--------------- --------- --------- -------------- --------------
Average EUR/$
FX rate 1.17 1.08
---------------- --------- --------- -------------- --------------
Revenue 1,602 978 +63.9% +72.4%
---------------- --------- --------- -------------- --------------
Adjusted
EBITDA 725 521 +39.2% +47.0%
---------------- --------- --------- -------------- --------------
Adjusted Net
Profit
(Loss) (89) 77 n/m n/m
---------------- --------- --------- -------------- --------------
Adjusted Net
Operating
Cash Flow 522 480 +8.7% n/m
---------------- --------- --------- -------------- --------------
Adjusted Free
Cash Flow (130) 193 n/m n/m
---------------- --------- --------- -------------- --------------
Adjusted Net 4.4 times 1.1 times n/m n/m
Debt /
Adjusted
EBITDA
---------------- --------- --------- -------------- --------------
'At constant FX' refers to comparative figures restated at the current
period FX to neutralize currency variations.
Networks revenue of EUR1,018 million (64% of total revenue) increased +89.0% yoy driven by growth in Mobility (+169.9% yoy; including positive impact from a planned contract restructuring in Aviation of EUR81 million in Q1 2026, EUR15 million in Q2 2025 and periodic revenue of EUR19 million recognized in Maritime in Q1 2025), Government & Defense (+41.9% yoy), and Fixed Data (+89.3% yoy).
Media revenue of EUR571 million (36% of total revenue) was up +46.5% yoy, benefiting from fully consolidating Intelsat from 17 July 2025. Underlying performance reflects capacity optimization in mature markets as well as the impact from the Brazilian customer bankruptcy in Q1 2026.
Adjusted EBITDA of EUR725 million represented an Adjusted EBITDA margin of 45.2% (H1 2025: 53.3%) including the contribution from the acquisition of Intelsat from 17 July 2025 and a contract restructuring in Mobility in Q1 2026 as well as lower OpEx. These favorable impacts were partly offset by the mix impact of revenue declines from Fixed Data and Media, and the phasing of Government contracts, as well as adverse foreign exchange impacts.
Adjusted EBITDA excludes significant special items of EUR6 million net income (H1 2025: EUR10 million net income), comprising fair value movement on contingent value rights of EUR72 million (H1 2025: nil) and other income (non-recurring) of EUR22 million (H1 2025: EUR49 million), partly offset by restructuring charges of EUR10 million (H1 2025: EUR6 million), costs associated with the development and/or implementation of merger and acquisition activities ("M&A") of EUR11 million (H1 2025: EUR32 million), non-cash loss from derecognition of assets of EUR33 million (H1 2025: nil), non-cash impairment losses on financial assets non-recurring of EUR31 million (H1 2025: nil) and other charges of non-recurring nature of EUR3 million (H1 2025: EUR2 million).
Adjusted Net Loss of EUR89 million (H1 2025: Profit of EUR77 million) mainly reflects EUR250 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net financing costs of EUR155 million (H1 2025: EUR12 million), as well as higher non-operating expenses and non-controlling interest. This is partly offset by higher Adjusted EBITDA and lower net income tax. Net financing costs includes interest expense on external borrowings of EUR115 million (H1 2025: EUR41 million) and other net interest expense of EUR77 million (H1 2025: EUR12 million), partly offset by interest income of EUR32 million (H1 2025: EUR52 million), as well as the impact of net foreign exchange gain of EUR5 million (H1 2025: loss of EUR11 million).
Adjusted Net Loss excludes the significant special items highlighted above, as well as non-cash net impairment expense of EUR106 million (H1 2025: EUR73 million), M&A-related net financing charges of nil (H1 2025: EUR23 million) and net tax benefit of EUR13 million (H1 2025: benefit of EUR23 million) associated with all the significant special items.
Adjusted Free Cash Flow (excluding significant special items) was an outflow of EUR130 million, representing a year-on-year decrease of EUR323 million. This primarily reflected higher capital expenditure and interest payments, as well as an adverse working capital movement driven by timing of collections. Adjusted Net Operating Cash Flow of EUR522 million excludes EUR186 million of payments in connection with IRIS(2) restricted cash and EUR30 million of payments in respect of other significant special items and represents an increase of EUR42 million compared to prior period. Payments in respect of other significant special items mainly relate to outflows associated with the development and/or implementation of merger and acquisition activities and restructuring.
At June 30, 2026, the Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of EUR1.650 billion of hybrid bonds as debt and 50% as equity) was 4.4 times (31 December 2025: 3.9 times). Cash & cash equivalents of EUR703 million (excluding EUR215 million of restricted cash with respect to the SES-led consortium's involvement in IRIS(2) ).
In H1 2026, SES repaid debt maturities of approximately EUR1,186 million, including its EUR650 million senior bond and its outstanding EUR525 million Deeply Subordinated Fixed Rate Resettable Securities.
SES continues to engage with insurers on the insurance claim for O3b mPOWER satellites 1-4. In Q2 2026, the company has collected approximately $15 million (EUR13 million) through settlements, with additional payments expected as negotiations progress. To date the company has collected a total of $218 million.
On April 2, 2026, shareholders at the AGM approved all company-recommended resolutions. The final FY 2025 dividend of EUR104 million equal to EUR0.25 per A-share and EUR0.10 per B-share was paid to shareholders on 16 April 2026.
On June 17, 2026, shareholders at the EGM approved all company-recommended resolutions, including the cancelation of treasury shares resulting in a c.6% reduction of the total shares (economic) to 417 million shares.
SES restates its commitment to disciplined financial allocation, investment grade metrics and net leverage target of 3.0 times or below. Once the company meets its net leverage target it intends to increase the annual base dividend, and at least a majority of future exceptional cash flows will be prioritized for shareholder returns.
The SES-led SpaceRISE consortium is progressing well through Rendez--Vous 1 of the IRIS(2) program. SES is working closely with the European Commission and the European Space Agency to validate most key terms and conditions, including project costs, supply chain arrangements, and technical requirements for the design, delivery, and operation of the innovative MEO-LEO network. SES remains fully committed to the European Union's vision for a sovereign, secure, and competitive space--based connectivity infrastructure. As the lead member of the SpaceRise consortium, SES collaborates with all partners to ensure successful delivery of IRIS(2) .
On July 24, 2026, the U.S. Federal Communications Commission (FCC) published the Upper C-band Report & Order that repurposes 160 MHz of Upper C-band spectrum in the contiguous United States for next-generation terrestrial wireless services. The spectrum will be auctioned by no later than July 2027, and satellite operators will be required to clear the spectrum by December 2030 (for the top 75 partial economic areas) and June 2031 (for the remaining areas). Gross incentive payments of approximately $5.6 billion will be paid to SES if the spectrum is cleared within the specified transition deadlines. The Report and Order also provides a framework for the reimbursement of reasonable and necessary costs associated with the transition of Upper C-band customers to other spectrum in order to provide them with substantially the same service. SES remains fully committed to working cooperatively with the FCC and all stakeholders to complete the Upper C-band transition in time. SES restates its commitment to disciplined financial allocation of future proceeds received under the FCC's Report and Order.
Operational performance
(Intelsat consolidated from 17 July 2025)
REVENUE BY BUSINESS UNIT
Revenue as reported As reported revenue change
(EURmillion) (year-on-year) at constant FX
----------------- --------------------- -------------------------------
Q1 Q2
2026 2026 H1 2026 Q1 2026 Q2 2026 H1 2026
----------------- ---- ---- --------- ------- ------- -------------
Average EUR/$
FX rate 1.18 1.16 1.17
------------------ ---- ---- --------- ------- ------- -------------
Media 285 286 571 +42.9% +50.3% +46.5%
------------------ ---- ---- --------- ------- ------- -------------
Networks 556 462 1,018 +106.0% +72.0% +89.0%
------------------ ---- ---- --------- ------- ------- -------------
Government &
Defense 189 192 381 +50.7% +34.1% +41.9%
------------------ ---- ---- --------- ------- ------- -------------
Fixed Data 109 108 216 +79.0% +101.0% +89.3%
------------------ ---- ---- --------- ------- ------- -------------
Mobility 259 162 421 +207.8% +125.6% +169.9%
------------------ ---- ---- --------- ------- ------- -------------
Other 6 7 13 n/m n/m n/m
------------------ ---- ---- --------- ------- ------- -------------
Group Total 847 755 1,602 +80.5% +64.2% +72.4%
------------------ ---- ---- --------- ------- ------- -------------
'At constant FX' refers to comparative figures restated at the current
period FX rates to neutralize currency variations.
Anticipated future satellite launches
Satellite Region Application Launch Date
--------------------- ----------------- ----------------- -----------
O3b mPOWER Global Networks Q3 2026
(satellites
11-13)
--------------------- ----------------- ----------------- -----------
IS-42 N. Atlantic, W. Networks 2028
Europe, W.
Africa
--------------------- ----------------- ----------------- -----------
IS-43 Indian Ocean Networks 2028
Region, Europe,
Middle East,
Africa
--------------------- ----------------- ----------------- -----------
IS-45 Middle East Government & 2028
Defense
--------------------- ----------------- ----------------- -----------
ASTRA 1Q Europe Media, Networks 2028
--------------------- ----------------- ----------------- -----------
SES-26 Africa, Asia, Media, Networks 2028
Europe, Middle
East
--------------------- ----------------- ----------------- -----------
EAGLE-1 Europe Government & 2028
Defense
--------------------- ----------------- ----------------- -----------
GOVSAT-2 Europe Government & 2029
Defense
--------------------- ----------------- ----------------- -----------
Launch dates are based on satellite manufacturer's estimated delivery dates as
of 30 June 2026. Final launch dates are subject to confirmation by launch
providers. "Networks" refers to Government & Defense, Mobility, and Fixed Data
applications.
CONSOLIDATED INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 - as reported)
EUR million H1 2026 H1 2025
------------------------------------------------------- ------- -------
Average EUR/$ FX rate 1.17 1.08
-------------------------------------------------------- ------- -------
Revenue 1,602 978
-------------------------------------------------------- ------- -------
U.S. C-band repurposing income - 3
-------------------------------------------------------- ------- -------
Other income 27 49
-------------------------------------------------------- ------- -------
Other operating expenses (937) (499)
-------------------------------------------------------- ------- -------
Loss from derecognition of fixed asset (33) -
-------------------------------------------------------- ------- -------
Fair value movement on contingent value rights 72 -
-------------------------------------------------------- ------- -------
EBITDA 731 531
-------------------------------------------------------- ------- -------
Depreciation expense (540) (320)
-------------------------------------------------------- ------- -------
Amortisation expense (92) (61)
-------------------------------------------------------- ------- -------
Non-cash impairment (106) (73)
-------------------------------------------------------- ------- -------
Operating profit / (loss) (7) 77
-------------------------------------------------------- ------- -------
Net financing income / (expense) (155) (35)
-------------------------------------------------------- ------- -------
Other non-operating income/ expenses (net) (9) 2
-------------------------------------------------------- ------- -------
Profit / (loss) before tax (171) 44
-------------------------------------------------------- ------- -------
Income tax benefit / (expense) 6 (26)
-------------------------------------------------------- ------- -------
Non-controlling interests (11) (4)
-------------------------------------------------------- ------- -------
Net profit / (loss) attributable to owners of the
parent (176) 14
-------------------------------------------------------- ------- -------
Basic and diluted earnings / (loss) per A-share (in
EUR)(1) (0.46) 0.02
-------------------------------------------------------- ------- -------
Basic and diluted earnings / (loss) per B-share (in
EUR)(1) (0.18) 0.01
-------------------------------------------------------- ------- -------
1) Earnings / (loss) per share is calculated as profit or loss attributable
to the owners of the parent divided by the weighted average number of
shares outstanding during the year as adjusted to reflect the economic
rights of each class of share. For the purposes of the EPS calculation
only, the net profit or loss for the period attributable to ordinary
shareholders has been adjusted to include the assumed coupon, net of tax,
on the perpetual bonds.
EUR million H1 2026 H1 2025
------------------------------------------------------- ------- -------
Adjusted EBITDA 725 521
-------------------------------------------------------- ------- -------
Fair value movement on contingent value rights 72 -
-------------------------------------------------------- ------- -------
Other income non-recurring(1) 22 49
-------------------------------------------------------- ------- -------
Impairment losses on financial assets non-recurring (31) -
-------------------------------------------------------- ------- -------
Loss from derecognition of fixed asset (33) -
-------------------------------------------------------- ------- -------
Other significant special items(2) (24) (40)
-------------------------------------------------------- ------- -------
U.S. C-band net income - 1
-------------------------------------------------------- ------- -------
EBITDA 731 531
-------------------------------------------------------- ------- -------
1) mPOWER insurance claims
2) 'Other significant special items' include restructuring charges of EUR10
million (H1 2025: EUR6 million), costs deriving from the development
and/or implementation of merger and acquisition activities ("M&A") of
EUR11 million (H1 2025: EUR32 million) and EUR3 million of other
infrastructure charges of non-recurring nature (H1 2025: EUR2 million).
EUR million H1 2026 H1 2025
------------------------------------------------------- ------- -------
Adjusted Net Profit / (Loss) (89) 77
-------------------------------------------------------- ------- -------
Fair value movement on contingent value rights 72 -
-------------------------------------------------------- ------- -------
Other income non-recurring(1) 22 49
-------------------------------------------------------- ------- -------
Impairment losses on financial assets (31) -
-------------------------------------------------------- ------- -------
Loss from derecognition of fixed asset (33) -
-------------------------------------------------------- ------- -------
Other significant special items (2) (24) (63)
-------------------------------------------------------- ------- -------
U.S. C-band net income - 1
-------------------------------------------------------- ------- -------
Impairment expense (net) (106) (73)
-------------------------------------------------------- ------- -------
Tax on significant special items 13 23
-------------------------------------------------------- ------- -------
Net profit / (loss) attributable to owners of the
parent (176) 14
-------------------------------------------------------- ------- -------
1) mPOWER insurance claims
2) 'Other significant special items' comprise restructuring charges of EUR10
million (H1 2025: EUR6 million), M&A costs of EUR11 million (H1 2025:
EUR32 million) and EUR3 million of other infrastructure charges of
non-recurring nature (H1 2025: EUR2 million).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 30 June 2026 31 December 2025
----------------------------------------- ------------ ----------------
Closing EUR/$ FX rate 1.14 1.18
------------------------------------------ ------------ ----------------
Property, plant, and equipment 5,207 5,399
------------------------------------------ ------------ ----------------
Assets in the course of construction 1,329 1,750
------------------------------------------ ------------ ----------------
Intangible assets 3,063 2,810
------------------------------------------ ------------ ----------------
Other financial assets 121 135
------------------------------------------ ------------ ----------------
Derivatives - 9
------------------------------------------ ------------ ----------------
Lease receivable 12 13
------------------------------------------ ------------ ----------------
Investments accounted for using the
equity method 85 77
------------------------------------------ ------------ ----------------
Prepayments 24 28
------------------------------------------ ------------ ----------------
Income tax receivable 127 155
------------------------------------------ ------------ ----------------
Trade and other receivables 84 91
------------------------------------------ ------------ ----------------
Deferred customer contract costs 15 19
------------------------------------------ ------------ ----------------
Deferred tax assets 550 644
------------------------------------------ ------------ ----------------
Total non-current assets 10,617 11,130
------------------------------------------ ------------ ----------------
Inventories 218 196
------------------------------------------ ------------ ----------------
Trade and other receivables 1,111 770
------------------------------------------ ------------ ----------------
Deferred customer contract costs 8 8
------------------------------------------ ------------ ----------------
Other financial assets 2 9
------------------------------------------ ------------ ----------------
Prepayments 111 117
------------------------------------------ ------------ ----------------
Income tax receivable 106 65
------------------------------------------ ------------ ----------------
Cash and cash equivalents(1) 918 1,075
------------------------------------------ ------------ ----------------
Total current assets 2,474 2,240
------------------------------------------ ------------ ----------------
Total assets 13,091 13,370
------------------------------------------ ------------ ----------------
Equity attributable to the owners of
the parent 2,555 2,623
------------------------------------------ ------------ ----------------
Non-controlling interests 145 91
------------------------------------------ ------------ ----------------
Total equity 2,700 2,714
------------------------------------------ ------------ ----------------
Borrowings 5,529 5,507
------------------------------------------ ------------ ----------------
Provisions 49 46
------------------------------------------ ------------ ----------------
Deferred income 602 522
------------------------------------------ ------------ ----------------
Deferred tax liabilities 339 455
------------------------------------------ ------------ ----------------
Other long-term liabilities 50 35
------------------------------------------ ------------ ----------------
Contingent value rights 699 749
------------------------------------------ ------------ ----------------
Employee benefit obligations 42 48
------------------------------------------ ------------ ----------------
Derivative liabilities 29 -
------------------------------------------ ------------ ----------------
Lease liabilities 574 559
------------------------------------------ ------------ ----------------
Fixed assets suppliers 96 164
------------------------------------------ ------------ ----------------
Total non-current liabilities 8,009 8,085
------------------------------------------ ------------ ----------------
Borrowings 892 798
------------------------------------------ ------------ ----------------
Provisions 48 64
------------------------------------------ ------------ ----------------
Deferred income 246 303
------------------------------------------ ------------ ----------------
Trade and other payables 895 1,032
------------------------------------------ ------------ ----------------
Employee benefit obligations 1 1
------------------------------------------ ------------ ----------------
Lease liabilities 105 76
------------------------------------------ ------------ ----------------
Fixed assets suppliers 177 279
------------------------------------------ ------------ ----------------
Income tax liabilities 18 18
------------------------------------------ ------------ ----------------
Total current liabilities 2,382 2,571
------------------------------------------ ------------ ----------------
Total liabilities 10,391 10,656
------------------------------------------ ------------ ----------------
Total equity and liabilities 13,091 13,370
------------------------------------------ ------------ ----------------
1) Including EUR215 million related to IRIS(2) cash received (31 December
2025: EUR401 million).
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million H1 2026 H1 2025 ------------------------------------------------------- ------- ------- Profit / (loss) before tax (171) 44 -------------------------------------------------------- ------- ------- Income tax paid during the period (17) (21) -------------------------------------------------------- ------- ------- Adjustment for non-cash items 864 391 -------------------------------------------------------- ------- ------- Changes in working capital(1) (370) 49 -------------------------------------------------------- ------- ------- Net cash generated by operating activities 306 463 -------------------------------------------------------- ------- ------- Payments for purchases of intangible assets (44) (6) -------------------------------------------------------- ------- ------- Payments for purchases of tangible assets(2) (400) (231) -------------------------------------------------------- ------- ------- Proceeds from sale of tangible assets 8 - -------------------------------------------------------- ------- ------- Interest received(3) 10 102 -------------------------------------------------------- ------- ------- Insurance claim received 22 49 -------------------------------------------------------- ------- ------- Proceeds from sale of business - 12 -------------------------------------------------------- ------- ------- Net investment in equity-accounted investments (5) - -------------------------------------------------------- ------- ------- Other investing activities (3) (20)
-------------------------------------------------------- ------- -------
Net cash absorbed by investing activities (412) (94)
-------------------------------------------------------- ------- -------
Proceeds from borrowings 727 1,304
-------------------------------------------------------- ------- -------
Repayment of borrowings (663) (11)
-------------------------------------------------------- ------- -------
Proceeds from perpetual bond 636 -
-------------------------------------------------------- ------- -------
Redemption of perpetual bond (523) (59)
-------------------------------------------------------- ------- -------
Transaction costs in respect of undrawn facilities - (8)
-------------------------------------------------------- ------- -------
Coupon paid on perpetual bond (21) (1)
-------------------------------------------------------- ------- -------
Dividends paid on ordinary shares(4) (104) (103)
-------------------------------------------------------- ------- -------
Interest paid on borrowings (136) (63)
-------------------------------------------------------- ------- -------
Payments for acquisition of treasury shares (3) -
-------------------------------------------------------- ------- -------
Proceeds from treasury shares sold and exercise of
stock options 18 -
-------------------------------------------------------- ------- -------
Contributions from non-controlling interests 41 -
-------------------------------------------------------- ------- -------
Lease payments (53) (13)
-------------------------------------------------------- ------- -------
Net movement on derivatives 14 -
-------------------------------------------------------- ------- -------
Net cash generated/(absorbed) by financing activities (67) 1,046
-------------------------------------------------------- ------- -------
Net foreign exchange movements 16 (321)
-------------------------------------------------------- ------- -------
Net increase / (decrease) in cash and cash
equivalents (157) 1,094
-------------------------------------------------------- ------- -------
Cash and cash equivalents at beginning of the year 1,075 3,521
-------------------------------------------------------- ------- -------
Cash and cash equivalents at end of the year 918 4,615
-------------------------------------------------------- ------- -------
1) Including EUR186 million IRIS(2) cash paid (H1 2025: EUR16 million) and
EUR30 million payments in respect of other significant special items.
2) Including net reimbursements of nil million related to U.S. C-band
repurposing (H1 2025: net reimbursements of EUR49 million).
3) Comprising EUR10 million interest received on deposit and nil interest
received in relation to U.S. C-band clearing (H1 2025: EUR69 million and
EUR33 million respectively).
4) Net of dividends received on treasury shares of EUR7 million (H1 2025:
EUR8 million).
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
EUR million H1 2026 H1 2025
------------------------------------------------------- ------- -------
Net cash generated by operating activities(1) 306 463
-------------------------------------------------------- ------- -------
Decrease in IRIS(2) restricted cash 186 16
-------------------------------------------------------- ------- -------
Payments in respect of other significant special
items(2) 30 50
-------------------------------------------------------- ------- -------
C-band operating cash flows - (49)
-------------------------------------------------------- ------- -------
Adjusted Net Operating Cash Flow 522 480
-------------------------------------------------------- ------- -------
1) Including EUR186 million IRIS(2) cash paid (H1 2025: EUR16 million), EUR30
million payments in respect of other significant special items (H1 2025:
EUR50 million) and C-band net cash inflow generated by operating
activities of nil (H1 2025: EUR49 million).
2) Payments in respect of other significant special items comprise
restructuring payments of EUR25 million (H1 2025: EUR14 million), EUR4
million payments associated with the development and / or implementation
of merger and acquisition activities (H1 2025: EUR23 million) and EUR1
million other net payments of non-recurring nature (H1 2025: EUR34
million).
EUR million H1 2026 H1 2025
------------------------------------------------------- ------- -------
Net cash generated by operating activities(1) 306 463
-------------------------------------------------------- ------- -------
Net cash absorbed by investing activities(2) (412) (94)
-------------------------------------------------------- ------- -------
Free cash flow before financing activities (106) 369
-------------------------------------------------------- ------- -------
Coupon paid on perpetual bond (21) (1)
-------------------------------------------------------- ------- -------
Interest paid on borrowings (136) (63)
-------------------------------------------------------- ------- -------
Lease payments (53) (13)
-------------------------------------------------------- ------- -------
Free cash flow before equity distributions and
treasury activities (316) 292
-------
Proceeds from sale of business - (12)
-------------------------------------------------------- ------- -------
Insurance claims received (22) (49)
-------------------------------------------------------- ------- -------
U.S. C-band cash flows (net) - (93)
-------------------------------------------------------- ------- -------
Decrease in IRIS(2) restricted cash 186 16
-------------------------------------------------------- ------- -------
Proceeds from sale of tangible assets (8) -
-------------------------------------------------------- ------- -------
Payments in respect of other significant special
items(3) 30 39
-------------------------------------------------------- ------- -------
Adjusted Free Cash Flow (130) 193
-------------------------------------------------------- ------- -------
1) Including EUR186 million IRIS(2) cash paid (H1 2025: EUR16 million), EUR30
million payments in respect of other significant special items (H1 2025:
EUR50 million) and C-band net cash inflow generated by operating
activities of nil (H1 2025: EUR49 million).
2) Including EUR22 million insurance claims received (H1 2025: EUR49
million), EUR8 million proceeds from sale of tangible assets (H1 2025:
nil), net reimbursements of nil related to U.S. C-band repurposing (H1
2025: net reimbursements of EUR11 million) and interest received in
relation to U.S. C-band clearing of nil (H1 2025: EUR33 million).
3) Payments in respect of other significant special items comprise
restructuring payments of EUR25 million (H1 2025: EUR14 million), EUR4
million payments associated with the development and / or implementation
of merger and acquisition activities (H1 2025: EUR23 million) and EUR1
million other net payments of non-recurring nature (H1 2025: EUR2
million).
SUPPLEMENTARY FINANCIAL INFORMATION
1.) QUARTERLY INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 -- as reported)
Q1 Q2 Q3 Q4 Q1 Q2
EUR million 2025 2025 2025 2025 2026 2026
-------------------- ----- ------ ------ ------ ------ ------
Average EUR/$ FX
rate 1.04 1.12 1.16 1.16 1.18 1.16
--------------------- ----- ------ ------ ------ ------ ------
Revenue 509 469 765 884 847 755
--------------------- ----- ------ ------ ------ ------ ------
U.S. C-band income 1 2 - - - -
--------------------- ----- ------ ------ ------ ------ ------
Other income 1 48 37 96 11 16
--------------------- ----- ------ ------ ------ ------ ------
Operating expenses (238) (261) (513) (586) (457) (480)
--------------------- ----- ------ ------ ------ ------ ------
Loss on
derecognition of
tangible assets - - - - (27) (6)
--------------------- ----- ------ ------ ------ ------ ------
Fair value
movement on
contingent value
rights - - - (28) - 72
--------------------- ----- ------ ------ ------ ------ ------
EBITDA 273 258 289 366 374 357
--------------------- ----- ------ ------ ------ ------ ------
Depreciation
expense (164) (156) (250) (266) (256) (284)
--------------------- ----- ------ ------ ------ ------ ------
Amortisation
expense (31) (30) (37) (42) (47) (45)
--------------------- ----- ------ ------ ------ ------ ------
Non-cash
impairment - (73) - (73) - (106)
--------------------- ----- ------ ------ ------ ------ ------
Operating profit /
(loss) 78 (1) 2 (15) 71 (78)
--------------------- ----- ------ ------ ------ ------ ------
Net financing
income /
(expense) (26) (9) (69) (68) (75) (80)
--------------------- ----- ------ ------ ------ ------ ------
Other
non-operating
income/(expense)
(net) - 2 - (9) - (9)
--------------------- ----- ------ ------ ------ ------ ------
Profit / (loss)
before tax 52 (8) (67) (92) (4) (167)
--------------------- ----- ------ ------ ------ ------ ------
Income tax benefit
/ (expense) (22) (4) 6 41 (3) 9
--------------------- ----- ------ ------ ------ ------ ------
Non-controlling
interests (1) (3) (1) 4 (9) (2)
--------------------- ----- ------ ------ ------ ------ ------
Net profit /
(loss)
attributable to
owners of the
parent 29 (15) (62) (47) (16) (160)
--------------------- ----- ------ ------ ------ ------ ------
Basic earnings /
(loss) per share
(in EUR)(1)
-------------------- ----- ------ ------ ------ ------ ------
Class A shares 0.06 (0.04) (0.16) (0.12) (0.05) (0.41)
--------------------- ----- ------ ------ ------ ------ ------
Class B shares 0.03 (0.02) (0.06) (0.05) (0.02) (0.16)
--------------------- ----- ------ ------ ------ ------ ------
Adjusted EBITDA 280 241 317 358 404 321
--------------------- ----- ------ ------ ------ ------ ------
Adjusted EBITDA
margin 55% 51% 41% 41% 48% 42%
--------------------- ----- ------ ------ ------ ------ ------
Fair value
movement on
contingent value
rights - - - (28) - 72
--------------------- ----- ------ ------ ------ ------ ------
U.S. C-band income 1 2 - - - -
--------------------- ----- ------ ------ ------ ------ ------
Other
non-recurring
income 1 48 35 91 9 13
--------------------- ----- ------ ------ ------ ------ ------
Impairment
(losses) /
reversals on
financial assets
non-recurring - - - (28) - (31)
--------------------- ----- ------ ------ ------ ------ ------
Loss from
derecognition of
fixed asset - - - - (27) (6)
--------------------- ----- ------ ------ ------ ------ ------
U.S. C-band
operating
expenses (1) (1) - - - -
--------------------- ----- ------ ------ ------ ------ ------
Other significant
special items (8) (32) (63) (55) (12) (12)
--------------------- ----- ------ ------ ------ ------ ------
EBITDA 273 258 289 366 374 357
--------------------- ----- ------ ------ ------ ------ ------
1) Earnings / (loss) per share is calculated as profit attributable to owners
of the parent divided by the weighted average number of shares outstanding
during the year, as adjusted to reflect the economic rights of each class
of share. For the purposes of the EPS calculation only, the net profit /
(loss) for the year attributable to ordinary shareholders has been
adjusted to include the coupon, net of tax, on the perpetual bonds. Fully
diluted earnings per share are not significantly different from basic
earnings per share.
SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)
2a) COMBINED LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT AND ADJUSTED EBITDA
(Intelsat fully consolidated from 1 January 2024. Year-on-year change presented at 'Constant FX' unless otherwise stated)
Change year-on-year at
Constant FX
----------------- ----------------------------- --------------------------------------
Q1 Q2 Q1 Q2 H1 Q1 Q2 Q1 Q2 H1
2025 2025 2026 2026 2026 2025 2025 2026 2026 2026
----------------- ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Average EUR/$
FX rate 1.04 1.12 1.18 1.16 1.17
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Media 344 321 285 286 571 -9.7% -9.9% -11.0% -9.0% -10.0%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Networks 555 560 556 462 1,018 -1.0% +9.5% +13.0% -14.7% -1.5%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Government
& Defense 194 206 189 192 381 +10.4% +11.3% +8.8% -4.1% +1.9%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Fixed Data 147 133 109 108 216 -16.6% -11.8% -16.9% -16.3% -16.6%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Mobility 214 221 259 162 421 +2.7% +25.9% +37.6% -23.7% +5.1%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Other 11 9 6 7 13 n/m n/m n/m n/m n/m
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Total revenue 909 890 847 755 1,602 -4.7% +1.5% +3.1% -12.8% -5.0%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
Adjusted EBITDA 425 399 404 321 725 -10.3% -4.8% +5.0% -17.4% -6.2%
------------------ ---- ---- ---- ---- ----- ------ ------ ------ ------ ------
'At Constant FX' refers to comparative figures restated at the current period FX rates to
neutralize currency variations.
2b) ADJUSTED NET DEBT RECONCILIATION
EUR million 30 June 2026
------------------------------------------------------------- ------------
Borrowings -- non-current 5,529
-------------------------------------------------------------- ------------
Borrowings -- current 892
-------------------------------------------------------------- ------------
Borrowings -- total 6,421
-------------------------------------------------------------- ------------
Lease liabilities -- non-current 574
-------------------------------------------------------------- ------------
Lease liabilities -- current 105
-------------------------------------------------------------- ------------
Add: Lease Liabilities -- total 679
-------------------------------------------------------------- ------------
Add: 50% of the Group's EUR650 million of SPACE Bonds 325
-------------------------------------------------------------- ------------
Deduct: 50% of the Group's EUR1 billion hybrid dual-tranche
bond (2024: EUR1 billion) (500)
-------------------------------------------------------------- ------------
Less: Cash and cash equivalents (918)
-------------------------------------------------------------- ------------
Add: Cash and cash equivalents subject to contractual
restrictions 215
-------------------------------------------------------------- ------------
Adjusted Net Debt 6,222
-------------------------------------------------------------- ------------
2c) BASIS OF COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION
The supplemental combined like-for-like financial information included in this press release presents the historical consolidated financial information of the SES Group adjusted to give effect to the acquisition of Intelsat by SES as if it had taken place on 1 January 2024. This combined like-for-like financial information does not meet the requirements of Article 11 of SEC Regulation S-X.
The SES Group's consolidated financial statements are prepared in accordance with IFRS, and the Intelsat Group's pre-acquisition financial information was prepared in accordance with U.S. GAAP. The combined like-for-like financial information includes (i) adjustments to convert the pre-acquisition financial information of the Intelsat Group from U.S. GAAP to IFRS, such as fair value adjustments in respect of contract liabilities impacting combined like-for-like revenue, share-based compensation and employee benefits adjustments, as well as leases impacting combined like-for-like operating expenses, (ii) intercompany eliminations and (iii) restatement at constant FX of comparative figures.
The combined like-for-like financial information is presented for illustrative purposes only and is not necessarily indicative of the combined financial position or results of operations that would have been achieved had the Acquisition occurred on 1 January 2024, nor is it meant to be indicative of future results of operations of the Combined Group. The combined like-for-like financial information is based on the SES Group's accounting policies. Further review of the pre-acquisition financial information may have identified additional differences between the accounting policies of the SES Group and the Intelsat Group that, when conformed, could have a material impact on the like-for-like financial information of the Combined Group.
ALTERNATIVE PERFORMANCE MEASURES
SES regularly uses Alternative Performance Measures ('APMs') to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles and thus should not be considered substitutes for the information contained in the Group's financial statements.
Alternative Performance Measure Definition
------------------------------------- -------------------------------------
Reported EBITDA and EBITDA margin EBITDA is profit for the period
before depreciation, amortisation,
impairment, net financing cost, other
non-operating income / expense (net)
and income tax. EBITDA margin is
EBITDA divided by the sum of revenue
and other income including U.S.
C-band repurposing income.
------------------------------------- -------------------------------------
Adjusted EBITDA and Adjusted EBITDA EBITDA adjusted to exclude
margin significant special items of a
non-recurring nature. The current
significant special items relate
primarily to fair value movement on
contingent value rights, loss from
derecognition of fixed assets,
non-recurring impairment losses on
financial assets, restructuring
charges, costs associated with the
development and/or implementation of
merger and acquisition activities, as
well as specific business taxes of a
non-recurring nature. The Adjusted
EBITDA margin is Adjusted EBITDA
divided by revenue.
------------------------------------- -------------------------------------
Combined Like-for-like Adjusted Combined Like-for-like Adjusted
EBITDA EBITDA includes Intelsat fully
consolidated from 1 January 2024 at
reported FX.
------------------------------------- -------------------------------------
Adjusted Net Operating Cash Flow Net operating cash flow excluding the
effect of cash flows generated by
significant special items of a
non-recurring nature, primarily
IRIS(2) restricted cash, U.S. C-band
spectrum repurposing, restructuring
charges, M&A, and other payments of
non-recurring nature.
------------------------------------- -------------------------------------
Adjusted Free Cash Flow Net cash generated by operating
activities less net cash absorbed by
investing activities, interest paid
on borrowings, coupon paid on
perpetual bond and lease payments,
and adjusted to exclude the net cash
flow impact of significant special
items of a non-recurring nature,
primarily IRIS(2) restricted cash,
U.S. C-band spectrum repurposing,
other income, restructuring charges,
M&A (including net financing income /
costs), specific business taxes and
one-off regulatory charges arising
outside ongoing operations.
------------------------------------- -------------------------------------
Adjusted Net Debt Adjusted Net Debt is defined as
current and non-current borrowings
(including lease liabilities) less
cash and cash equivalents (excluding
amounts subject to contractual
restrictions) and excluding 50% of
the Hybrid Bond (classified as
borrowings) and including 50% of the
Perpetual Bond (classified as
equity). The treatment of the Hybrid
Bond and Perpetual Bond is consistent
with rating agency methodology.
------------------------------------- -------------------------------------
Adjusted Net Debt to Adjusted EBITDA The Adjusted Net Debt to Adjusted
EBITDA ratio is defined as Adjusted
Net Debt divided by Adjusted EBITDA.
------------------------------------- -------------------------------------
Combined Like-for-like Net leverage The Combined Like-for-like Net
leverage ratio is defined as Adjusted
Net Debt divided by twelve-month
rolling Combined Like-for-like
Adjusted EBITDA.
------------------------------------- -------------------------------------
Adjusted Net Profit Net profit attributable to owners of
the parent adjusted to exclude the
after-tax impact of significant
special items including fixed assets
impairment charges and M&A net
financing income / costs.
------------------------------------- -------------------------------------
Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 30 July 2026 and will be broadcast via webcast and conference call.
The details for the conference call and webcast are as follows:
Conference Call registration: https://engagestream.euronext.com/ses/h1-2026-results/dial-in
Webcast registration: https://ses.engagestream.euronext.com/h1-2026-results
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
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About SES
At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected--no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership--backed by a track record of bringing innovation "firsts" to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.
Forward looking statements
This press release contains, and our officers and representatives may make, certain "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "ensure," "estimate," "committed," "expect," "positioned," "prime" "project," "intend," "plan," "forecast," "likely," "believe," "target," "on track," "will," and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our reiterated financial outlook for 2026, 2026 financial targets, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, Upper C-band transition process, our plans and decisions relating to various capital expenditures, capital allocation priorities, anticipated future satellite launches, dividends, O3b mPOWER satellites, including expected service dates and settlements, the IRIS(2) contract, SpaceRISE consortium and MEO capabilities, including through meoSphere, and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance.
Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company's ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; the FCC's current C-Band proceeding, which could impact the value of the CVRs; difficulties determining the value of the CVRs; the company's ability to clear 160 MHz of Upper C-band spectrum in a timely manner to achieve the incentive payments set forth in the FCC's Upper C-band Report and Order; certain relocation expenses may not ultimately be approved for reimbursement under the Upper C-band Report and Order; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and the company's ability to comply with extensive regulation and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company's dependence upon several large customers; changes in technology or the satellite communications market that could make the company's satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, international conflict, trade wars and tariffs and related uncertainties; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company's information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; U.S. federal government shutdowns; and the company's level of indebtedness.
Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260729516583/en/
CONTACT: For further information please contact:
Christian Kern
Investor Relations
IR@ses.com
SES Communications
SES.Press@ses.com
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