SES reports in-line results, reduces capital spending target

SES SA

02/03/2026 06:30

March 2 (Reuters) - European satellite operator SES SESFg.LU on Monday reported full-years results in line with market expectations and lowered its 2026 capital spending target as it prepares to launch up to 13 satellites later this year.

The Luxembourg-based operator, which completed its $3.1 billion acquisition of Intelsat last year, posted annual revenue of 2.63 billion euros ($3.09 billion) and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 1.2 billion euros, both matching analysts' consensus.

SES signed 1.8 billion euros worth of new contracts in 2025, lifting its gross backlog to more than 6.6 billion euros, it said.

It forecast stable 2026 revenue and core earnings on a like-for-like basis, while cutting expected capital expenditures by 100 million euros to around 700 million euros, as it balances investments in its medium orbit O3b mPOWER constellation and the European Union's low orbit IRIS² programme.

The company said it was working with the European Commission to validate costs and timelines for IRIS², the bloc's sovereign connectivity infrastructure designed to compete with Elon Musk's Starlink.

($1 = 0.8503 euros)

(Reporting by Leo Marchandon in Gdansk, editing by Milla Nissi-Prussak)

((leo.marchandon@thomsonreuters.com))