- SES recorded 9.7 percent like-for-like mobility revenue growth
- Nearly 650 aircraft use SES’ multi-orbit electronically steered antenna technology
- SES secured more than 250 new aircraft wins during the first nine months of 2026
SES reported $2.87 billion in revenue for the first nine months of 2026, with growth in its mobility and government & defense businesses supporting its networks segment, as the satellite operator advances European and U.S. government communications programs.
According to financial results published Thursday, the company’s revenue rose 45.5 percent year over year on a constant-currency reported basis, reflecting the consolidation of Intelsat, following its $3.1 billion acquisition in July 2025. Adjusted EBITDA reached $1.32 billion, up 40 percent on the same basis.
What Did SES Report for the First Nine Months of 2026?
On a like-for-like basis, which assumes Intelsat was fully consolidated from January 2024, SES recorded a 2 percent revenue decline and 1.4 percent growth in adjusted EBITDA compared with the first nine months of 2025.
The company’s networks business generated 54.4 percent more revenue on a reported basis. On a like-for-like basis, its revenue grew 1 percent.
Mobility revenue grew 98.8 percent on a reported basis and 9.7 percent on a like-for-like basis. Government & defense revenue rose 27.4 percent and 2.7 percent, respectively. Media revenue increased 30.1 percent on a reported basis but declined 6.8 percent on a like-for-like basis.
SES signed $6.73 billion in new business and contract renewals during the reporting period, including $3.94 billion associated with the European Union’s Infrastructure for Resilience, Interconnectivity and Security by Satellite, or IRIS2, program. The agreements brought the company’s total backlog to $11.6 billion.
What Did Adel Al-Saleh Say About SES’ Business Performance?
SES CEO Adel Al-Saleh, a 2026 Wash100 Award winner, said the company recorded 4.2 percent year-over-year like-for-like revenue growth and 18.6 percent adjusted EBITDA growth on the same basis in the third quarter.
Al-Saleh attributed the results to mobility demand, contract restructuring in aviation and government & defense performance, and a recovery in media trends. In aviation, SES secured more than 250 new aircraft wins during the first nine months of 2026, with nearly 650 aircraft using its multi-orbit electronically steered antenna technology.
In government & defense, the chief executive cited demand for secure and resilient communications and long-term managed services, pointing to strategic space mission prime awards such as the U.S. Space Force’s Protected Tactical SATCOM-Global program and IRIS2. In May, the Space Force awarded Intelsat General Communications, now part of SES, and Viasat a combined $437.7 million to build PTS-G space vehicles.
Al-Saleh said SES was progressing with Intelsat integration, with synergy delivery on track and continued attention to cost discipline and capital deployment.
What Satellite Programs & Infrastructure Projects Is SES Advancing?
SES completed the launch of its final three O3b mPOWER satellites on Sept. 13. The spacecraft are expected to become operational in mid-2027, adding capacity and strengthening the resilience and reach of the company’s medium Earth orbit, or MEO, network.
The company also signed the IRIS2 implementation agreement, advancing the European sovereign satellite constellation from design into implementation.
Construction has started on SES’ satellite manufacturing facility in Luxembourg, with completion expected in the first half of 2028. The 16,000-square-meter site in Kockelscheuer site will support payload design and construction, as well as assembly, integration and testing for advanced MEO satellites, including IRIS2 and meoSphere.
In the U.S., SES submitted its transition plan for clearing 160 megahertz of Upper C-band spectrum to the Federal Communications Commission on Nov. 5. The company expects to select a clearinghouse by year-end and finalize the spectrum auction by July 2027.
