SES H1 Network revenues up 89%
July 30, 2026
By Chris Forrester
SES CEO Adel Al-Saleh told analysts that its Q2 revenues were “softer” than expected because there was slippage on some contracts.
Nevertheless, Network division revenues grew 89 per cent YoY and Mobility saw impressive results up 169.9 per cent YoY and helped by a positive impact from a contract restructuring in Aviation in Q1 and Government & Defense (+41.9 per cent YoY). Its Media division grew 46.5 per cent with its performance in-line with expectations.
SES took in €1.2 billion of new business which helped grow its overall backlog to a €6.4 billion.
Media revenue of €571 million (36 per cent of total revenue) was up +46.5 per cent, benefiting from fully consolidating Intelsat from July 17th 2025. Underlying performance reflects capacity optimisation in mature markets as well as the impact from a Brazilian customer’s bankruptcy in Q1 2026.
Al-Saleh said that its next three O3b/mPOWER satellites are scheduled to launch during this current Q3. SES says it 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 (€13 million) through settlements, with additional payments expected as negotiations progress. To date, bthe company has collected a total of $218 million.
He added that the important European Commission-backed IRIS2 constellation – where SES is a major player in the SpaceRISE consortium – was now in its final stages of negotiations.
“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,” said an SES statement.
“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,” said the statement.
“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 US Space Force’s Protected Tactical SATCOM-Global (PTSG) program, as well as our award under the US 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,” continued SES. “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 IRIS² and Upper C-band programmes, we reiterate our 2026 financial outlook and are committed to disciplined financial execution and long-term value creation.”
“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 prioritised for shareholder returns,” concluded SES.
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