Published by Global Banking & Finance Review®
Posted on March 2, 2026
2 min readLast updated: April 2, 2026
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SES reported full‑year 2025 results in line with expectations, lowered its 2026 capex target to around €700 million, and plans to launch up to 13 new satellites later in 2026 to bolster its multi‑orbit connectivity strategy.
(In a story first published on March 2, corrects paragraph 1 to say the number of satellite launches this year is three, not up to 13.)
By Leo Marchandon
March 2 (Reuters) - European satellite operator SES on Monday reported full-year results in line with market expectations and lowered its 2026 capital spending target, as it prepares to launch three satellites later this year.
The company's Paris-listed shares dipped up to 7% in early trading, but reversed course to rise 3.7% by 0945 GMT.
Analysts from ING said SES's fourth-quarter earnings looked better than expected, though they noted the company did not provide an outlook beyond 2026 and that the satellite launch was now expected in the second half of the year, implying somewhat delayed revenue growth from the platform.
The Luxembourg-based operator, which completed its $3.1 billion acquisition of Intelsat last year, reported 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.
Demand for secure communications grew in Europe, offsetting the impact of the U.S. government shutdown and spending cuts implemented by the now-closed Department of Governmental Efficiency (DOGE), the company said.
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, 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)
SES cut its 2026 capital spending target by 100 million euros to around 700 million as it balances investments in the O3b mPOWER constellation and the EU's IRIS² programme.
SES reported full-year revenue of 2.63 billion euros and adjusted EBITDA of 1.2 billion euros, both in line with market expectations.
SES plans to launch up to 13 satellites later this year, with launches now expected in the second half of the year.
Increased demand in Europe for secure communications offset impacts from the U.S. government shutdown and other spending cuts affecting SES.
SES completed its $3.1 billion acquisition of Intelsat, strengthening its position in the satellite communication market.
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