{"id":47903,"date":"2026-07-30T10:30:00","date_gmt":"2026-07-30T08:30:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=a499b8e00c72a4400cc1582547c39988"},"modified":"2026-07-30T10:30:00","modified_gmt":"2026-07-30T08:30:00","slug":"ses-reports-h1-2026-results-reiterates-full-year-outlook","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=47903","title":{"rendered":"SES Reports H1 2026 Results & Reiterates Full-Year Outlook"},"content":{"rendered":"

LUXEMBOURG--(BUSINESS WIRE)--SES S.A. announces financial results for the three and six months ended June 30, 2026.<\/p><\/a><\/a>\n\n\n\n\n

\nH1 2026 Performance<\/b><\/p>

\n(\u20ac million)<\/b><\/p><\/td>

\n

\nH1 2026<\/b><\/p>

\nas reported (1)<\/sup><\/b><\/p><\/td>

\n

\nH1 2025<\/b><\/p>

\nas reported (1)<\/sup><\/b><\/p><\/td>

\n

\n\u2206 At constant FX <\/b>(2)<\/sup><\/p><\/td>

\n

\nH1 2025<\/b><\/p>

\nlike-for-like(3)<\/sup><\/b><\/p><\/td>

\n

\n\u2206 At constant<\/b><\/p>

\nFX <\/b>(2)<\/sup><\/p><\/td><\/tr>\n

\nAverage \u20ac\/$ FX rate<\/i><\/p><\/td>

\n

\n1.17<\/i><\/b><\/p><\/td>

\n

\n1.08<\/i><\/p><\/td>

\n

\n\u00a0<\/p><\/td>

\n

\n1.08<\/i><\/p><\/td>

\n

\n\u00a0<\/p><\/td><\/tr>\n

\nRevenue<\/p><\/td>

\n

\n1,602<\/b><\/p><\/td>

\n

\n978<\/p><\/td>

\n

\n+72.4%<\/p><\/td>

\n

\n1,799<\/p><\/td>

\n

\n-5.0%<\/p><\/td><\/tr>\n

\nAdjusted EBITDA (4)<\/sup><\/p><\/td>

\n

\n725<\/b><\/p><\/td>

\n

\n521<\/p><\/td>

\n

\n+47.0%<\/p><\/td>

\n

\n824<\/p><\/td>

\n

\n-6.2%<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n

\n1)<\/p><\/td>

\n\u2018Reported basis\u2019 with Intelsat fully consolidated from July 17, 2025<\/i><\/p><\/td><\/tr>\n

\n2)<\/p><\/td>

\n\u2018At constant FX\u2019 refers to comparative figures restated at the current period FX rates to neutralize currency variations<\/i><\/p><\/td><\/tr>\n

\n3)<\/p><\/td>

\n\u2018Like-for-like basis\u2019 is as if Intelsat was fully consolidated from January 1, 2024<\/i><\/p><\/td><\/tr>\n

\n4)<\/p><\/td>

\nExcluding 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)<\/i><\/p><\/td><\/tr>\n<\/table>

    \n
  • \nNetworks revenue up +89.0% yoy(1)<\/sup> supported by growth in Mobility (+169.9% yoy(1)<\/sup>; including positive impact from a contract restructuring in Aviation in Q1 26) and Government & Defense (+41.9% yoy(1)<\/sup>); Media (+46.5% yoy(1)<\/sup>) performance in-line with expectations<\/li>\n
  • \n\u20ac1.2 billion of new business and contract renewals signed in H1 2026, contributing to \u20ac6.4 billion backlog<\/li>\n
  • \n2026 financial outlook(2)<\/sup> reiterated: both Revenue and Adjusted EBITDA expected to be stable yoy(1)<\/sup> on a like-for-like and constant FX basis, unchanged CapEx of around \u20ac700 million<\/li>\n
  • \nO3b mPOWER satellites 11,12 and 13 expected to launch in Q3 2026, boosting mPOWER network capacity and resilience<\/li>\n
  • \nIRIS2<\/sup> Rendez-vous 1 negotiations are in their final stages<\/li>\n
  • \nSES 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\u2019s next generation MEO network capacity<\/li>\n
  • \nFCC\u2019s Upper C-band Report and Order<\/i>, 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<\/li>\n
  • \nOn 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<\/li>\n
  • \nSES will host a Capital Markets Day in Luxembourg, on December 9, 2026, with focus on the company\u2019s strategic transformation and growth opportunities supporting mid-term guidance<\/li>\n<\/ul>

    \nAdel Al-Saleh, CEO of SES, commented: <\/b>\u201cSES 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\u2019s mid-term and long-term growth and financial performance.<\/p>

    \nNetworks 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 M\u00e9xico, 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.<\/p>

    \nIn 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.<\/p>

    \nIRIS2<\/sup> 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.<\/p>

    \nWe 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 IRIS2<\/sup>, further strengthening our industrial capabilities and positioning SES to play an even greater role across future secure sovereign space programs.<\/p>

    \nIn 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 \u20ac400 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.<\/p>

    \nWe are pleased with the outcome of the FCC\u2019s 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.<\/p>

    \nWith 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\u00b2 and Upper C-band programs, we reiterate our 2026 financial outlook and are committed to disciplined financial execution and long-term value creation.\u201d<\/p>\n\n\n\n
    \n\n\u00a0<\/td>\n<\/tr>\n

    \n1)<\/p><\/td>

    \nAt constant FX (comparative figures restated to neutralize currency variations)<\/i><\/p><\/td><\/tr>\n

    \n2)<\/p><\/td>

    		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 \u20ac100-150 million in FY26; is set at an EUR\/USD exchange rate of 1.20.<\/i><\/td>\n<\/tr>\n<\/table>

    \nFinancial Outlook<\/b><\/p>

    \nSES reiterates its 2026 financial outlook on a like-for-like (as if Intelsat was consolidated from January 1, 2024) and constant FX basis(1)<\/sup>.<\/p>

    \nOn this basis, SES\u2019s 2026 financial outlook expects both Revenue and Adjusted EBITDA to be stable year-on-year.<\/p>

    \nCapital expenditures (net cash absorbed by investing activities excluding acquisitions and financial investments; including IRIS2<\/sup> and first phase of meoSphere capital expenditures) are expected to be around \u20ac700 million(2)<\/sup>.<\/p>

    \nSES plans to continue building on its MEO capabilities through meoSphere, the company\u2019s next generation multi mission MEO network supported by New Space innovators, including the K2 Space partnership.<\/p>\n\n\n\n
    \n\n\u00a0<\/td>\n<\/tr>\n

    \n1)<\/p><\/td>

    		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.<\/i><\/td>\n<\/tr>\n

    \n2)<\/p><\/td>

    		Includes capital expenditures relating to SES involvement in IRIS2<\/sup> program and first phase of meoSphere; excludes any capital expenditures related to C-band clearance, expected to be around \u20ac100-150 million in FY26; is set at an EUR\/USD exchange rate of 1.20.<\/i><\/td>\n<\/tr>\n<\/table>

    \nKey business and financial highlights<\/b><\/p>

    \n(Intelsat fully consolidated from 17 July 2025 \u2013 as reported; at constant FX unless explained otherwise)<\/b><\/p>

    \nSES 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\u2019s financial performance and financial position.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n

    \n\u20ac million<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td>

    		\n

    \nH1 2025<\/b><\/p><\/td>

    		\n

    \n\u2206 at reported FX<\/b><\/p><\/td>

    		\n

    \n\u2206 at constant FX<\/b><\/p><\/td><\/tr>\n

    \nAverage \u20ac\/$ FX rate<\/i><\/p><\/td>

    		\n

    \n1.17<\/i><\/b><\/p><\/td>

    		\n

    \n1.08<\/i><\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td><\/tr>\n

    \nRevenue<\/p><\/td>

    		\n

    \n1,602<\/b><\/p><\/td>

    		\n

    \n978<\/p><\/td>

    		\n

    \n+63.9%<\/p><\/td>

    		\n

    \n+72.4%<\/p><\/td><\/tr>\n

    \nAdjusted EBITDA<\/p><\/td>

    		\n

    \n725<\/b><\/p><\/td>

    		\n

    \n521<\/p><\/td>

    		\n

    \n+39.2%<\/p><\/td>

    		\n

    \n+47.0%<\/p><\/td><\/tr>\n

    \nAdjusted Net Profit (Loss)<\/p><\/td>

    		\n

    \n(89)<\/b><\/p><\/td>

    		\n

    \n77<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td><\/tr>\n

    \nAdjusted Net Operating Cash Flow<\/p><\/td>

    		\n

    \n522<\/b><\/p><\/td>

    		\n

    \n480<\/p><\/td>

    		\n

    \n+8.7%<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td><\/tr>\n

    \nAdjusted Free Cash Flow<\/p><\/td>

    		\n

    \n(130)<\/b><\/p><\/td>

    		\n

    \n193<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td><\/tr>\n

    \nAdjusted Net Debt \/ Adjusted EBITDA<\/p><\/td>

    		\n

    \n4.4 times<\/b><\/p><\/td>

    		\n

    \n1.1 times<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td><\/tr>\n

    \n\u2018At constant FX\u2019 refers to comparative figures restated at the current period FX to neutralize currency variations.<\/i><\/p><\/td><\/tr>\n<\/table>

    \nNetworks revenue of \u20ac1,018 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 \u20ac81 million in Q1 2026, \u20ac15 million in Q2 2025 and periodic revenue of \u20ac19 million recognized in Maritime in Q1 2025), Government & Defense (+41.9% yoy), and Fixed Data (+89.3% yoy).<\/p>

    \nMedia revenue of \u20ac571 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.<\/p>

    \nAdjusted EBITDA of \u20ac725 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.<\/p>

    \nAdjusted EBITDA excludes significant special items of \u20ac6 million net income (H1 2025: \u20ac10 million net income), comprising fair value movement on contingent value rights of \u20ac72 million (H1 2025: nil) and other income (non-recurring) of \u20ac22 million (H1 2025: \u20ac49 million), partly offset by restructuring charges of \u20ac10 million (H1 2025: \u20ac6 million), costs associated with the development and\/or implementation of merger and acquisition activities (\u201cM&A\u201d) of \u20ac11 million (H1 2025: \u20ac32 million), non-cash loss from derecognition of assets of \u20ac33 million (H1 2025: nil), non-cash impairment losses on financial assets non-recurring of \u20ac31 million (H1 2025: nil) and other charges of non-recurring nature of \u20ac3 million (H1 2025: \u20ac2 million).<\/p>

    \nAdjusted Net Loss of \u20ac89 million (H1 2025: Profit of \u20ac77 million) mainly reflects \u20ac250 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net financing costs of \u20ac155 million (H1 2025: \u20ac12 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 \u20ac115 million (H1 2025: \u20ac41 million) and other net interest expense of \u20ac77 million (H1 2025: \u20ac12 million), partly offset by interest income of \u20ac32 million (H1 2025: \u20ac52 million), as well as the impact of net foreign exchange gain of \u20ac5 million (H1 2025: loss of \u20ac11 million).<\/p>

    \nAdjusted Net Loss excludes the significant special items highlighted above, as well as non-cash net impairment expense of \u20ac106 million (H1 2025: \u20ac73 million), M&A-related net financing charges of nil (H1 2025: \u20ac23 million) and net tax benefit of \u20ac13 million (H1 2025: benefit of \u20ac23 million) associated with all the significant special items.<\/p>

    \nAdjusted Free Cash Flow (excluding significant special items) was an outflow of \u20ac130 million, representing a year-on-year decrease of \u20ac323 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 \u20ac522 million excludes \u20ac186 million of payments in connection with IRIS2<\/sup> restricted cash and \u20ac30 million of payments in respect of other significant special items and represents an increase of \u20ac42 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.<\/p>

    \nAt June 30, 2026, the Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of \u20ac1.650 billion of hybrid bonds as debt and 50% as equity) was 4.4 times (31 December 2025: 3.9 times). Cash & cash equivalents of \u20ac703 million (excluding \u20ac215 million of restricted cash with respect to the SES-led consortium\u2019s involvement in IRIS2<\/sup>).<\/p>

    \nIn H1 2026, SES repaid debt maturities of approximately \u20ac1,186 million, including its \u20ac650 million senior bond and its outstanding \u20ac525 million Deeply Subordinated Fixed Rate Resettable Securities.<\/p>

    \nSES 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 (\u20ac13 million) through settlements, with additional payments expected as negotiations progress. To date the company has collected a total of $218 million.<\/p>

    \nOn April 2, 2026, shareholders at the AGM approved all company-recommended resolutions. The final FY 2025 dividend of \u20ac104 million equal to \u20ac0.25 per A-share and \u20ac0.10 per B-share was paid to shareholders on 16 April 2026.<\/p>

    \nOn 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.<\/p>

    \nSES 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.<\/p>

    \nThe SES-led SpaceRISE consortium is progressing well through Rendez\u2011Vous 1 of the IRIS2<\/sup> 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\u2019s vision for a sovereign, secure, and competitive space\u2011based connectivity infrastructure. As the lead member of the SpaceRise consortium, SES collaborates with all partners to ensure successful delivery of IRIS2<\/sup>.<\/p>

    \nOn 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\u2019s Report and Order.<\/p>

    \nOperational performance<\/b><\/p>

    \n(Intelsat consolidated from 17 July 2025)<\/p>

    \nREVENUE BY BUSINESS UNIT<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n

    \n\u00a0<\/p><\/td>

    		\n

    \nRevenue as reported (\u20acmillion)<\/b><\/p><\/td>

    		\n

    \nAs reported revenue change (year-on-year)<\/b><\/p>

    \nat constant FX<\/b><\/p><\/td><\/tr>\n

    \n\u00a0<\/p><\/td>

    		\n

    \nQ1 2026<\/b><\/p><\/td>

    		\n

    \nQ2 2026<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td>

    		\n

    \nQ1 2026<\/b><\/p><\/td>

    		\n

    \nQ2 2026<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td><\/tr>\n

    \nAverage \u20ac\/$ FX rate<\/i><\/p><\/td>

    		\n

    \n1.18<\/i><\/p><\/td>

    		\n

    \n1.16<\/i><\/p><\/td>

    		\n

    \n1.17<\/i><\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td><\/tr>\n

    \nMedia<\/b><\/p><\/td>

    		\n

    \n285<\/b><\/p><\/td>

    		\n

    \n286<\/b><\/p><\/td>

    		\n

    \n571<\/b><\/p><\/td>

    		\n

    \n+42.9%<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+50.3%<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+46.5%<\/b><\/p><\/td><\/tr>\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nNetworks<\/b><\/p><\/td>

    		\n

    \n556<\/b><\/p><\/td>

    		\n

    \n462<\/b><\/p><\/td>

    		\n

    \n1,018<\/b><\/p><\/td>

    		\n

    \n+106.0%<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+72.0%<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+89.0%<\/b><\/p><\/td><\/tr>\n

    \nGovernment &<\/p>

    \nDefense<\/p><\/td>

    		\n

    \n189<\/p><\/td>

    		\n

    \n192<\/p><\/td>

    		\n

    \n381<\/p><\/td>

    		\n

    \n+50.7%<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+34.1%<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+41.9%<\/p><\/td><\/tr>\n

    \nFixed Data<\/p><\/td>

    		\n

    \n109<\/p><\/td>

    		\n

    \n108<\/p><\/td>

    		\n

    \n216<\/p><\/td>

    		\n

    \n+79.0%<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+101.0%<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+89.3%<\/p><\/td><\/tr>\n

    \nMobility<\/p><\/td>

    		\n

    \n259<\/p><\/td>

    		\n

    \n162<\/p><\/td>

    		\n

    \n421<\/p><\/td>

    		\n

    \n+207.8%<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+125.6%<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n+169.9%<\/p><\/td><\/tr>\n

    \nOther<\/p><\/td>

    		\n

    \n6<\/p><\/td>

    		\n

    \n7<\/p><\/td>

    		\n

    \n13<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td>

    		\n

    \nn\/m<\/p><\/td><\/tr>\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td><\/tr>\n

    \nGroup Total<\/b><\/p><\/td>

    		\n

    \n847<\/b><\/p><\/td>

    		\n

    \n755<\/b><\/p><\/td>

    		\n

    \n1,602<\/b><\/p><\/td>

    		\n

    \n+80.5%<\/b><\/p><\/td>

    		\n

    \n+64.2%<\/b><\/p><\/td>

    		\n

    \n+72.4%<\/b><\/p><\/td><\/tr>\n

    \n\u2018At constant FX\u2019 refers to comparative figures restated at the current period FX rates to neutralize currency variations.<\/i><\/p><\/td><\/tr>\n<\/table>

    \nAnticipated future satellite launches<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n

    \nSatellite<\/b><\/p><\/td>

    		\n

    \nRegion<\/b><\/p><\/td>

    		\n

    \nApplication<\/b><\/p><\/td>

    		\n

    \nLaunch Date<\/b><\/p><\/td><\/tr>\n

    \nO3b mPOWER <\/b>(satellites 11-13)<\/p><\/td>

    		\n

    \nGlobal<\/p><\/td>

    		\n

    \nNetworks<\/p><\/td>

    		\n

    \nQ3 2026<\/p><\/td><\/tr>\n

    \nIS-42<\/b><\/p><\/td>

    		\n

    \nN. Atlantic, W. Europe, W. Africa<\/p><\/td>

    		\n

    \nNetworks<\/p><\/td>

    		\n

    \n2028<\/p><\/td><\/tr>\n

    \nIS-43<\/b><\/p><\/td>

    		\n

    \nIndian Ocean Region, Europe,<\/p>

    \nMiddle East, Africa<\/p><\/td>

    		\n

    \nNetworks<\/p><\/td>

    		\n

    \n2028<\/p><\/td><\/tr>\n

    \nIS-45<\/b><\/p><\/td>

    		\n

    \nMiddle East<\/p><\/td>

    		\n

    \nGovernment & Defense<\/p><\/td>

    		\n

    \n2028<\/p><\/td><\/tr>\n

    \nASTRA 1Q<\/b><\/p><\/td>

    		\n

    \nEurope<\/p><\/td>

    		\n

    \nMedia, Networks<\/p><\/td>

    		\n

    \n2028<\/p><\/td><\/tr>\n

    \nSES-26<\/b><\/p><\/td>

    		\n

    \nAfrica, Asia, Europe, Middle East<\/p><\/td>

    		\n

    \nMedia, Networks<\/p><\/td>

    		\n

    \n2028<\/p><\/td><\/tr>\n

    \nEAGLE-1<\/b><\/p><\/td>

    		\n

    \nEurope<\/p><\/td>

    		\nGovernment & Defense<\/td>\n\n

    \n2028<\/p><\/td><\/tr>\n

    \nGOVSAT-2<\/b><\/p><\/td>

    		\n

    \nEurope<\/p><\/td>

    		\n

    \nGovernment & Defense<\/p><\/td>

    		\n

    \n2029<\/p><\/td><\/tr>\n

    \nLaunch 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.<\/i><\/p>

    \n\u201cNetworks\u201d refers to Government & Defense, Mobility, and Fixed Data applications.<\/i><\/p><\/td><\/tr>\n<\/table>

    \nCONSOLIDATED INCOME STATEMENT<\/b><\/p>

    \n(Intelsat fully consolidated from 17 July 2025 - as reported)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

    \n\u20ac million<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td>

    		\n

    \nH1 2025<\/b><\/p><\/td><\/tr>\n

    \nAverage \u20ac\/$ FX rate<\/i><\/p><\/td>

    		\n

    \n1.17<\/i><\/b><\/p><\/td>

    		\n

    \n1.08<\/i><\/p><\/td><\/tr>\n

    \nRevenue<\/b><\/p><\/td>

    		\n

    \n1,602<\/b><\/p><\/td>

    		\n

    \n978<\/p><\/td><\/tr>\n

    \nU.S. C-band repurposing income<\/p><\/td>

    		\n

    \n-<\/b><\/p><\/td>

    		\n

    \n3<\/p><\/td><\/tr>\n

    \nOther income<\/p><\/td>

    		\n

    \n27<\/b><\/p><\/td>

    		\n

    \n49<\/p><\/td><\/tr>\n

    \nOther operating expenses<\/p><\/td>

    		\n

    \n(937)<\/b><\/p><\/td>

    		\n

    \n(499)<\/p><\/td><\/tr>\n

    \nLoss from derecognition of fixed asset<\/p><\/td>

    		\n

    \n(33)<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nFair value movement on contingent value rights<\/p><\/td>

    		\n

    \n72<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nEBITDA<\/b><\/p><\/td>

    		\n

    \n731<\/b><\/p><\/td>

    		\n

    \n531<\/p><\/td><\/tr>\n

    \nDepreciation expense<\/p><\/td>

    		\n

    \n(540)<\/b><\/p><\/td>

    		\n

    \n(320)<\/p><\/td><\/tr>\n

    \nAmortisation expense<\/p><\/td>

    		\n

    \n(92)<\/b><\/p><\/td>

    		\n

    \n(61)<\/p><\/td><\/tr>\n

    \nNon-cash impairment<\/p><\/td>

    		\n

    \n(106)<\/b><\/p><\/td>

    		\n

    \n(73)<\/p><\/td><\/tr>\n

    \nOperating profit \/ (loss)<\/b><\/p><\/td>

    		\n

    \n(7)<\/b><\/p><\/td>

    		\n

    \n77<\/p><\/td><\/tr>\n

    \nNet financing income \/ (expense)<\/p><\/td>

    		\n

    \n(155)<\/b><\/p><\/td>

    		\n

    \n(35)<\/p><\/td><\/tr>\n

    \nOther non-operating income\/ expenses (net)<\/p><\/td>

    		\n

    \n(9)<\/b><\/p><\/td>

    		\n

    \n2<\/p><\/td><\/tr>\n

    \nProfit \/ (loss) before tax<\/b><\/p><\/td>

    		\n

    \n(171)<\/b><\/p><\/td>

    		\n

    \n44<\/p><\/td><\/tr>\n

    \nIncome tax benefit \/ (expense)<\/p><\/td>

    		\n

    \n6<\/b><\/p><\/td>

    		\n

    \n(26)<\/p><\/td><\/tr>\n

    \nNon-controlling interests<\/p><\/td>

    		\n

    \n(11)<\/b><\/p><\/td>

    		\n

    \n(4)<\/p><\/td><\/tr>\n

    \nNet profit \/ (loss) attributable to owners of the parent<\/b><\/p><\/td>

    		\n

    \n(176)<\/b><\/p><\/td>

    		\n

    \n14<\/p><\/td><\/tr>\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td>

    		\n

    \n\u00a0<\/p><\/td><\/tr>\n

    \nBasic and diluted earnings \/ (loss) per A-share (in \u20ac)(1)<\/sup><\/b><\/p><\/td>

    		\n

    \n(0.46)<\/b><\/p><\/td>

    		\n

    \n0.02<\/p><\/td><\/tr>\n

    \nBasic and diluted earnings \/ (loss) per B-share (in \u20ac)(1)<\/sup><\/p><\/td>

    		\n

    \n(0.18)<\/b><\/p><\/td>

    		\n

    \n0.01<\/p><\/td><\/tr>\n<\/table>\n\n

    \n1)<\/p><\/td>

    \nEarnings \/ (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.<\/i><\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n

    \n\u20ac million<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td>

    		\n

    \nH1 2025<\/b><\/p><\/td><\/tr>\n

    \nAdjusted EBITDA<\/b><\/p><\/td>

    		\n

    \n725<\/b><\/p><\/td>

    		\n

    \n521<\/p><\/td><\/tr>\n

    \nFair value movement on contingent value rights<\/p><\/td>

    		\n

    \n72<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nOther income non-recurring(1)<\/sup><\/p><\/td>

    		\n

    \n22<\/b><\/p><\/td>

    		\n

    \n49<\/p><\/td><\/tr>\n

    \nImpairment losses on financial assets non-recurring<\/p><\/td>

    		\n

    \n(31)<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nLoss from derecognition of fixed asset<\/p><\/td>

    		\n

    \n(33)<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nOther significant special items(2)<\/sup><\/p><\/td>

    		\n

    \n(24)<\/b><\/p><\/td>

    		\n

    \n(40)<\/p><\/td><\/tr>\n

    \nU.S. C-band net income<\/p><\/td>

    		\n

    \n-<\/b><\/p><\/td>

    		\n

    \n1<\/p><\/td><\/tr>\n

    \nEBITDA<\/b><\/p><\/td>

    		\n

    \n731<\/b><\/p><\/td>

    		\n

    \n531<\/p><\/td><\/tr>\n<\/table>\n\n\n

    \n1)<\/p><\/td>

    \nmPOWER insurance claims<\/i><\/p><\/td><\/tr>\n

    \n2)<\/p><\/td>

    		\u2018Other significant special items\u2019 include restructuring charges of \u20ac10 million (H1 2025: \u20ac6 million), costs deriving from the development and\/or implementation of merger and acquisition activities (\u201cM&A\u201d) of \u20ac11 million (H1 2025: \u20ac32 million) and \u20ac3 million of other infrastructure charges of non-recurring nature (H1 2025: \u20ac2 million).<\/i><\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n

    \n\u20ac million<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td>

    		\n

    \nH1 2025<\/b><\/p><\/td><\/tr>\n

    \nAdjusted Net Profit \/ (Loss)<\/b><\/p><\/td>

    		\n

    \n(89)<\/b><\/p><\/td>

    		\n

    \n77<\/p><\/td><\/tr>\n

    \nFair value movement on contingent value rights<\/p><\/td>

    		\n

    \n72<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nOther income non-recurring(1)<\/sup><\/p><\/td>

    		\n

    \n22<\/b><\/p><\/td>

    		\n

    \n49<\/p><\/td><\/tr>\n

    \nImpairment losses on financial assets<\/p><\/td>

    		\n

    \n(31)<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nLoss from derecognition of fixed asset<\/p><\/td>

    		\n

    \n(33)<\/b><\/p><\/td>

    		\n

    \n-<\/p><\/td><\/tr>\n

    \nOther significant special items (2)<\/sup><\/p><\/td>

    		\n

    \n(24)<\/b><\/p><\/td>

    		\n

    \n(63)<\/p><\/td><\/tr>\n

    \nU.S. C-band net income<\/p><\/td>

    		\n

    \n-<\/b><\/p><\/td>

    		\n

    \n1<\/p><\/td><\/tr>\n

    \nImpairment expense (net)<\/p><\/td>

    		\n

    \n(106)<\/b><\/p><\/td>

    		\n

    \n(73)<\/p><\/td><\/tr>\n

    \nTax on significant special items<\/p><\/td>

    		\n

    \n13<\/b><\/p><\/td>

    		\n

    \n23<\/p><\/td><\/tr>\n

    \nNet profit \/ (loss) attributable to owners of the parent<\/b><\/p><\/td>

    		\n

    \n(176)<\/b><\/p><\/td>

    		\n

    \n14<\/p><\/td><\/tr>\n<\/table>\n\n\n

    \n1)<\/p><\/td>

    \nmPOWER insurance claims<\/i><\/p><\/td><\/tr>\n

    \n2)<\/p><\/td>

    \n\u2018Other significant special items\u2019 comprise restructuring charges of \u20ac10 million (H1 2025: \u20ac6 million), M&A costs of \u20ac11 million (H1 2025: \u20ac32 million) and \u20ac3 million of other infrastructure charges of non-recurring nature (H1 2025: \u20ac2 million).<\/i><\/p><\/td><\/tr>\n<\/table>

    \nCONSOLIDATED STATEMENT OF FINANCIAL POSITION<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

    \n\u20ac million<\/b><\/p><\/td>

    		\n

    \n30 June 2026<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n31 December 2025<\/b><\/p><\/td><\/tr>\n

    \nClosing \u20ac\/$ FX rate<\/i><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1.14<\/i><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1.18<\/i><\/p><\/td><\/tr>\n

    \nProperty, plant, and equipment<\/p><\/td>

    		\n

    \n5,207<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n5,399<\/p><\/td><\/tr>\n

    \nAssets in the course of construction<\/p><\/td>

    		\n

    \n1,329<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,750<\/p><\/td><\/tr>\n

    \nIntangible assets<\/p><\/td>

    		\n

    \n3,063<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2,810<\/p><\/td><\/tr>\n

    \nOther financial assets<\/p><\/td>

    		\n

    \n121<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n135<\/p><\/td><\/tr>\n

    \nDerivatives<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n9<\/p><\/td><\/tr>\n

    \nLease receivable<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n12<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n13<\/p><\/td><\/tr>\n

    \nInvestments accounted for using the equity method<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n85<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n77<\/p><\/td><\/tr>\n

    \nPrepayments<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n24<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n28<\/p><\/td><\/tr>\n

    \nIncome tax receivable<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n127<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n155<\/p><\/td><\/tr>\n

    \nTrade and other receivables<\/p><\/td>

    		\n

    \n84<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n91<\/p><\/td><\/tr>\n

    \nDeferred customer contract costs<\/p><\/td>

    		\n

    \n15<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n19<\/p><\/td><\/tr>\n

    \nDeferred tax assets<\/p><\/td>

    		\n

    \n550<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n644<\/p><\/td><\/tr>\n

    \nTotal non-current assets<\/b><\/p><\/td>

    		\n

    \n10,617<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n11,130<\/p><\/td><\/tr>\n

    \nInventories<\/p><\/td>

    		\n

    \n218<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n196<\/p><\/td><\/tr>\n

    \nTrade and other receivables<\/p><\/td>

    		\n

    \n1,111<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n770<\/p><\/td><\/tr>\n

    \nDeferred customer contract costs<\/p><\/td>

    		\n

    \n8<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n8<\/p><\/td><\/tr>\n

    \nOther financial assets<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n9<\/p><\/td><\/tr>\n

    \nPrepayments<\/p><\/td>

    		\n

    \n111<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n117<\/p><\/td><\/tr>\n

    \nIncome tax receivable<\/p><\/td>

    		\n

    \n106<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n65<\/p><\/td><\/tr>\n

    \nCash and cash equivalents(1)<\/sup><\/p><\/td>

    		\n

    \n918<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,075<\/p><\/td><\/tr>\n

    \nTotal current assets<\/b><\/p><\/td>

    		\n

    \n2,474<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2,240<\/p><\/td><\/tr>\n

    \nTotal assets<\/b><\/p><\/td>

    		\n

    \n13,091<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n13,370<\/p><\/td><\/tr>\n

    \nEquity attributable to the owners of the parent<\/p><\/td>

    		\n

    \n2,555<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2,623<\/p><\/td><\/tr>\n

    \nNon-controlling interests<\/p><\/td>

    		\n

    \n145<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n91<\/p><\/td><\/tr>\n

    \nTotal equity<\/b><\/p><\/td>

    		\n

    \n2,700<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2,714<\/p><\/td><\/tr>\n

    \nBorrowings<\/p><\/td>

    		\n

    \n5,529<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n5,507<\/p><\/td><\/tr>\n

    \nProvisions<\/p><\/td>

    		\n

    \n49<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n46<\/p><\/td><\/tr>\n

    \nDeferred income<\/p><\/td>

    		\n

    \n602<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n522<\/p><\/td><\/tr>\n

    \nDeferred tax liabilities<\/p><\/td>

    		\n

    \n339<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n455<\/p><\/td><\/tr>\n

    \nOther long-term liabilities<\/p><\/td>

    		\n

    \n50<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n35<\/p><\/td><\/tr>\n

    \nContingent value rights<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n699<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n749<\/p><\/td><\/tr>\n

    \nEmployee benefit obligations<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n42<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n48<\/p><\/td><\/tr>\n

    \nDerivative liabilities<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n29<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nLease liabilities<\/p><\/td>

    		\n

    \n574<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n559<\/p><\/td><\/tr>\n

    \nFixed assets suppliers<\/p><\/td>

    		\n

    \n96<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n164<\/p><\/td><\/tr>\n

    \nTotal non-current liabilities<\/b><\/p><\/td>

    		\n

    \n8,009<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n8,085<\/p><\/td><\/tr>\n

    \nBorrowings<\/p><\/td>

    		\n

    \n892<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n798<\/p><\/td><\/tr>\n

    \nProvisions<\/p><\/td>

    		\n

    \n48<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n64<\/p><\/td><\/tr>\n

    \nDeferred income<\/p><\/td>

    		\n

    \n246<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n303<\/p><\/td><\/tr>\n

    \nTrade and other payables<\/p><\/td>

    		\n

    \n895<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,032<\/p><\/td><\/tr>\n

    \nEmployee benefit obligations<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1<\/p><\/td><\/tr>\n

    \nLease liabilities<\/p><\/td>

    		\n

    \n105<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n76<\/p><\/td><\/tr>\n

    \nFixed assets suppliers<\/p><\/td>

    		\n

    \n177<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n279<\/p><\/td><\/tr>\n

    \nIncome tax liabilities<\/p><\/td>

    		\n

    \n18<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n18<\/p><\/td><\/tr>\n

    \nTotal current liabilities<\/b><\/p><\/td>

    		\n

    \n2,382<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n2,571<\/p><\/td><\/tr>\n

    \nTotal liabilities<\/b><\/p><\/td>

    		\n

    \n10,391<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n10,656<\/p><\/td><\/tr>\n

    \nTotal equity and liabilities<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n13,091<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n13,370<\/p><\/td><\/tr>\n<\/table>\n\n

    \n1)<\/p><\/td>

    \nIncluding \u20ac215 million related to IRIS2<\/sup> cash received (31 December 2025: \u20ac401 million).<\/i><\/p><\/td><\/tr>\n<\/table>

    \nCONSOLIDATED STATEMENT OF CASH FLOWS<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

    \n\u20ac million<\/b><\/p><\/td>

    		\n

    \nH1 2026<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \nH1 2025<\/b><\/p><\/td><\/tr>\n

    \nProfit \/ (loss) before tax<\/b><\/p><\/td>

    		\n

    \n(171)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n44<\/p><\/td><\/tr>\n

    \nIncome tax paid during the period<\/p><\/td>

    		\n

    \n(17)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(21)<\/p><\/td><\/tr>\n

    \nAdjustment for non-cash items<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n864<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n391<\/p><\/td><\/tr>\n

    \nChanges in working capital(1)<\/sup><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(370)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n49<\/p><\/td><\/tr>\n

    \nNet cash generated by operating activities<\/b><\/p><\/td>

    		\n

    \n306<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n463<\/p><\/td><\/tr>\n

    \n

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nPayments for purchases of intangible assets<\/p><\/td>

    		\n

    \n(44)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(6)<\/p><\/td><\/tr>\n

    \nPayments for purchases of tangible assets(2)<\/sup><\/p><\/td>

    		\n

    \n(400)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(231)<\/p><\/td><\/tr>\n

    \nProceeds from sale of tangible assets<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n8<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nInterest received(3)<\/sup><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n10<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n102<\/p><\/td><\/tr>\n

    \nInsurance claim received<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n22<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n49<\/p><\/td><\/tr>\n

    \nProceeds from sale of business<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n12<\/p><\/td><\/tr>\n

    \nNet investment in equity-accounted investments<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(5)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nOther investing activities<\/p><\/td>

    		\n

    \n(3)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(20)<\/p><\/td><\/tr>\n

    \nNet cash absorbed by investing activities<\/b><\/p><\/td>

    		\n

    \n(412)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(94)<\/p><\/td><\/tr>\n

    \n

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nProceeds from borrowings<\/p><\/td>

    		\n

    \n727<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,304<\/p><\/td><\/tr>\n

    \nRepayment of borrowings<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(663)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(11)<\/p><\/td><\/tr>\n

    \nProceeds from perpetual bond<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n636<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nRedemption of perpetual bond<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(523)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(59)<\/p><\/td><\/tr>\n

    \nTransaction costs in respect of undrawn facilities<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(8)<\/p><\/td><\/tr>\n

    \nCoupon paid on perpetual bond<\/p><\/td>

    		\n

    \n(21)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(1)<\/p><\/td><\/tr>\n

    \nDividends paid on ordinary shares(4)<\/sup><\/p><\/td>

    		\n

    \n(104)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(103)<\/p><\/td><\/tr>\n

    \nInterest paid on borrowings<\/p><\/td>

    		\n

    \n(136)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(63)<\/p><\/td><\/tr>\n

    \nPayments for acquisition of treasury shares<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(3)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nProceeds from treasury shares sold and exercise of stock options<\/p><\/td>

    		\n

    \n18<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nContributions from non-controlling interests<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n41<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nLease payments<\/p><\/td>

    		\n

    \n(53)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(13)<\/p><\/td><\/tr>\n

    \nNet movement on derivatives<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n14<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n-<\/p><\/td><\/tr>\n

    \nNet cash generated\/(absorbed) by financing activities<\/b><\/p><\/td>

    		\n

    \n(67)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,046<\/p><\/td><\/tr>\n

    \n

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n\u00a0<\/p><\/td><\/tr>\n

    \nNet foreign exchange movements<\/p><\/td>

    		\n

    \n16<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n(321)<\/p><\/td><\/tr>\n

    \nNet increase \/ (decrease) in cash and cash equivalents<\/p><\/td>

    		\n

    \n(157)<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n1,094<\/p><\/td><\/tr>\n

    \nCash and cash equivalents at beginning of the year<\/b><\/p><\/td>

    		\n

    \n1,075<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n3,521<\/p><\/td><\/tr>\n

    \nCash and cash equivalents at end of the year<\/b><\/p><\/td>

    		\n

    \n918<\/b><\/p><\/td>

    \n\u00a0<\/p><\/td>

    \n4,615<\/p><\/td><\/tr>\n<\/table> Contacts<\/b>

    \nFor further information please contact:\n<\/b>Christian Kern\nInvestor Relations\nIR@ses.com<\/a><\/p>

    \nSES Communications\nSES.Press@ses.com<\/a><\/p> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"

    LUXEMBOURG–(BUSINESS WIRE)–SES S.A. announces financial results for the three and six months ended June 30, 2026.<\/p>\n

    H1 2026 Performance
    \n(\u20ac million)<\/p>\n

    H1 2026
    \nas reported (1)<\/p>\n

    H1 2025
    \nas reported (1)<\/p>\n

    \u2206 At constant FX (2)<\/p>\n

    H1 2025
    \nlike-for-like(3)<\/p>\n

    \u2206 A…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-47903","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/47903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47903"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/47903\/revisions"}],"predecessor-version":[{"id":47904,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/47903\/revisions\/47904"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}