SES
The headline: bigger numbers, mixed vibes
SES S.A. reported financial results for the three and six months ended June 30, 2026, and the table is doing a little trickery dance. Reported revenue jumped to €1.6 billion from €978 million a year ago, and adjusted EBITDA rose to €725 million from €521 million — but that’s partly because Intelsat was fully consolidated starting July 17, 2025.
The fine print matters
If you strip out the accounting optics and look at constant FX, revenue actually fell 5% year over year, and adjusted EBITDA slipped 6.2%. In other words: the company got bigger, but not exactly faster in the cleanest version of the math.
That’s the sort of detail investors care about because it tells you whether the growth story is real, borrowed, or a bit of both. Here, it’s a mix.
Outlook stays on the rails
SES also reiterated its full-year outlook, which should help calm anyone expecting a surprise reset. For now, management is signaling the integration and the operating backdrop are still tracking close enough to plan.
Big picture: when a satellite operator starts folding in a major acquisition, the headline numbers can look like they hit the gym overnight. The real question is whether the combined business turns into a stronger cash machine — or just a bigger spreadsheet.