SES S.A. reported H1 2026 revenue of €1.6 billion following the full consolidation of Intelsat. The company swung to an adjusted net loss of €89 million from a €77 million profit in the prior year. Higher depreciation, amortization, and financing costs related to the Intelsat deal drove the loss. Adjusted free cash flow fell to negative €130 million from a €193 million inflow a year ago. The net debt leverage ratio increased to 4.4 times adjusted EBITDA. Management maintained its full-year outlook for stable like-for-like revenue and adjusted EBITDA.