SES Plunges 15%, Hit by 5% Revenue Drop Despite Reaffirmed Outlook

SES S.A. shares fell over 15% following first-half 2026 results released on July 30.

Reported revenue surged 72.4% following the consolidation of the Intelsat acquisition. Total revenue reached €1.6 billion for the period. Like-for-like revenue declined 5.0%. Adjusted EBITDA dropped 6.2% on a comparable basis.

Management attributed a soft second quarter to the timing of specific contracts. Performance remained in line with expectations for the first half overall.

The company maintained its full-year 2026 outlook for stable like-for-like revenue. Management also expects stable adjusted EBITDA on a like-for-like basis. SES confirmed plans for approximately €700 million in capital expenditures.