SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — Q3 2026 Earnings Presentation
25 slides from SES SA FDR (Class A)'s earnings presentation, Nov 5, 2026
Slide 1: Q3 & 9 Months 2026 Results
Q3 & 9 Months 2026 Results November 5, 2026 Adel Al-Saleh, CEO Lisa Pataki, CFO
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements This document contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words s
Slide 3: Q3 2026 Business Highlights
Q3 2026 Business Highlights Adel Al-Saleh, CEO
Slide 4: Q3 Strong Quarter Building Momentum Into Q4
Q3 26 Strong Quarter Building Momentum Into Q4 Solid execution on contract awards secured earlier in the year REVENUE ADJUSTED EBITDA Cash & Cash equivalents CLEAR Q4 VISIBILITY +4.2% +18.6% €1.26bn €10.0bn Supported by Backlog including €5.8bn of new YoY LFL YoY LFL business model evolution busines
Slide 5: Building Q3 Momentum
Building Q3 Momentum Long-term renewals and strategic wins reinforce the durability and growth of the portfolio MEDIA: LONG TERM CUSTOMER COMMITTMENTS GOVT & DEFENSE: STRATEGIC AWARDS & MANAGED SERVICES Multi-year contracts beyond 2035 Strategic space mission prime awards • Protected Tactical Satcom
Slide 6: Europe's Sovereign Constellation
Europe’s Sovereign Constellation SES is an integral part of Europe’s secure space infrastructure • SES’s initial total contract value is c.€3.5bn w/ construction Rev to be EU SECURE CONNECTIVITY · Operational in 2030 recognized in line w/ performance obligations • SES’s contribution remains €1.35bn
Slide 7: Key Customer Renewals and Strategic Wins
Key Customer Renewals and Strategic Wins Broadcasters, telcos, airlines, enterprises, governments & businesses >130 countries Government Media & Defense Aviation Maritime Fixed 7 9M & Q3 2026 Results | November 5, 2026
Slide 8: Building SES industrial capability in Luxembourg
Building SES industrial capability in Luxembourg 16,000 sqm factory underway - successful file transmission in PF1 Pathfinder 1 Pathfinder 2 Pathfinder 3 Production 2026 2027 2028 2029 8
Slide 9: Upper C-band update
Upper C-band update Gross incentive payments to SES of c.$5.6bn contingent on successful clearing Important milestones: • Satellite manufacturing secured ✓ • Launch plans secured ✓ Assessing options to • Transition Plan submitted to FCC ✓ optimize the timing of C-Band proceeds • Appointment of Clear
Slide 10: Financial Highlights
Financial Highlights Lisa Pataki, CFO 10 9M & Q3 2026 Results | November 5, 2026
Slide 11: Financial Highlights
Financial Highlights Revenue (m Euro, as reported) 9M & Q3 2026 results on reported basis (1) 2,472 +12.9% YoY (+4.2% YoY LFL) 9M 26 Revenue growth +45.5% YoY(1) (-2.0% YoY LFL(2)) 1,743 • Mobility and Government & Defense growth +45.5% YoY 870 (-2.0% YoY LFL) • Aviation – favorable contract restruc
Slide 12: Solid Q3 performance both in Media and Networks
Solid Q3 performance both in Media and Networks On reported basis (Intelsat fully consolidated from July 17, 2025)(1) Media Networks Revenue (m Euro, as reported) Revenue (m Euro, as reported) +15.6% YoY +7.4% YoY (+6.1% YoY LFL) (-0.1% YoY LFL) 556 YTD Mobility(3) revenue up +98.8% YoY (1) 304 Soli
Slide 13: Perspectives on Cash Management as of Q3 2026
Perspectives on Cash Management as of Q3 2026 Net leverage(1) improved to 3.7x from 4.4x Balance Sheet as of Sept 30, 2026 Capital expenditures excluding C-Band (m Euro, 2026) 700 600 536 €1.26bn cash and cash 3.7x(2) equivalents, excl. net leverage, from €172M 4.4x restricted(1) YTD Actual Full Yea
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Debt maturity profile as of Sept 30, 2026 Debt maturities by year (m Euro) Proactive management of debt maturities 1,636 October: issued €500M • €1.32bn repaid YTD 2031 Bond and tendered €363M of 2027 notes 1,245 • Refinanced €500M in Q3 2026 while market conditions wer
Slide 15: Conclusion
Conclusion Adel Al-Saleh, CEO 15 9M & Q3 2026 Results | November 5, 2026
Slide 16: Reiterating FY26 Financial Outlook
Reiterating FY26 Financial Outlook (1) On a like-for-like (Intelsat fully consolidated from January 1, 2025) and constant FX basis 9M 2026 (2) GROUP REVENUE €2,472M 2026E (-2.0% yoy at CFX) Stable yoy (at CFX) On track 9M 2026 (2) ADJUSTED €1,138M 2026E EBITDA(3) (+1.4% yoy at CFX) Stable yoy (at CF
Slide 17: Capital Markets Day rescheduled to March 11, 2027
Capital Markets Day rescheduled to March 11, 2027 To coincide with publication of FY26 results Key CMD agenda items to include: • Strategic evolution of SES's business model • Verticalization • Strategic pivoting towards Government & Defense • Building on strong positions in Mobility and Media • Dev
Slide 18: Q&A
Q&A
Slide 19: Additional Information
73ses Additional Information
Slide 20: Alternative Performance Measures
Alternative Performance Measures SES 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 financial performance and financial position. These measures may not be comparable to similarl
Slide 21: Basis of combined like-for-like financial information
Basis of combined like-for-like financial information The supplemental combined like-for-like financial information included in this press release presents the historical consolidated financial information of the SES Group adjusted to give effect to the acquisition of Intelsat by SES as if it had ta
Slide 22: Revenue Walk 9M 2026
Revenue Walk 9M 2026 As reported (m Euro, as reported) 22 9M & Q3 2026 Results | November 5, 2026
Slide 23: Adjusted Net Profit Walk 9M 2026
Adjusted Net Profit Walk 9M 2026 As reported (m Euro, as reported) 23 9M & Q3 2026 Results | November 5, 2026
Slide 24: Anticipated Future Satellite Launches
Anticipated Future Satellite Launches Satellite Region Application Launch IS-42 N. Atlantic, W. Europe, W. Africa Networks 2028 IS-43 Indian Ocean Region, EMEA Networks 2028 IS-45 Middle East Government & Defense 2028 ASTRA 1Q Europe Media, Networks 2028 SES-26 Asia, EMEA Media, Networks 2028 EAGLE-
Slide 25: Thank you
Thank you 25 9M & Q3 2026 Results | November 5, 2026