SES posts record €10 billion backlog as Q3 revenue beats forecasts
SES shares rose nearly 12% after Q3 revenue of €870 million topped estimates and total backlog hit a record €10 billion.
what happened
SES reported third-quarter 2026 revenue of €870 million, up 12.9% year-over-year at constant exchange rates (4.2% like-for-like), beating the roughly €832 million analyst consensus, per the company's own release and Investing.com. Adjusted EBITDA reached €413 million, ahead of the €367 million consensus. SES said €5.8 billion in new business and renewals signed so far in 2026, including €3.4 billion tied to the IRIS2 programme, pushed its total backlog to a record €10.0 billion, with its Networks segment backlog alone reaching €7 billion, more than double the €3.5 billion reported at the end of the prior quarter. Shares rose about 12% on the results, per Investing.com.
why it matters
A backlog this size gives SES multi-year revenue visibility heading into the capital-intensive IRIS2 build-out, and the market's reaction suggests investors are reading the aviation and government/defense momentum as durable rather than one-off. It is a data point for competing GEO and MEO operators on how much pricing power multi-orbit government and defense contracts still carry.
for who
satcom investors, competing GEO/MEO operators
signal-to-noise
quick facts
- Companies
- SES
- Category
- financial
- Impact
- notable
- SNR
- 4 / 5
- Event date
- 2026-11-05
- Published
- 2026-11-06 00:09 UTC