Finance
Satellite earnings
SES Revenue Jumps 80% in First Full Quarter With Intelsat, but the Real Test Is Synergies
SES reported first-quarter 2026 revenue of 847 million euros, up 80.5% at constant currency in its first full quarter consolidating Intelsat. The headline surge is largely an accounting effect: on a like-for-like basis, revenue rose 3.1%. CEO Adel Al-Saleh pointed to early integration wins, with staff costs down 20%, as the Luxembourg group chases 370 million euros in annual synergies.