SES Past Earnings Performance
Past criteria checks 0/6
SES's earnings have been declining at an average annual rate of -31.9%, while the Media industry saw earnings growing at 5.3% annually. Revenues have been growing at an average rate of 9.3% per year.
Key information
-31.91%
Earnings growth rate
-30.77%
EPS growth rate
| Media Industry Growth | 8.43% |
| Revenue growth rate | 9.26% |
| Return on equity | -10.26% |
| Net Margin | -9.38% |
| Next Earnings Update | 05 Nov 2026 |
Recent past performance updates
Recent updates
SESG: IRIS² Capital Commitments Will Pressure Returns And Justify A Bearish View
Analysts have reduced their SES price target to align with a lower fair value estimate of €4.50, citing updated assumptions for revenue growth, profit margins, the discount rate and future P/E expectations. What's in the News for SES SES completed the IRIS² Rendez-vous 1 milestone under the European IRIS² programme, confirming readiness to move into the implementation phase of its next generation Medium Earth Orbit segment and reinforcing Europe's plan for sovereign, resilient and secure satellite connectivity.
SESG: Upper C-Band Windfall Will Reshape Future Earnings Profile
Analysts have raised their price target on SES from €10.50 to €11.30, citing updated assumptions on fair value, discount rate, revenue growth, profit margins and future P/E levels. What's in the News for SES SES reported that the U.S. Federal Communications Commission approved the Upper C-band Report and Order, which makes 160 megahertz of Upper C-band spectrum available for future terrestrial wireless services through competitive bidding, with spectrum clearing deadlines in 2030 and 2031 and potential gross incentive payments and transition cost reimbursements for SES if the conditions are met.
SESG: Future Cash Returns Will Rely On New Connectivity Contracts
Analysts have revised their 12 month price target for SES to €8.25 from €7.82, citing updated assumptions for discount rates, profit margins and future P/E multiples in their refreshed valuation work. What’s in the News for SES SES Space & Defense secured a five year Blanket Purchase Agreement with the U.S. Space Force’s Space Systems Command to provide managed Ku band satellite services, giving the Department of War rapid access to secure FlexMove, FlexGovSecure and FlexAir connectivity for remote mission locations.SES Stock Will Face Slower Multi Orbit Transition And Media Headwinds
Catalysts About SES SES provides satellite-based connectivity and media services across multiple orbits to government, aviation, maritime, fixed data and broadcast customers. What are the underlying business or industry changes driving this perspective?Heavy Upfront CapEx And Weak Media Trends Will Pressure This Satellite Operator
Catalysts About SES SES is a multi orbit satellite connectivity company focused on media distribution and network services for government, mobility and fixed data customers. What are the underlying business or industry changes driving this perspective?Multi Orbit Government Connectivity And Media Contracts Will Drive A Stronger Future For This Business
Catalysts About SES SES is a satellite communications company providing multi orbit connectivity and media distribution solutions to government, mobility, fixed data and broadcasting customers. What are the underlying business or industry changes driving this perspective?Revenue & Expenses Breakdown
How SES makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 3,251 | -305 | 230 | 0 |
| 31 Mar 26 | 2,965 | -151 | 230 | 0 |
| 31 Dec 25 | 2,627 | -106 | 230 | 0 |
| 30 Sep 25 | 2,273 | -132 | 157 | 0 |
| 30 Jun 25 | 2,001 | -56 | 157 | 0 |
| 31 Mar 25 | 2,012 | -44 | 157 | 0 |
| 31 Dec 24 | 2,001 | 0 | 157 | 0 |
| 30 Sep 24 | 2,011 | -1,726 | 141 | 0 |
| 30 Jun 24 | 2,021 | -950 | 140 | 0 |
| 31 Mar 24 | 2,038 | -923 | 141 | 0 |
| 31 Dec 23 | 2,030 | -941 | 140 | 0 |
| 30 Sep 23 | 2,038 | 594 | 94 | 0 |
| 30 Jun 23 | 2,032 | -79 | 94 | 0 |
| 31 Mar 23 | 1,986 | -97 | 94 | 0 |
| 31 Dec 22 | 1,944 | -70 | 94 | 0 |
| 30 Sep 22 | 1,863 | 405 | 68 | 0 |
| 30 Jun 22 | 1,806 | 381 | 68 | 0 |
| 31 Mar 22 | 1,794 | 425 | 68 | 0 |
| 31 Dec 21 | 1,782 | 412 | 68 | 0 |
| 30 Sep 21 | 1,785 | -84 | 82 | 0 |
| 30 Jun 21 | 1,803 | -107 | 82 | 0 |
| 31 Mar 21 | 1,833 | -117 | 82 | 0 |
| 31 Dec 20 | 1,876 | -135 | 82 | 0 |
| 30 Sep 20 | 1,942 | 151 | 75 | 0 |
| 30 Jun 20 | 1,971 | 188 | 75 | 0 |
| 31 Mar 20 | 1,982 | 226 | 75 | 0 |
| 31 Dec 19 | 1,984 | 247 | 75 | 0 |
| 30 Sep 19 | 1,993 | 191 | 90 | 0 |
| 30 Jun 19 | 1,990 | 185 | 90 | 0 |
| 31 Mar 19 | 2,013 | 218 | 90 | 0 |
| 31 Dec 18 | 2,010 | 244 | 90 | 0 |
| 30 Sep 18 | 1,977 | 458 | 103 | 0 |
| 30 Jun 18 | 1,968 | 501 | 103 | 0 |
| 31 Mar 18 | 1,972 | 519 | 103 | 0 |
| 31 Dec 17 | 2,035 | 549 | 103 | 0 |
| 30 Sep 17 | 2,106 | 518 | 78 | 0 |
| 30 Jun 17 | 2,161 | 972 | 78 | 0 |
| 31 Mar 17 | 2,128 | 961 | 78 | 0 |
| 31 Dec 16 | 2,069 | 948 | 78 | 0 |
| 30 Sep 16 | 2,012 | 993 | 38 | 0 |
| 30 Jun 16 | 1,972 | 497 | 38 | 0 |
| 31 Mar 16 | 2,018 | 529 | 38 | 0 |
| 31 Dec 15 | 2,015 | 545 | 38 | 0 |
| 30 Sep 15 | 2,005 | 538 | 39 | 0 |
Quality Earnings: SESG is currently unprofitable.
Growing Profit Margin: SESG is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: SESG is unprofitable, and losses have increased over the past 5 years at a rate of 31.9% per year.
Accelerating Growth: Unable to compare SESG's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: SESG is unprofitable, making it difficult to compare its past year earnings growth to the Media industry (-28.3%).
Return on Equity
High ROE: SESG has a negative Return on Equity (-10.26%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/13 02:32 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
SES S.A. is covered by 37 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Andrew Charles Beale | Arete Research Services LLP |
| JULIEN ROCH | Barclays |
| Nicholas Michael Dempsey | Barclays |