Intelsat S.A. (Translation of Registrant’S Name Into English)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2016

001-35878 (Commission File Number)

Intelsat S.A. (Translation of registrant’s name into English)

4 rue Albert Borschette Luxembourg Grand-Duchy of Luxembourg L-1246 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☑ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INTELSAT S.A.

Date: October 27, 2016 By: /s/ Jacques Kerrest Name: Jacques Kerrest Title: Executive Vice President and Chief Financial Officer EXHIBIT INDEX

Exhibit Number Description 99.1 Press Release, dated October 27, 2016, entitled “Intelsat Announces Third Quarter 2016 Results” 99.2 Quarterly Commentary by Stephen Spengler, Chief Executive Officer, and Jacques Kerrest, Executive Vice President and Chief Financial Officer, made available on Intelsat’s public website on October 27, 2016 Exhibit 99.1

News Release 2016-61

Contact:

Dianne VanBeber Vice President, Investor Relations and Corporate Communications [email protected] +1 703-559-7406

Intelsat Announces Third Quarter 2016 Results

• Third quarter revenue of $542.7 million

• Third quarter net income attributable to Intelsat S.A. of $195.6 million, including $219.6 million pre-tax gain on early extinguishment of debt

• $8.9 billion contracted backlog provides visibility for future revenue and cash flow

• Intelsat 33e and Intelsat 36 successfully launched in August 2016; Intelsat 36 in-service late 3Q16

• Intelsat reaffirms 2016 Guidance

Luxembourg, 27 October 2016 Intelsat S.A. (NYSE: I), operator of the world’s first Globalized Network, powered by its leading satellite backbone, today announced financial results for the three months ended September 30, 2016.

Intelsat reported total revenue of $542.7 million for the three months ended September 30, 2016. Net income attributable to Intelsat S.A. was $195.6 million for the three months ended September 30, 2016.

Intelsat reported EBITDA1, or earnings before net interest, gain on early extinguishment of debt, taxes and depreciation and amortization, of $395.6 million and Adjusted EBITDA1 of $404.9 million, or 75 percent of revenue for the three months ended September 30, 2016.

“Our third quarter financial results, $543 million in revenue and $405 million in Adjusted EBITDA, demonstrate stability in revenues and are on track with our guidance for 2016,” said Stephen Spengler, Chief Executive Officer, Intelsat. “Our objective for this year is to build a solid foundation that will support Intelsat’s strategy to deploy space-based solutions that unlock new and faster growing opportunities. We are delivering on this plan. During the third quarter, we successfully launched two satellites, bringing the total number of satellites launched to four in 2016. Intelsat 36 is now in service and Intelsat 33e is scheduled to enter into service in the first quarter of 2017.”

Mr. Spengler continued, “As we build momentum in our Intelsat EpicNG program, we bring the higher performance and improved economics vitally required by our telecom and mobility customers, improving our network services business over time. Two fully incremental media satellites are now in service: Intelsat 31 and Intelsat 36. They are enhancing strong direct-to-home neighborhoods and lifting the trajectory of our media business. The extension of the CBSP contract through the end of the fiscal year, as well as strong renewal rates across this customer set, create stability for our government business. Backlog as of September 30, 2016 was $8.9 billion, over four times Intelsat’s annual revenue.” Mr. Spengler concluded, “Moving forward, we will build the commercial pipeline for our new Intelsat EpicNG satellites, implement a new IntelsatOne® Flex service strategy for maritime and enterprise customers, and continue our liability management initiatives.”

Third Quarter 2016 Business Highlights Intelsat provides critical communications infrastructure to customers in the network services, media and government sectors. Our customers use our services for broadband connectivity to deliver fixed and mobile telecommunications, enterprise, video distribution and fixed and mobile government applications. For additional details regarding the performance of our customer sets, see our Quarterly Commentary.

Network Services Network Services revenue was $222.3 million (or 41 percent of Intelsat’s total revenue) for the three months ended September 30, 2016, a decrease of 16 percent compared to the three months ended September 30, 2015.

Media Media revenue was $216.6 million (or 40 percent of Intelsat’s total revenue) for the three months ended September 30, 2016, essentially flat when compared to the three months ended September 30, 2015.

Government Government revenue was $96.8 million (or 18 percent of Intelsat’s total revenue) for the three months ended September 30, 2016, an increase of 2 percent compared to the three months ended September 30, 2015.

Average Fill Rate Intelsat’s average fill rate on our approximately 2,125 station-kept wide-beam transponders was 77 percent at September 30, 2016, an increase compared to the average fill rate of 76% as of June 30, 2016. Note that Intelsat 31, an in-orbit spare satellite, is not included in the station-kept transponder count. Because we report our high throughput Intelsat EpicNG capacity separately, the station-kept count reported above excludes the 270 units of high throughput capacity related to our first Intelsat EpicNG satellite, Intelsat 29e, which entered into service late in the first quarter of 2016.

Satellite Launches On August 24, 2016, Intelsat 33e and Intelsat 36 were successfully launched. Intelsat 36 entered into service late in the third quarter of 2016. On September 9, 2016, the company announced that due to a malfunction in the primary thruster used for orbit raising, the in-service date for Intelsat 33e would be delayed. The satellite is expected to arrive at its 60°E orbital location for in-orbit testing late this year, and is currently scheduled to enter into service in the first quarter of 2017. The Intelsat 33e antennas and reflectors have been deployed; there is no evidence of any impact to the communications payload.

The company has three satellite launches scheduled for 2017: Intelsat 32e, an Intelsat EpicNG Ku-band payload in the first quarter of 2017; Intelsat 35e in the second quarter of 2017, providing that there are no changes to SpaceX’s launch manifest as a result of its recent anomaly; and Intelsat 37e in the fourth quarter of 2017.

2 Contracted Backlog At September 30, 2016, Intelsat’s contracted backlog, representing expected future revenue under existing contracts with customers, was $8.9 billion, as compared to $9.2 billion at June 30, 2016.

Capital Structure Updates and Debt Transactions In September 2016, our subsidiary, Intelsat Jackson Holdings S.A. (“Intelsat Jackson”), completed a debt exchange receiving $141.4 million aggregate principal amount of Intelsat Jackson’s 6 5/8% Senior Notes due 2022 (“2022 Jackson Notes”) in exchange for $99.7 million aggregate principal amount of newly issued Intelsat Jackson 8% Senior Secured Notes due 2024 and $17.0 million in cash. In connection with this exchange, Intelsat Jackson also received a consent from holders of $141.5 million aggregate principal amount of 2022 Jackson Notes in exchange for $9.2 million in cash to amend the indenture governing the 2022 Jackson Notes, among other things to: (i) eliminate substantially all of the restrictive covenants and certain events of default pertaining to the 2022 Jackson Notes, and (ii) waive any defaults or events of default potentially existing under the indenture governing the 2022 Jackson Notes as of September 12, 2016.

Financial Results for the Three Months Ended September 30, 2016 On-Network revenue generally includes revenue from any services delivered via our satellite or ground network. Off-Network and Other Revenue generally includes revenue from transponder services, Mobile Satellite Services (“MSS”) and other satellite-based transmission services using capacity procured from other operators, often in frequencies not available on our network. Off-Network and Other Revenues also include revenue from consulting and other services and sales of customer premises equipment.

Total On-Network Revenues reported a decline of $40.3 million, or 8 percent, to $493.3 million as compared to the three months ended September 30, 2015:

• Transponder services reported an aggregate decrease of $32.5 million, primarily due to a $36.3 million decrease in revenue from network services customers, partially offset by a $4.2 million increase from media customers. The network services decline was mainly due to non-renewals and renewal pricing at lower rates for enterprise and wireless infrastructure services, together with reduced volumes from non-renewals of point-to- point connectivity, which is shifting to fiber alternatives. The media increase resulted primarily from growth in direct-to-home television services in the Latin America and Caribbean region, partially offset by declines in the Asia-Pacific and North America regions. Our sector is undergoing a period of increased supply across all regions; the resulting competitive environment is causing pricing pressure in certain regions and applications, primarily with respect to our network services business, and we expect this to continue to impact our business negatively in the near to mid-term.

• Managed services reported an aggregate increase of $1.7 million, largely due to an increase of $12.2 million in revenue from network services customers for broadband services for air and maritime mobility applications and for services from government customers, partially offset by

declines of $6.5 million in revenues primarily from network services customers for point-to-point trunking applications, which are switching to fiber alternatives and $2.1 million from media customers for occasional video solutions.

3 • Channel reported an aggregate decrease of $9.5 million due to the continued migration of international point-to-point satellite traffic to fiber optic

cable. This legacy product is no longer actively marketed to our customers.

Total Off-Network and Other Revenues reported an aggregate increase of $2.1 million, or 5 percent, to $49.4 million as compared to the three months ended September 30, 2015:

• Transponder, MSS and other off-network services reported an aggregate increase of $1.7 million, primarily due to increases in services for government applications, largely related to sales of customer premises equipment, partially offset by lower revenue from third-party transponder services.

• Satellite-related services reported an aggregate increase of $0.5 million, primarily due to increased revenue from support for third-party satellites

and other services.

For the three months ended September 30, 2016, changes in operating expenses, interest expense, net, and other significant income statement items are described below.

Direct costs of revenue (excluding depreciation and amortization) increased by $10.5 million, or 14 percent, to $88.5 million, as compared to the three months ended September 30, 2015. This reflects an increase of $4.6 million largely due to higher costs of sales for customer premises equipment primarily in support of the company’s government business, a $1.5 million increase in staff-related expenses and a $1.4 million increase in satellite-related insurance costs due to recent launches.

Selling, general and administrative expenses increased by $12.4 million, or 27 percent, to $58.9 million, as compared to the three months ended September 30, 2015. This was primarily due to an increase of $7.9 million in bad debt expense largely related to a limited number of customers in the Latin America and Caribbean region, and an increase of $3.0 million in professional fees primarily related to the company’s liability management initiatives.

Depreciation and amortization expense increased by $3.5 million, or 2 percent, to $174.9 million, as compared to the three months ended September 30, 2015, primarily related to an increase of $16.8 million in depreciation expense due to the impact of satellites placed in service. The increase was partially offset by a net decrease of $10.5 million in depreciation expense due to the timing of certain satellites and ground equipment becoming fully depreciated, and a decrease of $2.9 million in amortization expense primarily due to changes in the pattern of consumption of amortizable intangible assets, as these assets mainly include acquired backlog, which relates to contracts covering varying periods that expire over time, and acquired customer relationships, for which the value diminishes over time.

Interest expense, net consists of the interest expense we incur together with gains and losses on interest rate swaps (which reflect net interest accrued on the interest rate swaps as well as the change in their fair value), offset by interest income earned and the amount of interest we capitalize related to assets under construction. Interest expense, net increased by $22.3 million, or 10 percent, to $243.0 million for the three months ended September 30, 2016, as compared to the three months ended September 30, 2015. The increase was principally due to a net increase of $21.9 million in interest expense primarily resulting from the issuance of new debt in 2016, portions of the proceeds of which (a) are currently expected to be used for liquidity purposes in lieu of a revolving credit facility, and (b) may be used for repayment or redemption of other debt of the Company and its subsidiaries; and a net increase of $1.6 million from lower capitalized interest for the three months ended September 30, 2016, primarily resulting from decreased levels of satellites and related assets under construction.

4 The non-cash portion of total interest expense, net was $6.7 million for the three months ended September 30, 2016, due to the amortization of deferred financing fees and the accretion and amortization of discounts and premiums.

Gain on early extinguishment of debt was $219.6 million for the three months ended September 30, 2016 with no comparable gain or loss for the three months ended September 30, 2015. In the third quarter of 2016, Intelsat Jackson repurchased $673.5 million in aggregate principal amount of the 2022 Jackson Notes. The gain of $219.6 million, consisted of the difference between the carrying value of the debt repurchased and the total cash amount paid (including related fees), together with a write-off of unamortized debt premium and unamortized debt issuance costs.

Other income (expense), net was $0.3 million for the three months ended September 30, 2016, as compared to other expense, net of $4.4 million for the three months ended September 30, 2015. The difference of $4.7 million was primarily due to a $4.5 million decrease in expenses mainly related to our business conducted in Brazilian reais.

Provision for (benefit from) income taxes was $0.7 million for the three months ended September 30, 2016, as compared to an income tax benefit of $19.2 million for the three months ended September 30, 2015. The difference was principally due to the recognition of previously unrecognized tax benefits related to our U.S. subsidiaries in the three months ended September 30, 2015. Cash paid for income taxes, net of refunds, totaled $3.9 million for the three months ended September 30, 2016, as compared to $3.1 million for the three months ended September 30, 2015.

Net Income, Net Income per Diluted Common Share attributable to Intelsat S.A., EBITDA and Adjusted EBITDA Net income attributable to Intelsat S.A. was $195.6 million for the three months ended September 30, 2016, compared to $78.0 million for the same period in 2015.

Net income per diluted common share attributable to Intelsat S.A. was $1.65 for the three months ended September 30, 2016, compared to $0.66 per diluted common share for the same period in 2015.

EBITDA was $395.6 million for the three months ended September 30, 2016, compared to $452.0 million for the same period in 2015.

Adjusted EBITDA was $404.9 million for the three months ended September 30, 2016, or 75 percent of revenue, compared to $458.1 million, or 79 percent of revenue, for the same period in 2015.

Intelsat management has reviewed the data pertaining to the use of the Intelsat network, and is providing revenue information with respect to that use by customer set and service type in the following tables. Intelsat management believes this provides a useful perspective on the changes in revenue and customer trends over time.

5 By Customer Set

Three Months Ended Three Months Ended September 30, September 30, 2015 2016 Network Services $ 263,111 45% $222,302 41% Media 216,618 37% 216,637 40% Government 94,704 16% 96,825 18% Other 6,414 1% 6,963 1%

$580,847 100% $542,727 100%

By Service Type

Three Months Ended Three Months Ended September 30, September 30, 2015 2016 On-Network Revenues Transponder services $420,855 72% $388,372 72% Managed services 101,295 17% 103,034 19% Channel services 11,386 2% 1,873 0%

Total on-network revenues 533,536 92% 493,279 91% Off-Network and Other Revenues Transponder, MSS and other off-network services 37,694 6% 39,365 7% Satellite-related services 9,617 2% 10,083 2%

Total off-network and other revenues 47,311 8% 49,448 9%

Total $580,847 100% $542,727 100%

Free Cash Flow From (Used in) Operations Free cash flow from operations1 was $33.1 million for the three months ended September 30, 2016. Free cash flow from operations is defined as net cash provided by operating activities, less payments for satellites and other property and equipment (including capitalized interest).

Payments for satellites and other property and equipment from investing activities and payments for satellites from financing activities during the three months ended September 30, 2016 were $202.8 million and $18.3 million, respectively.

6 Financial Outlook 2016 Today, Intelsat reaffirmed, in all material respects, its 2016 financial outlook previously provided in guidance issued on February 22, 2016, in which the company expects the following:

Revenue: Intelsat forecasts full year 2016 revenue of $2.14 billion to $2.20 billion.

Adjusted EBITDA: Intelsat forecasts Adjusted EBITDA performance for the full year 2016 to be in a range of $1.625 billion to $1.675 billion.

Capital Expenditures: Intelsat issued its 2016 capital expenditure guidance for the three calendar years 2016 through 2018 (the “Guidance Period”).

We expect the following capital expenditures ranges, all of which are consistent with prior guidance:

• 2016: $725 million to $800 million;

• 2017: $625 million to $700 million; and

• 2018: $425 million to $525 million.

Capital expenditure guidance for 2016 through 2018 assumes investment in three satellites in the manufacturing and design or recently launched phases during the Guidance Period. In addition, we are developing capacity on three other satellites for which we do not incur capital expenditures. This includes custom payloads being built for us on two third-party satellites, as well as our Horizons 3e joint venture, which is building a satellite for the Asia-Pacific region. Following Intelsat 36’s successful entry into service in October 2016 and the expectation of Intelsat 33e entering into service in the first quarter of 2017, we plan to launch two satellites in 2017 and one satellite in 2018, and will continue work on the three remaining satellites for which construction will extend beyond the Guidance Period.

We are scheduled to launch two more of our new Intelsat EpicNG high throughput satellites during the Guidance Period, as well as our Intelsat 32e payload and the Horizons 3e satellite, thereby increasing our total transmission capacity. Over the course of the Guidance Period, the net number of transponder equivalents is expected to increase by a compound annual growth rate (“CAGR”) of approximately 10 percent as a result of the satellites entering service during the Guidance Period.

Our capital expenditures guidance includes capitalized interest.

Cash Taxes: Annual 2016 cash taxes are expected to total approximately $30 million to $35 million.

1 In this release, financial measures are presented both in accordance with U.S. GAAP and also on a non-U.S. GAAP basis. EBITDA, Adjusted EBITDA (or “AEBITDA”), free cash flow from operations and related margins included in this release are non-U.S. GAAP financial measures. Please see the consolidated financial information below for information reconciling non-U.S. GAAP financial measures to comparable U.S. GAAP financial measures.

Q3 2016 Quarterly Commentary Intelsat provides a detailed quarterly commentary on the company’s business trends and performance. Please visit www.intelsat.com/investors for management’s commentary on the company’s progress against its operational priorities and financial outlook.

7 Conference Call Information Intelsat management will hold a public conference call at 8:30 a.m. EDT on Thursday, October 27, 2016 to discuss the company’s financial results for the quarter ended September 30, 2016. Access to the live conference call will also be available via the Internet at www.intelsat.com/investors. To participate on the live call, participants should dial +1 844-834-1428 from North America, and +1 920-663-6274 from all other locations. The participant pass code is 85567545.

Participants will have access to a replay of the conference call through November 3, 2016. The replay number for North America is +1 855-859-2056, and for all other locations it is +1 404-537-3406. The participant pass code for the replay is is 85567545.

About Intelsat Intelsat S.A. (NYSE: I) operates the world’s first Globalized Network, delivering high-quality, cost-effective video and broadband services anywhere in the world. Intelsat’s Globalized Network combines the world’s largest satellite backbone with terrestrial infrastructure, managed services and an open, interoperable architecture to enable customers to drive revenue and reach through a new generation of network services. Thousands of organizations serving billions of people worldwide rely on Intelsat to provide ubiquitous broadband connectivity, multi-format video broadcasting, secure satellite communications and seamless mobility services. The end result is an entirely new world, one that allows us to envision the impossible, connect without boundaries and transform the ways in which we live. For more information, visit www.intelsat.com.

Intelsat Safe Harbor Statement: Some of the information and statements contained in this earnings release and certain oral statements made from time to time by representatives of Intelsat constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. When used in this earnings release, the words “may,” “will,” “might,” “should,” “expect,” “plan,” “anticipate,” “project,” “believe,” “estimate,” “predict,” “intend,” “potential,” “outlook,” and “continue,” and the negative of these terms, and other similar expressions are intended to identify forward-looking statements and information. Forward-looking statements include: our expectation that the launches of our satellites in the future will position us for growth; our plans for satellite launches in the near to mid-term; our guidance regarding our expectations for our revenue performance and Adjusted EBITDA performance; our capital expenditure guidance over the next several years; our expectations as to the increased number of transponder equivalents on our fleet over the next several years; and our expectations as to the level of our cash tax payments in the future.

The forward-looking statements reflect Intelsat’s intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of Intelsat’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Some of the factors that could cause actual results to differ from historical results or those anticipated or predicted by these forward-looking statements include: risks associated with operating our in-orbit satellites; satellite launch failures, satellite launch and construction delays and in-orbit failures or reduced performance; potential changes in the number of companies offering commercial satellite launch services and the number of commercial satellite launch opportunities available in any given time period that could impact our ability to timely schedule future launches and the prices we pay for such launches; our ability to obtain new satellite insurance policies with financially viable insurance carriers on commercially reasonable terms or at all, as well as the ability of our insurance carriers to fulfill their obligations;

8 possible future losses on satellites that are not adequately covered by insurance; U.S. and other government regulation; changes in our contracted backlog or expected contracted backlog for future services; pricing pressure and overcapacity in the markets in which we compete; our ability to access capital markets for debt or equity; the competitive environment in which we operate; customer defaults on their obligations to us; our international operations and other uncertainties associated with doing business internationally; and litigation. Known risks include, among others, the risks described in Intelsat’s annual report on Form 20-F for the year ended December 31, 2015, and its other filings with the U.S. Securities and Exchange Commission, the political, economic and legal conditions in the markets we are targeting for communications services or in which we operate and other risks and uncertainties inherent in the telecommunications business in general and the satellite communications business in particular.

Because actual results could differ materially from Intelsat’s intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about the future, you are urged to view all forward-looking statements with caution. Intelsat does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

9 INTELSAT S.A. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except per share amounts)

Three Months Three Months Ended Ended September 30, September 30, 2015 2016 Revenue $ 580,847 $ 542,727 Operating expenses: Direct costs of revenue (excluding depreciation and amortization) 77,936 88,460 Selling, general and administrative 46,503 58,948 Depreciation and amortization 171,409 174,909

Total operating expenses 295,848 322,317

Income from operations 284,999 220,410 Interest expense, net 220,774 243,039 Gain on early extinguishment of debt — 219,560 Other income (expense), net (4,407) 324

Income before income taxes 59,818 197,255 Provision for (benefit from) income taxes (19,149) 650

Net income 78,967 196,605 Net income attributable to noncontrolling interest (985) (983)

Net income attributable to Intelsat S.A. $ 77,982 $ 195,622

Net income per common share attributable to Intelsat S.A.: Basic $ 0.73 $ 1.66 Diluted $ 0.66 $ 1.65

10 INTELSAT S.A. UNAUDITED RECONCILIATION OF NET INCOME TO EBITDA ($ in thousands)

Three Months Three Months Ended Ended September 30, September 30, 2015 2016 Net income $ 78,967 $ 196,605 Add (Subtract): Interest expense, net 220,774 243,039 Gain on early extinguishment of debt — (219,560) Provision for (benefit from) income taxes (19,149) 650 Depreciation and amortization 171,409 174,909

EBITDA $ 452,001 $ 395,643

EBITDA Margin 78% 73%

Note: Intelsat calculates a measure called EBITDA to assess the operating performance of Intelsat S.A. EBITDA consists of earnings before net interest, gain on early extinguishment of debt, taxes and depreciation and amortization. Given our high level of leverage, refinancing activities are a frequent part of our efforts to manage our costs of borrowing. Accordingly, we consider gain on early extinguishment of debt an element of interest expense. EBITDA is a measure commonly used in the Fixed Satellite Services (“FSS”) sector, and we present EBITDA to enhance the understanding of our operating performance. We use EBITDA as one criterion for evaluating our performance relative to that of our peers. We believe that EBITDA is an operating performance measure, and not a liquidity measure, that provides investors and financial analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies.

EBITDA is not a measure of financial performance under U.S. GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. EBITDA should not be considered as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.

11 INTELSAT S.A. UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA ($ in thousands)

Three Months Three Months Ended Ended September 30, September 30, 2015 2016 Net income $ 78,967 $ 196,605

Add (Subtract): Interest expense, net 220,774 243,039 Gain on early extinguishment of debt — (219,560) Provision for (benefit from) income taxes (19,149) 650 Depreciation and amortization 171,409 174,909

EBITDA 452,001 395,643

Add (Subtract): Compensation and benefits 6,144 4,855 Non-recurring and other non-cash items (30) 4,375

Adjusted EBITDA $ 458,115 $ 404,873

Adjusted EBITDA Margin 79% 75%

Note: Intelsat calculates a measure called Adjusted EBITDA to assess the operating performance of Intelsat S.A. Adjusted EBITDA consists of EBITDA as adjusted to exclude or include certain unusual items, certain other operating expense items and certain other adjustments as described in the table above. Our management believes that the presentation of Adjusted EBITDA provides useful information to investors, lenders and financial analysts regarding our financial condition and results of operations, because it permits clearer comparability of our operating performance between periods. By excluding the potential volatility related to the timing and extent of non-operating activities, our management believes that Adjusted EBITDA provides a useful means of evaluating the success of our operating activities. We also use Adjusted EBITDA, together with other appropriate metrics, to set goals for and measure the operating performance of our business, and it is one of the principal measures we use to evaluate our management’s performance in determining compensation under our incentive compensation plans. Adjusted EBITDA measures have been used historically by investors, lenders and financial analysts to estimate the value of a company, to make informed investment decisions and to evaluate performance. Our management believes that the inclusion of Adjusted EBITDA facilitates comparison of our results with those of companies having different capital structures.

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP, and our Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA should not be considered as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of our operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.

12 INTELSAT S.A. CONDENSED CONSOLIDATED BALANCE SHEETS ($ in thousands, except per share amounts)

As of As of December 31, September 30, 2015 2016 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 171,541 $ 957,867 Receivables, net of allowance of $37,178 in 2015 and $58,243 in 2016 232,775 214,552 Prepaid expenses and other current assets 35,784 54,574

Total current assets 440,100 1,226,993 Satellites and other property and equipment, net 5,988,317 6,189,165 Goodwill 2,620,627 2,620,627 Non-amortizable intangible assets 2,452,900 2,452,900 Amortizable intangible assets, net 440,330 403,961 Other assets 311,316 348,054

Total assets $ 12,253,590 $13,241,700

LIABILITIES AND SHAREHOLDERS’ DEFICIT Current liabilities: Accounts payable and accrued liabilities $ 164,381 $ 137,240 Taxes payable 11,742 15,581 Employee related liabilities 35,361 41,611 Accrued interest payable 161,493 300,833 Deferred satellite performance incentives 19,411 23,734 Deferred revenue 108,779 143,384 Other current liabilities 63,275 53,290

Total current liabilities 564,442 715,673 Long-term debt, net of current portion 14,611,379 15,144,501 Deferred satellite performance incentives, net of current portion 162,177 215,103 Deferred revenue, net of current portion 1,010,242 939,985 Deferred income taxes 160,802 164,580 Accrued retirement benefits 195,385 188,237 Other long-term liabilities 169,516 150,717 Shareholders’ deficit: Common shares; nominal value $0.01 per share 1,076 1,178 5.75% Series A mandatory convertible junior non-voting preferred shares; nominal value $0.01 per share; aggregate liquidation preference of $172,500 ($50 per share) 35 — Paid-in capital 2,133,891 2,151,718 Accumulated deficit (6,706,128) (6,378,751) Accumulated other comprehensive loss (78,439) (76,620)

Total Intelsat S.A. shareholders’ deficit (4,649,565) (4,302,475) Noncontrolling interest 29,212 25,379

Total liabilities and shareholders’ deficit $ 12,253,590 $13,241,700

13 INTELSAT S.A. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in thousands)

Three Months Three Months Ended Ended September 30, 2015 September 30, 2016 Cash flows from operating activities: Net income $ 78,967 $ 196,605 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 171,409 174,909 Provision for doubtful accounts 1,648 9,553 Foreign currency transaction (gain) loss 6,663 (501) Share-based compensation 6,026 4,855 Deferred income taxes (5,766) (4,972) Amortization of discount, premium, issuance costs and related costs 5,057 6,722 Gain on early extinguishment of debt — (212,724) Unrealized gains on derivative financial instruments (6,033) — Amortization of actuarial loss and prior service credits for retirement benefits 1,287 840 Other non-cash items (157) 844 Changes in operating assets and liabilities: Receivables (12,461) 14,116 Prepaid expenses and other assets (296) (9,840) Accounts payable and accrued liabilities (327) (4,178) Accrued interest payable 149,924 118,093 Deferred revenue 44,174 (32,109) Accrued retirement benefits (1,632) (2,496) Other long-term liabilities (31,230) (5,412)

Net cash provided by operating activities 407,253 254,305

Cash flows from investing activities: Payments for satellites and other property and equipment (including capitalized interest) (152,130) (202,837) Capital contributions to unconsolidated affiliates — (5,490) Other investing activities 3 (401)

Net cash used in investing activities (152,127) (208,728)

Cash flows from financing activities: Proceeds from drawdown of long-term debt 130,000 — Repayments of long-term debt (155,000) — Debt issuance costs — (756) Payments on tender, debt exchange and consent — (34,009) Dividends paid to preferred shareholders (2,480) — Payments for satellites — (18,333) Principal payments on deferred satellite performance incentives (3,830) (4,190) Dividends paid to noncontrolling interest (2,240) (2,210) Other financing activities (1,543) 1,942

Net cash used in financing activities (35,093) (57,556)

Effect of exchange rate changes on cash and cash equivalents (6,663) 281

Net change in cash and cash equivalents 213,370 (11,698) Cash and cash equivalents, beginning of period 114,404 969,565

Cash and cash equivalents, end of period $ 327,774 $ 957,867

Supplemental cash flow information: Interest paid, net of amounts capitalized $ 71,797 $ 120,778 Income taxes paid, net of refunds 3,130 3,858 Supplemental disclosure of non-cash investing activities: Accrued capital expenditures and payments for satellites $ (19,617) $ (50,987) Capitalization of deferred satellite performance incentives — 38,309 Supplemental disclosure of non-cash financing activities: Restricted cash used $ — $ (480,200)

14 INTELSAT S.A. UNAUDITED RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW FROM (USED IN) OPERATIONS ($ in thousands)

Three Months Ended Three Months Ended September 30, September 30, 2015 2016 Net cash provided by operating activities $ 407,253 $ 254,305 Payments for satellites and other property and equipment (including capitalized interest) (152,130) (202,837) Payments for satellites from financing activities — (18,333)

Free cash flow from operations $ 255,123 $ 33,135

Note: Free cash flow from (used in) operations consists of net cash provided by operating activities, less payments for satellites and other property and equipment (including capitalized interest) from investing activities and payment for satellites from financing activities. Free cash flow from (used in) operations is not a measurement of cash flow under U.S. GAAP. Intelsat believes free cash flow from (used in) operations is a useful measure of financial performance that shows a company’s ability to fund its operations. Free cash flow from (used in) operations is used by Intelsat in comparing its performance to that of its peers and is commonly used by financial analysts and investors in assessing performance. Free cash flow from (used in) operations does not give effect to cash used for debt service requirements and thus does not reflect funds available for investment or other discretionary uses. Free cash flow from (used in) operations is not a measure of financial performance under U.S. GAAP, and free cash flow from (used in) operations may not be comparable to similarly titled measures of other companies. You should not consider free cash flow from (used in) operations as an alternative to operating income (loss) or net income (loss), determined in accordance with U.S. GAAP, as an indicator of Intelsat’s operating performance, or as an alternative to cash flows from operating activities, determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity.

15 Exhibit 99.2

Quarterly Commentary

Quarter Ended September 30, 2016

27 October, 2016

Third Quarter 2016 Performance Summary In the third quarter of 2016, we continued to advance the important operating priorities that will position us for future growth. We successfully completed the final two of our four planned satellite launches for 2016, and progressed our managed services offerings, both of which are expected to drive incremental revenue growth in 2017. As we close 2016, we remain focused on leveraging our first to market advantage for our Intelsat EpicNG satellite fleet. This includes the rollout of managed services that makes it easier for customers to access our high throughput platform. As we think about 2017, maintaining our launch schedule and executing against our service strategies are priorities that we expect will position the company for a return to growth.

Third quarter 2016 revenue was $543 million, a 7 percent decline as compared to revenue of Third Quarter 2016 Revenue and $581 million in the third quarter of 2015. Net income attributable to Intelsat S.A. was $196 Adjusted EBITDA million for the three months ended September 30, 2016. Adjusted EBITDA1 of $405 million, or 75% of revenue, declined 12 percent from $458 million, or 79% of revenue, in the third quarter of 2015. The reduced Adjusted EBITDA and Adjusted EBITDA margin reflect lower revenue, an increase in bad debt, primarily related to a limited number of customers in Latin America and increased costs related to staff.

Headwinds continue to dominate our financial results, including pricing pressure, reflecting oversupply conditions of wide-beam capacity for certain regions and applications, point-to- point telecommunications infrastructure services moving to fiber alternatives and limited new U.S. government opportunities. Incremental revenue from our 2016 satellite launches is reflected in our sequential revenue result, a slight improvement as compared to the second quarter of 2016.

Intelsat S.A. Quarterly Commentary 3Q 2016

Contracted backlog at September 30, 2016 was $8.9 billion, representing expected future revenue under existing contracts with customers, as compared to $9.2 billion at June 30, 2016. At over 4.0 times trailing 12 months revenue (from October 1, 2015 to September 30, 2016), our backlog remains sizable and we believe it provides a solid foundation for predictable cash flow and investment in our business.

2016 Operational Priorities: Expanding Service Offerings to Drive Differentiation and Accelerate Adoption of High Throughput Satellite Services We are pursuing five operational priorities as we position for growth. Our strategy is centered on continuing to provide infrastructure to our current sectors, such as media, network services and government, but with an emphasis on services and innovative technologies that we believe will position us to compete for approximately $3.3 billion in incremental revenue opportunity through 2021 with sustainable, new applications with high traffic volumes that feature attractive growth rates. The applications comprising this growth opportunity include broadband for enterprise, wireless infrastructure, Internet of Things, commercial aeronautical and maritime mobility and government. At the same time, we will continue to support the needs of our media customers with current and incremental capacity for direct to home (DTH) and other distribution applications.

Progress on Our 2016 Operational Priorities:

• Maintain our design, manufacturing and launch schedule for the next generation Intelsat EpicNG high throughput satellite (“HTS”) fleet and other

satellites in our plan to ensure availability of new, differentiated inventory to drive revenue growth;

• Intelsat 36 and Intelsat 33e successfully launched on August 24, 2016. Intelsat 36 entered into service in late September 2016. Intelsat 36 includes a Ku-band payload used by MultiChoice for the expansion of high definition (HD) services in Sub-Saharan Africa and a C-band payload that provides in-orbit resilience for Intelsat’s media neighborhoods serving the Africa and Indian Ocean regions. Following completion of an extended orbit-raising mission (detailed in Fleet and Operations Update, below), Intelsat 33e, the second of our Intelsat EpicNG satellites, is now expected to enter into service in the first quarter of 2017. At that point, the Intelsat EpicNG high performance footprint will span from the Americas, the Caribbean and the North Atlantic to the Middle East, Europe, Africa and the Asia- Pacific regions, including key maritime and aeronautical routes important to capturing new growth. As we reported in September 2016, customers using Intelsat 29e are experiencing up to a 165% efficiency improvement when using current networking hardware. Ecosystem tests demonstrate up to a 330% efficiency improvement when using new networking hardware. These results are directly translatable into lower cost per bit performance for our customers. We are demonstrating the promise of high throughput technology, and the benefits of our open architecture and efficiency-focused design philosophy which will deliver on-going improvement in throughput to our customers as new technologies are introduced over the life of the satellite.

• The company’s Intelsat 32e payload is scheduled to launch on an Arianespace rocket in the first quarter of 2017. Intelsat 35e, scheduled to launch on a SpaceX Falcon 9 launcher, is expected to take place during the second quarter of 2017 (see table below for our complete launch plan).

2 Intelsat S.A. Quarterly Commentary 3Q 2016

• Since July 27, 2016, Intelsat has signed 9 additional Intelsat EpicNG agreements with customers, spanning applications including mobility, enterprise and fixed and wireless infrastructure. Of the total megahertz contracted since July 27, 2016, the majority is incremental business.

Contract terms on the entire Intelsat EpicNG fleet continue to be favorable, with the average contract length on growth services ranging from five to six years; this is longer than that of the average fleet-wide network services contract.

• Drive innovation to create next generation solutions, including collaborating with ground technology manufacturers and other partners to ensure optimized performance, economics and simplified access for Intelsat EpicNG for applications including broadband infrastructure, mobility, government, media and enterprise solutions;

• Intelsat emphasizes supporting innovation on the ground as well as in the sky in order to develop technologies that can open larger and faster growing applications, stimulating demand for our satellite solutions. Our antenna development projects continue to

progress. Antenna developer, Kymeta Corporation, is expected to begin production of its 70 centimeter electronically steerable antenna by mid-2017; Intelsat will initially focus on deployment of the technology for mobility applications.

• In August 2016, Intelsat partnered with Newtec and Casablanca at the SET Expo in São Paulo, Brazil, to demonstrate the higher performance and efficiency of Intelsat 29e’s Ku-band spot beams, using Newtec’s 32APSK higher-order modulation, and the latest satellite

transmission standard, DVB-S2X. The combined performance of ground and space technologies resulted in a crystal clear 4K-UHDTV signal transmission at 20 Mbps, utilizing only 6.6 MHz of bandwidth.

• Develop application-specific capacity and new service offerings that support the growth objectives of our customers across our business in the media, network services and government sectors, including mobility applications, and invest in our video neighborhood orbital locations to support long-term growth goals;

• In August 2016, PSSI Global Services used IntelsatOne® Prism to support the broadcast of the Canadian Pacific Women’s Open golf tournament in Calgary, Canada. The managed service provides guaranteed high-throughput, two-way IP connectivity for the transmission

of multiple video, voice and data files over a single satellite link, simplifying the job of news contribution from sites with limited or highly- contended services.

3 Intelsat S.A. Quarterly Commentary 3Q 2016

• Maintain our leadership in government services, focusing on projects that require end-to-end network responsibilities and complex network

support, thereby improving our value proposition to government customers seeking affordable solutions from a trusted commercial provider;

• Intelsat General Corporation signed an agreement with General Atomics Aeronautical Systems Inc. (GA-ASI). The agreement allows GA- ASI to evaluate the advanced technical capability and inherent cost effectiveness of leveraging Intelsat EpicNG satellites for unmanned aerial systems (UAS) operations using the Predator and Predator B/MQ-9 Reaper systems. Together, Intelsat General Corporation and GA- ASI intend to develop a road map to move control and support of the UAS from traditional wide-beam Ku-band satellites to Intelsat EpicNG spot beam capability.

• Optimize use of our spectrum rights and global presence to maximize market access and continuity, particularly in attractive regions, while

maintaining investment discipline;

• The Intelsat 38 satellite program, under which Intelsat is working with Azercosmos to develop a new satellite for the 45°E orbital location, continues to progress. The satellite is now expected to launch in 2018, which in addition to other capacity at the location, will replace Intelsat 12.

Q3 2016 Business Highlights and Customer Set Performance All 2016 comparisons are to 2015 unless noted otherwise Network Services Network Services revenue was $222 million in the third quarter of 2016, a $41 million, or 16 percent, decrease from the prior year quarter and a $6 million, or 3 percent, decline as compared to the second quarter of 2016. The largest factors contributing to the decline were lower renewals, including terminated point-to- point trunking services, and pricing pressure on renewals, reflecting the competitive environment primarily in the Africa and Europe-Africa downlink regions. The decline also reflects the end of lifecycle of the channel product, as was previously disclosed. These declines were offset somewhat by new business on Intelsat 29e.

Third Quarter Network Services Highlights and Business Trends: Network Services Quarterly Revenue Intelsat continues to build the backlog commitments for our next generation Intelsat EpicNG fleet, while also booking new business and renewals on our wide beam assets. In the third quarter of 2016, we signed agreements supporting networks in the enterprise, mobility and telecom infrastructure sectors. In many cases, our solutions use multiple satellites within the Intelsat Globalized Network. Network Services backlog was essentially flat when compared to the prior year quarter. Contracts signed in the third quarter include:

4 Intelsat S.A. Quarterly Commentary 3Q 2016

• Global Eagle Entertainment entered into a new and expanded contract to deliver reliable, high performance broadband connectivity across five continents and three vertical sectors. The multi-year global connectivity solution, which provides an approximate 25% committed revenue increase from prior agreements, will utilize C- and Ku-band capacity on eight satellites in Intelsat’s current global mobility infrastructure as well as two Intelsat EpicNG satellites, Intelsat 33e and Intelsat 35e. As a result of this agreement, Global Eagle Entertainment has now contracted satellite solutions on three out of the seven planned Intelsat EpicNG satellites and 17 Intelsat satellites in total.

Enterprise networks—large private data networks that use satellite solutions because of geographic reach, efficient broadcast transmissions and reliability— represent one of the largest applications within our network services business. Industry sources such as Northern Sky Research forecast that enterprise networks will become a $2.9 billion application by 2021, reflecting an expected six-year compound annual growth rate of 4 percent. Enterprise contracts signed during the third quarter include:

• Saudi Telecommunication Company (STC), the largest telecom operator in Saudi Arabia, has further expanded its relationship with Intelsat and entered into a new contract for satellite services on Intelsat 10-02. The additional connectivity from Intelsat 10-02 supports the private data network STC provides for the largest oil and gas producer in Saudi Arabia.

• Telstra, Australia’s leading telecommunications and media company, signed a multi-year renewal for satellite and managed services across seven Intelsat satellites. Leveraging the Intelsat 18, Intelsat 19, Intelsat 901, Intelsat 902, Intelsat 904, Intelsat 906 and Intelsat 33e satellites, Telstra will provide satellite connectivity to support Australia’s Department of Foreign Affairs and Trade (DFAT) network, which supports operations across a

number of embassies, consulates and diplomatic offices for the Australian government. In addition, Telstra signed a new, multi-year contract for a high-powered Ku-band beam on Intelsat 19 that is optimized to provide communication services for enterprise customers throughout mainland Australia.

• Sonema, a leading provider of telecommunications services in Europe and Africa, extended its current multi-year agreement with Intelsat for C- band satellite solutions on Intelsat 14 and transitioning services to Intelsat 33e. Sonema, based in Monaco, supports more than 600 VSAT sites for banking and insurance operations across Africa, with a prime focus on robustness and high quality of service.

On a global basis, growth opportunities for our network services business include increased demand for aeronautical mobility, Internet of Things and maritime mobility applications, and high throughput capacity for fixed and mobile broadband applications for telecommunications providers and enterprise networks. On a combined basis, these applications are expected to grow from a $4.5 billion opportunity in 2015 to a $7.1 billion opportunity in 2021. In addition to Intelsat 29e, which entered into service in the first quarter of 2016, over the next 12 months, we expect to access new inventory from Intelsat 33e, which is scheduled to enter into service in the first quarter of 2017.

Media Media revenue was essentially flat at $217 million in the third quarter of 2016 compared to the prior year period. New revenue from our Intelsat 31 satellite was partially offset by small declines from non-renewing services outside of North America, as has been previously reported. As compared to the second quarter of 2016, media revenues increased $6 million, or 2.7%, benefitting from new capacity from Intelsat 31, which entered into service in July 2016.

5 Intelsat S.A. Quarterly Commentary 3Q 2016

Third Quarter Media Highlights and Business Trends: Media Quarterly Revenue

Business activity was driven primarily by new and renewing contracts related to Intelsat’s media distribution neighborhoods in North America, Africa and Latin America. Overall, approximately 80 percent of our media revenues are generated by our distribution and DTH neighborhoods. Our video neighborhoods provide excellent value and represent differentiated capacity that deliver millions of viewers to content owners. The value of our video neighborhoods remains solid with strong demand, reflecting our ability to deliver a maximum audience for content owners.

• Encompass Digital Media, a global technology services company delivering end-to-end video solutions to broadcast and media companies, increased its commitment on Intelsat’s Galaxy fleet for delivery of HD and 4K ultra high definition (4K UHD) content to 64 million households across North America. Under a new, multi-year agreement, Encompass will leverage Galaxy 13, located at 127°W, to host four of NASA TV’s HD channels, the only commercial 4K content in North America, as well as NASA TV’s 4K UHD distribution channel. Already hosting approximately 80 HD channels, Galaxy 13 is now building up a 4K UHD community.

• Discovery Networks International, a division of Discovery Communications, renewed and expanded its relationship with Intelsat for distribution services on Intelsat 20, one of the Asia-Pacific region’s premium video neighborhoods. By leveraging Intelsat 20, which has the highest

penetration of cable distribution in the Indian Ocean region, Discovery will have access to an estimated 90 million Pay-TV subscribers across India, who will be now be able to enjoy the high quality, informative and entertaining content that the Discovery Channel has to offer.

• Grupo Imagen, a leading media company in Mexico, has selected Intelsat to distribute a new national broadcast TV network featuring HD programming to viewers throughout Mexico. Under the long-term agreement, Grupo Imagen is utilizing C-band capacity via Intelsat’s premier

video neighborhood, Galaxy 19, to deliver its new, national over-the-air broadcast network. The satellite solutions will be used to support Digital Terrestrial Television transmissions as well as content backhaul services across Mexico.

• The Nine Network, one of Australia’s top rated commercial television networks, signed a new, multi-year contract for satellite and terrestrial services on Intelsat 19, one of Intelsat’s premier video neighborhoods for the Asia-Pacific region. The Nine Network will use Intelsat 19 for

national distribution of its programming, as well as use Intelsat’s Globalized Network to bring national and international news content and special events to the Network.

Given the high fill rates on our most popular video neighborhood satellites, the growth catalyst for our media business is our 2016 launch program featuring the launch of two DTH satellites for which the Ku-band payloads are fully-contracted. Intelsat 31 entered into service in late July 2016. Intelsat 36 entered into service in September 2016 and is expected to support growth for our South Africa DTH neighborhood at 68.5ºE.

6 Intelsat S.A. Quarterly Commentary 3Q 2016

Government Sales to government customers generated revenue of $97 million in the third quarter of 2016, a $2 million, or 2 percent, increase as compared to the prior year quarter.

Revenue was weighted more heavily to on-network services and represented the same mix of business when compared to the third quarter of 2015. The current portion of on-network services as a percentage of total government revenue is 59 percent.

Government Quarterly Revenue Third Quarter Government Highlights and Business Trends:

Stability in this sector is demonstrated by Intelsat General Corporation’s attractive renewal rates for the provision of commercial satellite services to the U.S. government; our renewal rates for on-network and off-network services are extremely high.

• In the third quarter, we received renewals for nearly all potential 2016 government business, with orders received for approximately 3,150 MHz of capacity, the majority of which was for on-network services.

• In September 2016, we were notified that we have been granted a contract modification extending certain services that we provide for the CBSP (Commercial Broadband Satellite Program) beyond the currently contracted date of October 31, 2016. We have received a funded order for an extension of certain of these services through December 31, 2016.

• Airbus Defence and Space renewed a long-term agreement to use our services to provide commercial satellite communication services for a European defense network. The renewal includes selected C- and Ku-band transponders across multiple Intelsat satellites. The satellite solutions support national

and international voice and data applications and will provide a complementary layer to the customer’s existing military satcom capabilities, ensuring a high performing, resilient and secure solution on land and at sea.

• RiteNet Corporation has contracted with Intelsat General Corporation to provide Ku-band satellite capacity to support testing by the U.S. Army at Ft. Bliss in El, Paso, Texas, and at the nearby White Sands Missile Range in New Mexico for their Warfighter Information Network (WIN-T). This contract

allows the U.S. Army to test new equipment and technologies that will one day provide American warfighters around the globe with advanced capabilities. The one-year contract has options for four additional one-year extensions.

As of the third quarter 2016, our government business remains stable. We believe that our business activity in this customer set reflects the current tempo of our end-customers’ operations. Still, visibility remains limited, as the pace of RFP issuances and subsequent awards remains slow. We see increasing use of lowest price technically acceptable, or LPTA, evaluation formats for awards of new business. Over the mid-term, our strategy to grow our government business includes providing mobility services to the U.S. government for aeronautical and ground mobile requirements, especially as our next generation Intelsat EpicNG services are activated. We are also positioning to provide satellite-related operations support as the government considers commercialization of certain satellite operations capabilities.

7 Intelsat S.A. Quarterly Commentary 3Q 2016

Fleet and Operations Update The station-kept 36 MHz transponder equivalent unit count on our wide-beam fleet was approximately 2,125 at the end of the third quarter of 2016. Utilization was at 77 percent, reflecting a slight increase over the prior quarter, primarily related to units under contract for mobility applications.

The HTS Intelsat EpicNG unit count was unchanged from the second quarter, with 270 units in service.

Intelsat currently has three satellites in the design and manufacturing stages that are covered by our capital expenditure plan. In addition, we are working on three other satellites, including two custom payloads being built on third-party satellites and a joint venture satellite.

Our Intelsat 36 and Intelsat 33e satellites were successfully launched on August 24, 2016. Intelsat 36 entered into service in September 2016. In late August 2016, we reported that Intelsat 33e experienced thruster malfunction, requiring us to utilize redundant thrusters and thus extending the time needed to arrive at the final orbital location. The Intelsat 33e antennas and reflectors have been deployed; there is no evidence of any impact to the communications payload. Intelsat 33e is now scheduled to enter into service in the first quarter of 2017 as compared to its previously scheduled in-service date of late in the fourth quarter of 2016.

Our satellites and third-party payloads and joint venture project currently in the design and manufacturing stages are noted below. Intelsat EpicNG-class satellites are noted with a small “e” following the satellite number.

Estimated Estimated Orbital Launch In-Service Satellite Follows Location Launch Provider Date Date Application Intelsat 33e IS-904 60°E Arianespace Ariane 5 Launched 1Q17 Broadband Infrastructure August 24 Intelsat 35e IS-903 325.5°E SpaceX Falcon 9 2Q17 3Q17 Broadband & Media Intelsat 37e TBD TBD Arianespace Ariane 5 4Q17 2018 Broadband Infrastructure Intelsat 39 IS-902 62°E Not Yet Assigned 2018 2019 Broadband Infrastructure EpicNG class 10-series Replacement TBD Not Yet Assigned 2019 2020 Broadband & Media

Estimated Estimated Non-Capex Orbital Launch In-Service Satellite Follows Location Launch Provider Date Date Application Intelsat 32e New 316.9°E Arianespace Ariane 5 1Q17 2Q17 Broadband Infrastructure Intelsat 38 IS-904, G-11 45°W Arianespace Ariane 5 2018 2018 Broadband & Media Horizons 3e IS-8, IS-805 169°E Not Yet Assigned 2018 2019 Broadband Infrastructure

8 Intelsat S.A. Quarterly Commentary 3Q 2016

Third Quarter 2016 Financial Performance

Quarterly Total Revenue and Adjusted EBITDA

Cash Flows During the third quarter of 2016, net cash provided by operating activities was $254 million. Cash paid for interest in the third quarter was $121 million. Under existing debt agreements, Intelsat makes significantly greater interest payments in the second and fourth quarters as compared to the first and third quarters of the year.

Capital expenditures were $203 million, and payments for satellites from investing activities were $18 million, resulting in free cash flow from operations1 of $33 million for the third quarter of 2016.

Our ending cash balance at September 30, 2016 was $958 million.

9 Intelsat S.A. Quarterly Commentary 3Q 2016

Capital Markets and Debt Transactions In the third quarter of 2016, Intelsat continued its liability management initiatives, including:

• The completion of tender offers in July resulting in the repurchase of approximately $673.5 million in aggregate principal amount of Intelsat Jackson Holdings S.A.’s (“Intelsat Jackson”) outstanding 6 5/8% Senior Notes due 2022 (“2022 Jackson Notes”). This created a net gain on early extinguishment of debt of approximately $219.6 million in the three months ending September 30, 2016.

• In September 2016, Intelsat Jackson completed a debt exchange receiving $141.4 million aggregate principal amount of its 2022 Jackson Notes in exchange for $99.7 million aggregate principal amount of newly issued Intelsat Jackson 8% Senior Secured Notes due 2024 and $17.0 million in cash. In connection with this exchange, Intelsat Jackson also received a consent from holders of $141.5 million principal amount of 2022 Jackson Notes in

exchange for $9.2 million in cash to amend the indenture governing the 2022 Jackson Notes, among other things to: (i) eliminate substantially all of the restrictive covenants and certain events of default pertaining to the 2022 Jackson Notes, and (ii) waive any defaults or events of default potentially existing under the indenture governing the 2022 Jackson Notes as of September 12, 2016.

• We appreciate the collaborative and constructive relationships built with the investment community during the course of these and earlier financial transactions and the alignment of interests as we strive to do what is right for our company and we enhance the financial health of our business. We continue to look for opportunities to enhance our capital structure in furtherance of our liability management initiatives.

10 Intelsat S.A. Quarterly Commentary 3Q 2016

2016 Outlook Intelsat reaffirmed its revenue and capital expenditures guidance issued on February 22, 2016: We continue to expect full year 2016 revenue of $2.14 billion to $2.20 billion.

Adjusted EBITDA Guidance: Performance is expected to range from $1.625 billion to $1.675 billion, reflecting lower revenue and increased operating costs, as we develop our service infrastructure.

Capital expenditure guidance remains as follows:

Guidance FY 2016 FY 2017 FY 2018 Capital Expenditures $725M - $800M $625M - $700M $425M - $525M

Our capital expenditure guidance includes capitalized interest. The annual classification of capital expenditure and prepayments could be affected by the timing of achievement of contract, satellite manufacturing, launch and other milestones.

Our net number of transponder equivalents is expected to increase by a compound annual growth rate, or CAGR, of 10 percent as a result of all of our satellites entering service between January 1, 2016 and December 31, 2018.

Cash Taxes: We expect annual cash taxes to be approximately $30 million to $35 million.

Stephen Spengler, Chief Executive Officer, Intelsat S.A. Jacques Kerrest, Executive Vice President and Chief Financial Officer, Intelsat S.A.

1 In this quarterly commentary document, financial measures are presented both in accordance with U.S. GAAP and also on a non-U.S. GAAP basis. EBITDA, Adjusted EBITDA (“AEBITDA”), free cash flow from operations and related margins, and adjusted net income included in this commentary are non-U.S. GAAP financial measures. Please see the consolidated financial information found in our earnings release and available on our website for information reconciling non-U.S. GAAP financial measures to comparable U.S. GAAP financial measures.

11 Intelsat S.A. Quarterly Commentary 3Q 2016

Safe Harbor Statement Some of the information and statements in this quarterly commentary and certain oral statements made from time to time by Intelsat’s representatives constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. When used in this quarterly commentary, the words “may,” “will,” “might,” “should,” “expect,” “plan,” “anticipate,” “project,” “believe,” “estimate,” “predict,” “intend,” “potential,” “outlook,” and “continue,” and the negative of these terms, and other similar expressions are intended to identify forward-looking statements and information. Forward-looking statements include: our expectation that the launches of our satellites in the future will position us for growth; our plans for satellite launches in the near to mid-term; our guidance regarding our expectations for our revenue performance, including in our different customer sets, and Adjusted EBITDA performance in 2016; our capital expenditure guidance for 2016 and the next several years; our expectations as to the increased number of transponder equivalents on our fleet over the next several years; our expectations as to the level of our cash tax expenses in the future; and our belief that as we execute on our initiatives, we will build the inventory and service capabilities to allow us to capture future growth, including in emerging opportunities.

Forward-looking statements reflect Intelsat’s intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of Intelsat’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Some of the factors that could cause actual results to differ from historical results or those anticipated or predicted by these forward-looking statements include: risks associated with operating our in-orbit satellites; satellite launch failures, satellite launch and construction delays and in-orbit failures or reduced performance; potential changes in the number of companies offering commercial satellite launch services and the number of commercial satellite launch opportunities available in any given time period that could impact our ability to timely schedule future launches and the prices we pay for such launches; our ability to obtain new satellite insurance policies with financially viable insurance carriers on commercially reasonable terms or at all, as well as the ability of our insurance carriers to fulfill their obligations; possible future losses on satellites that are not adequately covered by insurance; U.S. and other government regulation; changes in our contracted backlog or expected contracted backlog for future services; pricing pressure and overcapacity in the markets in which we compete; our ability to access capital markets for debt or equity; the competitive environment in which we operate; customer defaults on their obligations to us; our international operations and other uncertainties associated with doing business internationally; and litigation. Known risks include, among others, the risks described in Intelsat’s annual report on Form 20-F for the years ended December 31, 2015 and its other filings with the U.S. Securities and Exchange Commission, the political, economic and legal conditions in the markets we are targeting for communications services or in which we operate and other risks and uncertainties inherent in the telecommunications business in general and the satellite communications business in particular. Because actual results could differ materially from Intelsat’s intentions, plans, expectations, anticipations, projections, estimations, predictions, outlook, assumptions and beliefs about the future, you are urged to view all forward-looking statements with caution. Intelsat does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Dianne VanBeber Vice President, Investor Relations and Communications [email protected] +1 703-559-7406