SES (SESGL) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong revenue and EBITDA growth, driven by disciplined execution, full consolidation of Intelsat, and robust Networks performance, especially in Mobility and Government segments.

• Strategic focus on multi-orbit space solutions, innovation, vertical customer solutions, and smart diversification, including the launch of the next-gen meoSphere MEO network.

• Over 130 countries saw strategic wins and renewals, with significant contracts in media, government, aviation, and maritime sectors.

• Continued integration efforts, operational excellence, and scaling of multi-orbit network solutions.

• Q1 2026 marked the first fully consolidated quarter post-Intelsat integration.

Financial highlights

• Q1 2026 revenue reached €847 million, up 80.5% year-over-year reported and 3.1% like-for-like.

• Adjusted EBITDA was €404 million, up 57% year-over-year reported and 5% like-for-like, with a margin of 47.7%.

• Capital expenditures for Q1 2026 were €319 million, reflecting front-loaded investments.

• Gross backlog stood at €6.2 billion, supported by €306 million in renewals and new contracts.

• Adjusted net profit was €14 million, down from €42 million, mainly due to higher depreciation, amortisation, and financing costs post-Intelsat acquisition.

Outlook and guidance

• 2026 financial outlook reaffirmed: stable revenue and adjusted EBITDA year-over-year on a like-for-like and constant FX basis.

• 2026 CapEx expected around €700 million, including IRIS² and meoSphere investments.

• Commitment to investment grade metrics and net leverage target of 3.0x or below.

• Government revenues expected to ramp up in H2 as U.S. contract delays ease; Media declines to moderate as Brazilian bankruptcy impact subsides.

• On track to achieve integration and synergy targets post-Intelsat acquisition.