SES Delivers Robust Q1 2026 Results & Reiterates Full-Year Outlook
SES S.A. announces financial results for the three months ended 31 March 2026.
- Date
- Read time
- 3 Minutes
- Categories
- Corporate, Finance
Luxembourg, 12 May 2026 -- SES S.A. announces financial results for the three months ended 31 March 2026.
| Q1 2026 Performance (€ million) | Q1 2026 as reported (1) | Q1 2025 as reported (1) | ∆ at constant FX (2) | Q1 2025 like-for-like (3) | ∆ at constant FX (2) |
| Average €/$ FX rate | 1.18 | 1.04 | 1.04 | ||
| Revenue | 847 | 509 | +80.5% | 909 | +3.1% |
| Adjusted EBITDA (4) | 404 | 280 | +57.0% | 425 | +5.0% |
1) ‘Reported basis’ with Intelsat fully consolidated from 17 July 2025
2) ‘At constant FX’ refers to comparative figures restated at the current period FX rates to neutralise currency variations
3) ‘Like-for-like basis’ as if Intelsat fully consolidated from 1 January 2024
4) Excluding operating expenses/income recognised in relation to U.S. C-band repurposing, other income non‑recurring, fair value movement on contingent value rights and other significant special items
- Networks revenue up +106.0% yoy supported by growth in Mobility (+207.8% yoy; including positive impact from a contract restructuring in Aviation) and
- Government (+50.7% yoy); Media (+42.9% yoy) in-line with expectations
- €306 million of new business and contract renewals signed in Q1 2026
- 2026 financial outlook reiterated: both Revenue and Adjusted EBITDA expected to be stable yoy on a like-for-like and constant FX basis
- Net Leverage at 4.1 times (including cash & cash equivalents of €874 million) with SPACE Hybrid securities of €650 million successfully raised in March, 5x oversubscribed
- O3b mPOWER satellites 9&10 started serving customers from February – boosting mPOWER network capacity and resilience. Satellites 11, 12, and 13 to launch in H2 2026
- SES recently announced plans to deploy meoSphere, next generation MEO network targeted for operation by 2030 and designed to significantly boost the company’s MEO network capacity
- IRIS2 programme continues to progress through Rendez-vous 1
- On 2 April 2026, AGM approved all company recommended resolutions; final 2025 dividend of €104 million (€0.25 per A-share, €0.10 per B-share) paid to shareholders on 16 April 2026
Adel Al-Saleh, CEO of SES, commented: “Q1 2026 marks a solid start to the year for SES as a combined company with focused execution across our Networks and Media businesses, underpinning confidence in our strategy and in-line with our reiterated financial outlook for 2026.
Networks, now accounting for around two thirds of total revenues, delivered growth led by continued momentum in Mobility and Government. Additionally, in our Fixed Data business we have taken decisive actions to mitigate competitive pressures.
During the quarter, our Aviation business benefitted from nearly 600 aircraft now flying with the SES multi-orbit inflight connectivity system, delivering fast, dependable internet access to millions of passengers. Demand for the multi-orbit ESAs continues to grow as we won additional aircraft commitments in the first quarter including more than 40 Japan Airlines’ long-haul aircraft. SES and Boeing reached a milestone toward factory line-fit solution for the multi-orbit system on all Boeing aircraft models.
Government continues to see solid performance led by global government and our involvement in the IRIS2 project, reinforcing our position in high-priority segments and the strength of our differentiated space-based solutions. During the quarter, SES and the European Union Agency for the Space Programme (EUSPA) extended the EGNOS GEO-1 satellite service agreement through 2030, helping maintain high-precision navigation services for aviation and other critical users across Europe.
Our Media business continues to have a strong cash-generative profile and despite structural headwinds the business has secured close to €100 million in long-term renewals and new business in the first quarter.
SES recently announced plans to deploy meoSphere, next generation MEO satellite network targeted for operation by 2030 and designed to significantly boost the company’s MEO network capacity. With the transition to verticalization, SES will pair its own software-defined payloads with an initial 28 high-power satellite buses developed by K2 Space, representing the first phase of the meoSphere rollout.
Building on this solid first quarter, we are well on track to deliver on our 2026 financial targets with mPOWER satellites 9&10 now in service, mPOWER satellites 11, 12, and 13 expected to launch in H2 2026.
Synergies execution of both OpEx and CapEx are progressing well. Staff costs are down 20% and overall OpEx is down 9% year-on-year at constant currency on a like-for-like basis. We continue to evaluate our future CapEx plans and have decided to cancel certain programs that do not meet our target returns underpinning our 2026 CapEx outlook of around €700 million.”
Financial Outlook
SES reiterates its 2026 financial outlook on a like-for-like (as if Intelsat was consolidated from 1 January 2024) and constant FX basis (assuming nominal satellite health and launch schedule).
On this basis, SES’s 2026 financial outlook expects both Revenue and Adjusted EBITDA to be stable year-on-year.
Capital expenditures (net cash absorbed by investing activities excluding acquisitions and financial investments; including IRIS2 and first phase of meoSphere capital expenditures) is expected to be around €700 million.
SES plans to continue building on its MEO capabilities through meoSphere, the company’s next‑generation multi‑mission MEO network supported by New Space innovators, including the recently announced extended K2 Space partnership.
Read the press release in full.
For further information please contact:
Christian Kern
Investor Relations
Tel: +352 710 725 261
[email protected]
Steven Lott
Communications
Tel. +352 710 725 500
[email protected]
Presentation of Results
A presentation of the results for investors and analysts will be hosted at 9.30 CET on 12 May 2026 and will be broadcast via webcast and conference call.
The details for the conference call and webcast are as follows:
Conference Call registration: https://engagestream.euronext.com/ses/q1-2026-results/dial-in
Webcast registration: https://ses.engagestream.euronext.com/q1-2026-results
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
Forward-looking Statements
This press release contains, and our officers and representatives may make, certain “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “estimate,” “committed,” “expect,” “positioned,” “project,” “intend,” “plan,” “forecast,” “likely,” “believe,” “target,” “on track,” “will,” and similar expressions or their negative. Examples of forward-looking statements include, among others, statements we make regarding our reiterated financial outlook for 2026, 2026 financial targets, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities, anticipated future satellite launches, dividends, our share buyback programme, O3b mPOWER satellites, including expected service dates and settlements, and MEO capabilities through meoSphere, and other discretionary items such as our market growth assumptions, and generally, our expectations concerning our future performance.
Forward-looking statements are not assurances of future performance and are subject to uncertainties and risks that are difficult to predict such as: the company’s ability to achieve the synergies expected from the acquisition of Intelsat, as well as risks, delays, challenges and expenses associated with integration; delays or failures in satellite launches, deployments, or operations, including technical malfunctions or satellite lifespan limitations; regulatory challenges, including the company or its customers failing to obtain and maintain required regulatory approvals and regulatory changes in countries in which it provides service; competitive pressures in the telecommunications industry, including shifts in demand for satellite, terrestrial networks and alternate distribution technologies; the company’s dependence upon several large customers; changes in technology or the satellite communications market that could make the company’s satellite telecommunications system obsolete or subject to lower or reduced demand; global economic turmoil, international conflict, trade wars and tariffs and related uncertainties; liquidity, currency and foreign exchange and counterparty risks; potential cyber-attacks against, or breaches to, the company’s information technology systems; the impact of overall industry and general economic conditions, including uncertainty around the macroeconomy, inflation, interest rates and related monetary policy in response to inflation; tax regulations; U.S. federal government shutdowns; and the company’s level of indebtedness.
Other factors that might cause actual results to differ include those discussed in our filings with the U.S. Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary from those anticipated, and therefore you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Follow us on:
About SES
At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation “firsts” to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.
