SES Reports Robust Q1 2026 Results, Reiterates Full-Year Outlook
SGBAF has more than doubled off its 52-week low of $2.94.
Summary
SES announced Q1 2026 results with significant reported revenue growth and reiterated its full-year outlook, despite a decline in adjusted net profit and increased net leverage.
Key Events · Earnings and Guidance · SGBAF
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Q1 2026 Financial Performance
Reported revenue increased by 80.5% and Adjusted EBITDA by 57.0% year-over-year at constant FX, primarily due to the Intelsat acquisition. On a like-for-like basis, revenue grew 3.1% and Adjusted EBITDA grew 5.0% at constant FX.
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Full-Year Outlook Reiterated
SES maintained its 2026 financial outlook, expecting both Revenue and Adjusted EBITDA to be stable year-on-year on a like-for-like and constant FX basis.
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Adjusted Net Profit Decline
Adjusted Net Profit decreased significantly to €14 million in Q1 2026 from €42 million in Q1 2025, mainly reflecting increased depreciation, amortization, and net financing costs.
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Increased Net Leverage
Net Leverage increased to 4.1 times at the end of Q1 2026 (from 3.9 times at year-end 2025), moving further from the company's target of 3.0 times or below.
Analysis · SGBAF · Technology
SES delivered strong reported revenue and Adjusted EBITDA growth in Q1 2026, largely driven by the Intelsat acquisition. While like-for-like growth was more modest and Adjusted Net Profit declined, the company reiterated its full-year financial outlook for stable revenue and Adjusted EBITDA. New business signings were solid, but net leverage increased, moving further from the company's target.
At the time of this filing, SGBAF was trading at $9.22 on OTC in the Technology sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $2.94 to $9.22. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.