SES Reports Robust Q1 2026 Results, Reiterates Full-Year Outlook

summarizeSummary

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.

check_boxKey Events

• 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.

• 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.

• 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.

• 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.

auto_awesomeAnalysis

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.