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<\/a><\/a>LUXEMBOURG--(BUSINESS WIRE)--SES S.A. announces financial results for the three months ended 31 March 2026.<\/p><\/a><\/a>
\nQ1 2026 Performance<\/b><\/p> \n(\u20ac million)<\/b><\/p><\/td> | \n | \nQ1 2026<\/b><\/p> \nas reported (1)<\/sup><\/b><\/p><\/td> \nQ1 2025<\/b><\/p> \nas reported (1)<\/sup><\/b><\/p><\/td> \n\u2206 At constant\n \nQ1 2025<\/b><\/p> \nlike-for-like(3)<\/sup><\/b><\/p><\/td> \n\u2206 At<\/b><\/p> \nconstant FX <\/b>(2)<\/sup><\/p><\/td><\/tr>\n \nAverage \u20ac\/$ FX rate<\/i><\/p><\/td> \n1.18<\/i><\/b><\/p><\/td> \n1.04<\/i><\/p><\/td> \n\u00a0<\/p><\/td> \n1.04<\/i><\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nRevenue<\/p><\/td> \n847<\/b><\/p><\/td> \n509<\/p><\/td> \n+80.5%<\/p><\/td> \n909<\/p><\/td> \n+3.1%<\/p><\/td><\/tr>\n \nAdjusted EBITDA (4)<\/sup><\/p><\/td> \n404<\/b><\/p><\/td> \n280<\/p><\/td> \n+57.0%<\/p><\/td> \n425<\/p><\/td> \n+5.0%<\/p><\/td><\/tr>\n<\/table> \n1)<\/i><\/p><\/td> \n\u2018Reported basis\u2019 with Intelsat fully consolidated from 17 July 2025<\/i><\/p><\/td><\/tr>\n \n2)<\/i><\/p><\/td> \n\u2018At constant FX\u2019 refers to comparative figures restated at the current period FX rates to neutralise currency variations<\/i><\/p><\/td><\/tr>\n \n3)<\/i><\/p><\/td> \n\u2018Like-for-like basis\u2019 is as if Intelsat fully consolidated from 1 January 2024<\/i><\/p><\/td><\/tr>\n \n4)<\/i><\/p><\/td> \nExcluding 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 (disclosed separately)<\/i><\/p><\/td><\/tr>\n<\/table> \nAdel Al-Saleh, CEO of SES, commented: <\/b>\u201cQ1 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.<\/p> \nNetworks, 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.<\/p> \nDuring 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\u2019 long-haul aircraft. SES and Boeing reached a milestone toward factory line-fit solution for the multi-orbit system on all Boeing aircraft models.<\/p> \nGovernment continues to see solid performance led by global government and our involvement in the IRIS2<\/sup> 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.<\/p> \nOur Media business continues to have a strong cash-generative profile and despite structural headwinds the business has secured close to \u20ac100 million in long-term renewals and new business in the first quarter.<\/p> \nSES recently announced plans to deploy meoSphere, next generation MEO satellite network targeted for operation by 2030 and designed to significantly boost the company\u2019s 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.<\/p> \nBuilding 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.<\/p> \nSynergies 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 \u20ac700 million.\u201d<\/p> \n____________________<\/p><\/td><\/tr>\n \n1)<\/i><\/p><\/td> \nAt constant FX (comparative figures restated to neutralise currency variations)<\/i><\/p><\/td><\/tr>\n \n2)<\/i><\/p><\/td> \nFinancial Outlook is stated at constant FX, and like-for-like, as if Intelsat consolidated from January 1, 2024; assuming nominal satellite health and launch schedule<\/i><\/p><\/td><\/tr>\n \n3)<\/i><\/p><\/td> \n\u2018Adjusted Net Debt to Adjusted EBITDA (treats hybrid bonds as 50% debt and 50% equity)<\/i><\/p><\/td><\/tr>\n \n4)<\/i><\/p><\/td> \nExcluding \u20ac306 million of restricted cash with respect to the SES-led consortium\u2019s involvement in IRIS2<\/sup><\/i><\/p><\/td><\/tr>\n<\/table> \nFinancial Outlook<\/b><\/p> \nSES reiterates its 2026 financial outlook on a like-for-like (as if Intelsat was consolidated from 1 January 2024) and constant FX basis(5)<\/sup> (assuming nominal satellite health and launch schedule).<\/p> \nOn this basis, SES\u2019s 2026 financial outlook expects both Revenue and Adjusted EBITDA to be stable year-on-year.<\/p> \nCapital expenditures (net cash absorbed by investing activities excluding acquisitions and financial investments; including IRIS2<\/sup> and first phase of meoSphere capital expenditures) is expected to be around \u20ac700 million(6)<\/sup>.<\/p> \nSES plans to continue building on its MEO capabilities through meoSphere, the company\u2019s next\u2011generation multi\u2011mission MEO network supported by New Space innovators, including the recently announced extended K2 Space partnership.<\/p> \n____________________<\/p><\/td><\/tr>\n \n1)<\/i><\/p><\/td> \nFinancial outlook is based on i) constant FX; ii) like-for-like basis is as if Intelsat fully consolidated from 1 January 2024; iii) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS; (iv) adjustments for intercompany eliminations; and (v) assumption of nominal satellite launch schedule and nominal satellite health status. The actual results and financial outlook are presented including the effects of purchase price accounting related to the Intelsat acquisition<\/i><\/p><\/td><\/tr>\n \n2)<\/i><\/p><\/td> \nIncludes capital expenditures relating to SES involvement in IRIS2<\/sup> program and first phase of meoSphere; excludes any capital expenditures related to potential C-band clearance; is set at an EUR\/USD exchange rate of 1.20.<\/i><\/p><\/td><\/tr>\n<\/table> \nKey business and financial highlights<\/b><\/p> \n(Intelsat fully consolidated from 17 July 2025 \u2013 as reported; at constant FX unless explained otherwise)<\/b><\/p> \nSES regularly uses Alternative Performance Measures (APMs) to present the performance of the group and believes that these APMs are relevant to enhance understanding of the group\u2019s financial performance and financial position.<\/i><\/p> \n\u20ac million<\/b><\/p><\/td> \nQ1 2026(1)<\/sup><\/b><\/p><\/td> \nQ1 2025<\/b><\/p><\/td> \n\u2206 at reported FX<\/b><\/p><\/td> \n\u2206 at constant FX<\/b><\/p><\/td><\/tr>\n \nAverage \u20ac\/$ FX rate<\/i><\/p><\/td> \n1.18<\/i><\/b><\/p><\/td> \n1.04<\/i><\/p><\/td> \n\u00a0<\/p><\/td> \n\u00a0<\/p><\/td><\/tr>\n \nRevenue<\/p><\/td> \n847<\/b><\/p><\/td> \n509<\/p><\/td> \n+66.6%<\/p><\/td> \n+80.5%<\/p><\/td><\/tr>\n \nAdjusted EBITDA<\/p><\/td> \n404<\/b><\/p><\/td> \n280<\/p><\/td> \n+44.2%<\/p><\/td> \n+57.0%<\/p><\/td><\/tr>\n \nAdjusted Net Profit<\/p><\/td> \n14<\/b><\/p><\/td> \n42<\/p><\/td> \n-66.5%<\/p><\/td> \nn\/m<\/p><\/td><\/tr>\n \nAdjusted Net Debt \/ Adjusted EBITDA<\/p><\/td> \n4.1 times<\/b><\/p><\/td> \n1.2 times<\/p><\/td> \nn\/m<\/p><\/td> \nn\/m<\/p><\/td><\/tr>\n \n\u2018At constant FX\u2019 refers to comparative figures restated at the current period FX to neutralise currency variations.<\/i><\/p><\/td><\/tr>\n<\/table> \nNetworks revenue of \u20ac556 million (66% of total revenue) increased +106.0% yoy driven by growth in Mobility (+207.8% yoy; including positive impact from a planned contract restructuring in Aviation of \u20ac81 million in Q1 2026 and periodic revenue of \u20ac19 million recognised in Maritime in Q1 2025), Government (+50.7% yoy), and Fixed Data (+79.0% yoy).<\/p> \nMedia revenue of \u20ac285 million (34% of total revenue) was up +42.9% yoy, benefiting from fully consolidating Intelsat from 17 July 2025. Underlying declines result from lower revenue in mature markets due to capacity optimisation as well as the impact from the Brazilian customer bankruptcy.<\/p> \nAdjusted EBITDA of \u20ac404 million represented an Adjusted EBITDA margin of 47.7% (Q1 2025: 55.1%) including the contribution from the acquisition of Intelsat from 17 July 2025 and benefiting from a contract restructuring in Mobility as well as lower OpEx. These favourable impacts were partially offset by profitability-diluting equipment sales in Aviation, continued declines in the Fixed Data and Media businesses, and timing of government contracts.<\/p> \nAdjusted EBITDA excludes significant special items of \u20ac30 million net expenses (2025: \u20ac7 million net expenses), comprising other income (non-recurring) of \u20ac9 million (2025: \u20ac1 million), restructuring charges of \u20ac5 million (2025: nil), costs associated with the development and\/or implementation of merger and acquisition activities (\u201cM&A\u201d) of \u20ac6 million (2025: \u20ac8 million) and other charges of non-recurring nature of \u20ac28 million (2025: nil).<\/p> \nAdjusted Net Profit of \u20ac14 million (2025: \u20ac42 million) mainly reflecting \u20ac108 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net financing costs of \u20ac60 million (2025: \u20ac15 million), as well as higher non-controlling interest. This was partly offset by higher Adjusted EBITDA and lower net income tax. Net financing costs included the benefit of earned interest income on the group\u2019s cash & cash equivalents of \u20ac16 million (2025: \u20ac25 million), as well as the impact of net foreign exchange gain of \u20ac3 million (2025: loss of \u20ac13 million), fully offset by interest expense on external borrowings of \u20ac55 million (2025: \u20ac21 million) and other net interest expense of \u20ac38 million (2025: \u20ac6 million).<\/p> \nAdjusted Net Profit excludes the significant special items highlighted above, as well as M&A-related net financing charges of nil (2025: \u20ac11 million) and net tax benefit of nil (2025: benefit of \u20ac5 million) associated with all the significant special items.<\/p> |