Ses S.a Stock Earnings Reports

SES delivered a solid start to 2026 following the Intelsat close, with Q1 reported revenue of EUR 847m (up 80% y/y reported; +3.1% like‑for‑like) and adjusted EBITDA of EUR 404m (47.7% margin). Networks (multi‑orbit, mobility and government) is the growth engine: mobility (aviation) and government showed strong momentum, while Fixed Data and Media faced near‑term headwinds (including a Brazilian customer bankruptcy and competitive pressure in Fixed Data). Management reiterated 2026 guidance (stable revenue, stable adjusted EBITDA) and a front‑loaded CapEx profile (~EUR 700m at $1.20 EUR/USD) while progressing CapEx and OpEx synergies. Key strategic priorities include building meoSphere (next‑gen MEO targeted for service by 2030, modular satellites, digital orchestration and compact terminals), deeper vertical customer solutions (government/defense, aviation, maritime, fixed data, media), and smart diversification (hosted payloads and direct‑to‑device partnerships). Actions this quarter included an aviation contract restructuring that freed EUR 81m of capacity (recognized in Q1 and expected to enable redeployment to higher‑value customers), cancellations of two GEO satellites to preserve IRR and CapEx discipline, ongoing IRIS2 participation (Rendez‑vous 1 underway with ~EUR 40m contribution in Q1), deleveraging steps (debt repayments, a EUR 650m SPACE Hybrid issuance) and progress on O3b mPOWER insurance receipts. Management emphasized disciplined capital allocation, continued synergy delivery (OpEx down ~9% like‑for‑like; EUR 210m target annual run‑rate savings), and a balanced pipeline for government awards with expected ramp in H2 as timing issues resolve.