SES (SGBAF) Q1 2026 revenue jumps with Intelsat but leverage rises
Rhea-AI Filing Summary
SES reported much larger Q1 2026 revenue of €847 million, up from €509 million, mainly reflecting the full consolidation of Intelsat and strong growth in its Networks activities. Adjusted EBITDA rose to €404 million from €280 million, but the Adjusted EBITDA margin eased to 47.7% from 55.1% as lower-margin equipment sales and mix effects diluted profitability.
On a reported basis, SES moved from a net profit of €29 million in Q1 2025 to a net loss of €16 million, while Adjusted Net Profit fell from €42 million to €14 million, driven by higher depreciation and amortisation and increased financing costs after the Intelsat acquisition. Networks revenue reached €556 million (66% of total), with Mobility up 207.8% year-on-year and Government up 50.7%.
Leverage increased, with Adjusted Net Debt to Adjusted EBITDA at 4.1x at 31 March 2026, compared with 1.2x a year earlier, supported by new hybrid securities and credit facilities. SES reiterated its 2026 outlook for stable revenue and Adjusted EBITDA and maintained a CapEx outlook of around €700 million, while continuing to invest in its next-generation meoSphere MEO network and upcoming satellite launches.
Positive
- Q1 2026 revenue increased to €847 million from €509 million, with Adjusted EBITDA rising to €404 million from €280 million, showing substantial scale-up after the Intelsat acquisition.
- Networks revenue reached €556 million (66% of total), with Mobility up 207.8% and Government up 50.7% year-on-year, indicating strong growth in key strategic segments.
Negative
- SES swung from a net profit of €29 million in Q1 2025 to a net loss of €16 million in Q1 2026, while Adjusted Net Profit fell to €14 million from €42 million.
- Adjusted Net Debt to Adjusted EBITDA increased to 4.1x at 31 March 2026 from 1.2x a year earlier, reflecting higher leverage following the Intelsat acquisition and recent financings.
Insights
Strong top-line growth from Intelsat and Networks, offset by higher leverage and lower margins.
SES delivered Q1 2026 revenue of €847 million, up 66.6% year-on-year, with Adjusted EBITDA rising to €404 million. This reflects full consolidation of Intelsat plus solid growth in Mobility and Government, where Mobility revenue jumped 207.8% and Government grew 50.7% at reported FX.
Profitability quality is more mixed. The Adjusted EBITDA margin fell from 55.1% to 47.7%, pressured by equipment sales, structural declines in Fixed Data and Media, and timing of government contracts. Adjusted Net Profit dropped to €14 million, while the group posted a net loss of €16 million as depreciation, amortisation, and interest expense increased after the Intelsat transaction.
Balance sheet metrics tightened, with Adjusted Net Debt to Adjusted EBITDA at 4.1x as of 31 March 2026, supported by hybrid issuance and new debt, even after repaying around €979 million of maturities. Management reiterated 2026 guidance for stable revenue and Adjusted EBITDA and a CapEx outlook of about €700 million, while outlining growth investments in the meoSphere MEO network and multiple satellite launches through 2029.
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted Net Debt financial
Alternative Performance Measures financial
combined like-for-like financial information financial
hybrid bonds financial
IRIS2 technical
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
Date: May 13, 2026
Commission File Number: 333-286828
SES
(Translation of registrant’s name into English)
Château de Betzdorf
L-6815 Betzdorf
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibit is filed as part of this Form 6-K:
| Exhibit | Description | |
| 99.1 | Press Release, dated May 12, 2026 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SES | ||||
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(Registrant) | ||||
| Date: May 13, 2026 |
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By: | /s/ Elisabeth Pataki | |||
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Name: | Elisabeth Pataki | |||
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Title: | Chief Financial Officer | |||
Exhibit 99.1
Press Release
SES Delivers Robust Q1 2026 Results
& Reiterates Full-Year Outlook
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’ is 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 (disclosed separately) |
| • | Networks revenue up +106.0% yoy(1) supported by growth in Mobility (+207.8% yoy(1); including positive impact from a contract restructuring in Aviation) and Government (+50.7% yoy(1)); Media (+42.9% yoy(1)) in-line with expectations |
| • | €306 million of new business and contract renewals signed in Q1 2026 |
| • | 2026 financial outlook(2) reiterated: both Revenue and Adjusted EBITDA expected to be stable yoy(1) on a like-for-like and constant FX basis |
| • | Net Leverage at 4.1 times(3) (including cash & cash equivalents of €874 million(4)) 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
| 1) | At constant FX (comparative figures restated to neutralise currency variations) |
| 2) | Financial 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 |
| 3) | Adjusted Net Debt to Adjusted EBITDA (treats hybrid bonds as 50% debt and 50% equity) |
| 4) | Excluding €306 million of restricted cash with respect to the SES-led consortium’s involvement in IRIS2 |
1
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(1) (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(2).
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.
| 1) | Financial 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 |
| 2) | Includes capital expenditures relating to SES involvement in IRIS2 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. |
2
Key business and financial highlights
(Intelsat fully consolidated from 17 July 2025 – as reported; at constant FX unless explained otherwise)
SES 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’s financial performance and financial position.
| € million | Q1 2026(1) | Q1 2025 | ∆ at reported FX | ∆ at constant FX | ||||||||||||
| Average €/$ FX rate |
1.18 | 1.04 | ||||||||||||||
| Revenue |
847 | 509 | +66.6% | +80.5% | ||||||||||||
| Adjusted EBITDA |
404 | 280 | +44.2% | +57.0% | ||||||||||||
| Adjusted Net Profit |
14 | 42 | -66.5% | n/m | ||||||||||||
| Adjusted Net Debt / Adjusted EBITDA |
4.1 times | 1.2 times | n/m | n/m |
‘At constant FX’ refers to comparative figures restated at the current period FX to neutralise currency variations.
Networks revenue of €556 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 €81 million in Q1 2026 and periodic revenue of €19 million recognised in Maritime in Q1 2025), Government (+50.7% yoy), and Fixed Data (+79.0% yoy).
Media revenue of €285 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.
Adjusted EBITDA of €404 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.
Adjusted EBITDA excludes significant special items of €30 million net expenses (2025: €7 million net expenses), comprising other income (non-recurring) of €9 million (2025: €1 million), restructuring charges of €5 million (2025: nil), costs associated with the development and/or implementation of merger and acquisition activities (“M&A”) of €6 million (2025: €8 million) and other charges of non-recurring nature of €28 million (2025: nil).
Adjusted Net Profit of €14 million (2025: €42 million) mainly reflecting €108 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net financing costs of €60 million (2025: €15 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’s cash & cash equivalents of €16 million (2025: €25 million), as well as the impact of net foreign exchange gain of €3 million (2025: loss of €13 million), fully offset by interest expense on external borrowings of €55 million (2025: €21 million) and other net interest expense of €38 million (2025: €6 million).
Adjusted Net Profit excludes the significant special items highlighted above, as well as M&A-related net financing charges of nil (2025: €11 million) and net tax benefit of nil (2025: benefit of €5 million) associated with all the significant special items.
At 31 March 2026, the Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of €1.848 billion of hybrid bonds as debt and 50% as equity) was 4.1 times (31 December 2025: 3.9 times). Cash & cash equivalents of €874 million (excluding €306 million of restricted cash with respect to the SES-led consortium’s involvement in IRIS2) included the proceeds from the €125 million EIB financing, the €650 million proceeds from the PerpNC5.25 SPACE Hybrid securities issued in March 2026 (SES Successfully Prices €650 million of SPACE Hybrid Securities | SES), and €600 million revolving facility agreement drawn in March 2026.
In Q1 2026, SES repaid debt maturities of around €979 million, including €650 million senior bond and tender offer, as described below. On 11 March 2026, SES launched a cash tender offer for its outstanding €625 million Deeply Subordinated Fixed Rate Resettable Securities. Following settlement, around €198 million in principal amount of the securities remains outstanding.
SES continues to engage with insurers on the insurance claim for O3b mPOWER satellites 1-4. In Q1 2026, the company has collected approximately $10 million (€9 million) through settlements, with additional payments expected as negotiations progress. To date the company has collected a total of $202 million.
On 2 April 2026, the AGM approved all company-recommended resolutions. The final FY 2025 dividend of €104 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 16 April 2026.
3
SES restates its commitment to disciplined financial allocation, investment grade metrics and net leverage target of 3.0 times or below. Once the company meets its net leverage target it intends to increase the annual base dividend, and at least a majority of future exceptional cashflows will be prioritised for shareholder returns.
SES continues progressing through Rendez-Vous 1 of the IRIS² program, working closely with the European Commission to validate project cost, technical requirements, and delivery timelines. SES remains fully committed to the European Union’s vision for a sovereign, secure, and competitive space-based connectivity infrastructure. As the lead member of the SpaceRise consortium, SES collaborates with all partners to ensure successful delivery of IRIS².
Operational performance
(Intelsat consolidated from 17 July 2025)
REVENUE BY BUSINESS UNIT
| Q1 2026 |
Revenue as reported (€million) |
As reported revenue change (year-on-year) at constant FX |
Like-for-like revenue
change (year-on-year) at constant FX | |||||||||
| Average €/$ FX rate |
1.18 | |||||||||||
| Media |
|
285 | +42.9% | -11.0% | ||||||||
| Networks |
556 | +106.0% | +13.0% | |||||||||
| Government |
189 | +50.7% | +8.8% | |||||||||
| Fixed Data |
109 | +79.0% | -16.9% | |||||||||
| Mobility |
259 | +207.8% | +37.6% | |||||||||
| Other |
6 | n/m | n/m | |||||||||
| Group Total |
847 | +80.5% | +3.1% |
‘At constant FX’ refers to comparative figures restated at the current period FX rates to neutralise currency variations.
Anticipated future satellite launches
| Satellite |
|
Region | Application | Launch Date | ||||||||
|
O3b mPOWER (satellites 11-13) |
Global |
Networks |
H2 2026 | |||||||||
| ASTRA 1Q |
Europe |
Media, Networks |
2027 | |||||||||
| SES-26 |
Africa, Asia, Europe, Middle East |
Media, Networks |
2027 | |||||||||
| EAGLE-1 |
Europe |
Government |
2027 | |||||||||
| IS-42 |
N. Atlantic, W. Europe, W. Africa |
Networks |
2027 | |||||||||
| Indian Ocean Region, Europe, |
||||||||||||
| IS-43 |
Middle East, Africa |
Networks |
2027 | |||||||||
| IS-45 |
Middle East |
Government |
2027 | |||||||||
| GOVSAT-2 |
Europe |
Government |
2029 |
Launch dates are based on satellite manufacturer’s estimated delivery dates as of 31 March 2026. Final launch dates are subject to confirmation by launch providers.
“Networks” refers to Government, Mobility, and Fixed Data applications.
4
CONSOLIDATED INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 - as reported)
| € million | Q1 2026 | Q1 2025 | ||||||
| Average €/$ FX rate |
1.18 | 1.04 | ||||||
| Revenue |
847 | 509 | ||||||
| U.S. C-band repurposing income |
- | 1 | ||||||
| Other income |
11 | 1 | ||||||
| Operating expenses |
(457) | (238) | ||||||
| Loss on derecognition of tangible assets |
(27) | - | ||||||
| EBITDA |
374 | 273 | ||||||
| Depreciation expense |
(256) | (164) | ||||||
| Amortisation expense |
(47) | (31) | ||||||
| Operating profit / (loss) |
71 | 78 | ||||||
| Net financing income / (expense) |
(75) | (26) | ||||||
| Profit / (loss) before tax |
(4) | 52 | ||||||
| Income tax benefit / (expense) |
(3) | (22) | ||||||
| Non-controlling interests |
(9) | (1) | ||||||
| Net profit / (loss) attributable to owners of the parent |
(16) | 29 | ||||||
| Basic and diluted earnings per A-share (in €)(1) |
(0.04) | 0.06 | ||||||
| Basic and diluted earnings per B-share (in €)(1) |
(0.01) | 0.03 | ||||||
| 1) | Earnings per share is calculated as profit or loss attributable to the owners of the parent divided by the weighted average number of shares outstanding during the year as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit or loss for the period attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds. |
| € million | Q1 2026 | Q1 2025 | ||||||
| Adjusted EBITDA |
404 | 280 | ||||||
| U.S. C-band income |
- | 1 | ||||||
| Other income non-recurring(2) |
9 | 1 | ||||||
| U.S. C-band operating expenses |
- | (1) | ||||||
| Other significant special items(3) |
(39) | (8) | ||||||
| EBITDA |
374 | 273 | ||||||
| 2) | ‘Other income non-recurring’ includes €9 million associated with mPOWER insurance claims (Q1 2025: €1 million). |
| 3) | ‘Other significant special items’ include restructuring charges of €5 million (Q1 2025: nil), costs deriving from the development and/or implementation of merger and acquisition activities (“M&A”) of €6 million (Q1 2025: €8 million) and €28 million of other non-recurring charges including a €27 million charge on the derecognition of certain tangible assets (Q1 2025: nil). |
| € million | Q1 2026 | Q1 2025 | ||||||
| Adjusted Net Profit |
14 | 42 | ||||||
| U.S. C-band income |
- | 1 | ||||||
| U.S. C-band operating expenses |
- | (1) | ||||||
| Other income non-recurring |
9 | 1 | ||||||
| Other significant special items (4) |
(39) | (19) | ||||||
| Tax on significant special items |
- | 5 | ||||||
| Net profit / (loss) attributable to owners of the parent |
(16) | 29 | ||||||
| 4) | ‘Other significant special items comprise restructuring charges of €5 million (Q1 2025: nil), M&A costs of €6 million (Q1 2025: €19 million) and €28 million of other charges of non-recurring nature including a €27 million charge on the derecognition of certain tangible assets (Q1 2025: nil). |
5
SUPPLEMENTARY FINANCIAL INFORMATION
1.) QUARTERLY INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 – as reported)
| € million | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |||||||||||||||||
| Average €/$ FX rate |
1.04 | 1.12 | 1.16 | 1.16 | 1.18 | |||||||||||||||||
| Revenue |
509 | 469 | 765 | 884 | 847 | |||||||||||||||||
| U.S. C-band income |
1 | 2 | - | - | - | |||||||||||||||||
| Other income |
1 | 48 | 37 | 96 | 11 | |||||||||||||||||
| Operating expenses |
(238) | (261) | (513) | (586) | (457) | |||||||||||||||||
| Loss on derecognition of tangible assets |
- | - | - | - | (27) | |||||||||||||||||
| Fair value movement on contingent value rights |
- | - | - | (28) | - | |||||||||||||||||
| EBITDA |
273 | 258 | 289 | 366 | 374 | |||||||||||||||||
| Depreciation expense |
(164) | (156) | (250) | (266) | (256) | |||||||||||||||||
| Amortisation expense |
(31) | (30) | (37) | (42) | (47) | |||||||||||||||||
| Non-cash impairment |
- | (73) | - | (73) | - | |||||||||||||||||
| Operating profit / (loss) |
78 | (1) | 2 | (15) | 71 | |||||||||||||||||
| Net financing income / (expense) |
(26) | (9) | (69) | (68) | (75) | |||||||||||||||||
| Other non-operating income/(expense) (net) |
- | 2 | - | (9) | - | |||||||||||||||||
| Profit / (loss) before tax |
52 | (8) | (67) | (92) | (4) | |||||||||||||||||
| Income tax benefit / (expense) |
(22) | (4) | 6 | 41 | (3) | |||||||||||||||||
| Non-controlling interests |
(1) | (3) | (1) | 4 | (9) | |||||||||||||||||
| Net profit / (loss) attributable to owners of the parent |
29 | (15) | (62) | (47) | (16) | |||||||||||||||||
| Basic earnings / (loss) per share (in €)(1) |
||||||||||||||||||||||
| Class A shares |
0.06 | (0.04) | (0.16) | (0.12) | (0.04) | |||||||||||||||||
| Class B shares |
0.03 | (0.02) | (0.06) | (0.05) | (0.01) | |||||||||||||||||
| Adjusted EBITDA |
280 | 241 | 317 | 358 | 404 | |||||||||||||||||
| Adjusted EBITDA margin |
55% | 51% | 41% | 41% | 48% | |||||||||||||||||
| U.S. C-band income |
1 | 2 | - | - | - | |||||||||||||||||
| Other non-recurring income |
1 | 48 | 35 | 91 | 9 | |||||||||||||||||
| U.S. C-band operating expenses |
(1) | (1) | - | - | - | |||||||||||||||||
| Other significant special items |
(8) | (32) | (63) | (55) | (39) | |||||||||||||||||
| Fair value movement on contingent value rights |
- | - | - | (28) | - | |||||||||||||||||
| EBITDA |
273 | 258 | 289 | 366 | 374 |
| 1) | Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share. |
6
SUPPLEMENTARY FINANCIAL INFORMATION (CONTINUED)
2a) COMBINED LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT AND ADJUSTED EBITDA
(Intelsat fully consolidated from 1 January 2024. Year-on-year change presented at ‘Constant FX’ unless otherwise stated)
| Like-for-like revenue (€ million) at reported FX |
|
Change year-on-year at Constant FX | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2025 | Q1 2026 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2025 | Q1 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Average €/$ FX rate |
1.04 | 1.12 | 1.16 | 1.16 | 1.12 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Media |
344 | 321 | 302 | 298 | 1,264 | 285 | -9.7% | -9.9% | -15.4% | -15.5% | -12.6% | -11.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Networks |
555 | 560 | 519 | 577 | 2,211 | 556 | -1.0% | +9.5% | +7.3% | +11.1% | +6.6% | +13.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Government |
194 | 206 | 206 | 241 | 847 | 189 | +10.4% | +11.3% | +20.5% | +26.9% | +17.3% | +8.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Data |
147 | 133 | 118 | 134 | 532 | 109 | -16.6% | -11.8% | -23.8% | -10.5% | -15.8% | -16.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mobility |
214 | 221 | 195 | 203 | 832 | 259 | +2.7% | +25.9% | +23.8% | +12.2% | +15.3% | +37.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other |
11 | 9 | 8 | 9 | 36 | 6 | n/m | n/m | n/m | n/m | n/m | n/m | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenue |
909 | 890 | 829 | 884 | 3,512 | 847 | -4.7% | +1.5% | -2.3% | -1.0% | -1.6% | +3.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA |
425 | 399 | 346 | 359 | 1,529 | 404 | -10.3% | -4.8% | -16.8% | -16.1% | -12.1% | +5.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
‘At Constant FX’ refers to comparative figures restated at the current period FX rates to neutralise currency variations.
2b) COMBINED LIKE-FOR-LIKE HISTORICAL REVENUE BY BUSINESS UNIT AND ADJUSTED EBITDA
(Intelsat fully consolidated from 1 January 2024 – at Reported FX)
| € million | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Average €/$ FX rate |
1.09 | 1.08 | 1.09 | 1.09 | 1.09 | 1.04 | 1.12 | 1.16 | 1.16 | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Media |
371 | 364 | 370 | 366 | 1,470 | 344 | 321 | 302 | 298 | 1,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Networks |
537 | 530 | 514 | 554 | 2,135 | 555 | 560 | 519 | 577 | 2,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Government |
169 | 192 | 181 | 202 | 742 | 194 | 206 | 206 | 241 | 847 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed Data |
170 | 157 | 165 | 159 | 651 | 147 | 133 | 118 | 134 | 532 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Mobility |
198 | 181 | 168 | 193 | 741 | 214 | 221 | 195 | 203 | 832 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Other |
12 | 9 | 8 | 23 | 51 | 11 | 9 | 8 | 9 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined like-for-like revenue |
919 | 903 | 891 | 943 | 3,656 | 909 | 890 | 829 | 884 | 3,512 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA |
457 | 434 | 438 | 455 | 1,783 | 425 | 399 | 346 | 359 | 1,529 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2c) BASIS OF COMBINED LIKE-FOR-LIKE FINANCIAL INFORMATION
The supplemental combined like-for-like financial information included in this press release presents the historical consolidated financial information of the SES Group adjusted to give effect to the acquisition of Intelsat by SES as if it had taken place on 1 January 2024. This combined like-for-like financial information does not meet the requirements of Article 11 of SEC Regulation S-X.
The SES Group’s consolidated financial statements are prepared in accordance with IFRS, and the Intelsat Group’s pre-acquisition financial information was prepared in accordance with U.S. GAAP. The combined like-for-like financial information includes (i) adjustments to convert the pre-acquisition financial information of the Intelsat Group from U.S. GAAP to IFRS, such as fair value adjustments in respect of contract liabilities impacting combined like-for-like revenue, share-based compensation and employee benefits adjustments, as well as leases impacting combined like-for-like operating expenses, (ii) intercompany eliminations and (iii) restatement at constant FX of comparative figures.
The combined like-for-like financial information is presented for illustrative purposes only and is not necessarily indicative of the combined financial position or results of operations that would have been achieved had the Acquisition occurred on 1 January 2024, nor is it meant to be indicative of future results of operations of the Combined Group. The combined like-for-like financial information is based on the SES Group’s accounting policies. Further review of the pre-acquisition financial information may have identified additional differences between the accounting policies of the SES Group and the Intelsat Group that, when conformed, could have a material impact on the like-for-like financial information of the Combined Group.
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ALTERNATIVE PERFORMANCE MEASURES
SES 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 financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles and thus should not be considered substitutes for the information contained in the Group’s financial statements.
| Alternative Performance Measure
|
Definition | |||
| Reported EBITDA and EBITDA margin | EBITDA is profit for the period before depreciation, amortisation, impairment, net | |||
| financing cost, other non-operating income / expense (net) and income tax. EBITDA | ||||
| margin is EBITDA divided by the sum of revenue and other income including U.S. C-band repurposing income. | ||||
| Adjusted EBITDA and Adjusted EBITDA margin | EBITDA adjusted to exclude significant special items of a non-recurring nature. The | |||
| primary such items are the net impact of U.S. C-band spectrum repurposing, other | ||||
| income, restructuring charges, costs associated with the development and/or | ||||
| implementation of merger and acquisition activities (“M&A”), specific business taxes | ||||
| and one-off regulatory charges arising outside ongoing operations. The Adjusted | ||||
| EBITDA margin is Adjusted EBITDA divided by revenue. | ||||
| Combined Like-for-like Adjusted EBITDA | Combined Like-for-like Adjusted EBITDA includes Intelsat fully consolidated from 1 | |||
| January 2024 at reported FX. | ||||
| Adjusted Free Cash Flow | Net cash generated by operating activities less net cash absorbed by investing | |||
| activities, interest paid on borrowings, coupon paid on perpetual bond and lease | ||||
| payments, and adjusted to exclude the net cash flow impact of significant special items | ||||
| of a non-recurring nature, primarily U.S. C-band spectrum repurposing, other income, | ||||
| restructuring charges, M&A (including net financing income / costs), specific business | ||||
| taxes and one-off regulatory charges arising outside ongoing operations. | ||||
| Adjusted Net Debt | Adjusted Net Debt is defined as current and non-current borrowings (including lease | |||
| liabilities) less cash and cash equivalents (excluding amounts subject to contractual | ||||
| restrictions) and excluding 50% of the Hybrid Bond (classified as borrowings) and | ||||
| including 50% of the Perpetual Bond (classified as equity). The treatment of the Hybrid | ||||
| Bond and Perpetual Bond is consistent with rating agency methodology. | ||||
| Adjusted Net Debt to Adjusted EBITDA | The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt | |||
| divided by Adjusted EBITDA. | ||||
| Combined Like-for-like Net leverage | The Combined Like-for-like Net leverage ratio is defined as Adjusted Net Debt divided | |||
| by twelve-month rolling Combined Like-for-like Adjusted EBITDA. | ||||
| Adjusted Net Profit | Net profit attributable to owners of the parent adjusted to exclude the after-tax impact of | |||
| significant special items including M&A net financing income / costs. |
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.
For further information please contact:
| Christian Kern Investor Relations Tel: +352 710 725 261 IR@ses.com |
Steven Lott Communications Tel. +352 710 725 500 SES.Press@ses.com |
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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.
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.
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