Key Highlights
- Q1 2026 revenue reached €847 million for SES, representing an 80% increase compared to the prior year at constant currency rates
- First quarterly report incorporating Intelsat figures after completing acquisition in July 2025
- Japan Airlines committed to equipping over 40 long-haul aircraft with SES connectivity solutions
- Strategic Boeing partnership achieved key milestone for factory-installed connectivity across entire aircraft lineup
- Company maintains 2026 full-year outlook with stable revenue and EBITDA projections on comparable basis
The Luxembourg-headquartered satellite communications provider SES unveiled its Q1 2026 financial performance on Tuesday, disclosing revenues totaling €847 million. The figure represents an 80% year-over-year expansion when measured at constant foreign exchange rates.
These quarterly financials mark the first comprehensive inclusion of Intelsat’s operations, following SES’s completion of the acquisition in July 2025. The consolidation has substantially elevated the organization’s revenue profile.
Adjusted EBITDA for the three-month period totaled €404 million, representing a 44.2% climb at reported currency rates. However, the adjusted EBITDA margin compressed to 47.7% from 55.1% recorded in the corresponding quarter last year, attributed to elevated operational costs from the enlarged combined entity.
When examined on a like-for-like comparison that excludes Intelsat’s contribution, revenue advanced 3.1% while adjusted EBITDA expanded 5% at constant currency rates. These metrics indicate consistent organic business momentum.
SES equity shares climbed over 6% during Tuesday’s trading session, reaching the year’s peak valuation. The stock settlement price landed near €8.17.
Aviation Sector Emerges as Performance Driver
The aviation connectivity division delivered exceptional quarterly results. Chief Executive Adel Al-Saleh disclosed that approximately 600 aircraft now operate with the SES multi-orbit inflight connectivity platform.
During the quarter, SES obtained commitments covering more than 40 long-range aircraft for Japan Airlines. Across all segments, the organization concluded €306 million in fresh contracts and renewals.
SES and Boeing achieved a significant development milestone advancing toward factory line-fit integration of the multi-orbit connectivity platform for Boeing’s complete aircraft portfolio. This innovation would enable the technology to be incorporated during manufacturing rather than retrofitted post-delivery.
European Infrastructure Partnerships Reinforced
In European operations, SES and the EU Agency for the Space Programme prolonged the EGNOS GEO-1 satellite service contract through 2030. This service delivers high-precision positioning data for aviation operators and additional users throughout European territories.
SES advanced its involvement in the IRIS² programme, a European Commission strategic initiative establishing sovereign space-based communications infrastructure. Projected capital expenditure for 2026 approximates €700 million, encompassing IRIS² investments and initial meoSphere programme deployment.
Networks division revenue, constituting 66% of aggregate revenue, achieved €556 million. Mobility revenue within this segment recorded €259 million, surging 207.8% at constant exchange rates, though this incorporated a scheduled €81 million contract restructuring in the Aviation category.
Media division revenue totaled €285 million, climbing 42.9% at constant currency rates, yet declining 11% on a like-for-like comparison basis.
Net income posted a €16 million deficit, contrasting with a €29 million profit recorded one year prior. Elevated depreciation expenses of €108 million and increased financing costs following the Intelsat transaction impacted bottom-line performance.
Adjusted net debt to EBITDA ratio measured 4.1 times, escalating from 1.2 times one year earlier, reflecting leverage assumed for the acquisition financing.
Personnel expenses decreased 20% and total operating expenditure declined 9% year-over-year at constant currency on a like-for-like basis, demonstrating early integration synergy realization.
SES confirmed its complete 2026 fiscal year guidance, projecting both revenue and adjusted EBITDA to remain stable year-over-year on a like-for-like basis at constant exchange rates.
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