SES Reports 80% Revenue Jump as Aviation Connectivity and Intelsat Merger Drive Q1 Growth

TLDR

• SES posted Q1 2026 revenue of €847 million, up 80% year-on-year at constant currency
• Results include Intelsat for the first time, following the July 2025 acquisition
• Aviation business secured commitments for 40+ Japan Airlines long-haul aircraft
• SES and Boeing reached a milestone on factory line-fit connectivity for all Boeing models
• Full-year 2026 guidance reiterated, with revenue and EBITDA expected stable on a like-for-like basis

Luxembourg-based satellite operator SES posted its first-quarter 2026 results on Tuesday, reporting revenue of €847 million. That figure is up 80% year-on-year at constant exchange rates.

SES S.A. ($SES.PA) Q1 2026 Earnings Follow-Up: The Transformation is Accelerating!

The Intelsat integration is unleashing its full potential, demonstrating the massive scaling of network capacities.

📊 Q1 Figures at a Glance:

• Revenue jumps to €847 million (+80.5% YoY).… https://t.co/1xQ7M0sqzi pic.twitter.com/Ts5X3P8UrV

— The Analyst (@the_analyst_24) May 12, 2026

This was the first set of quarterly results to fully include Intelsat, which SES acquired in July 2025. The merger has considerably boosted the company’s top-line numbers.

Adjusted EBITDA for the quarter came in at €404 million, up 44.2% at reported exchange rates. The adjusted EBITDA margin was 47.7%, down from 55.1% in the same period last year, reflecting higher costs from the combined business.

On a like-for-like basis, which strips out the Intelsat effect, revenue rose 3.1% and adjusted EBITDA rose 5% at constant exchange rates. Those numbers suggest the underlying business is growing steadily.

SES shares rose more than 6% on Tuesday, touching their highest level of 2026. The stock closed at around €8.17.

SES S.A. (SESG.PA)

Aviation Business Leads Growth

The aviation segment was a standout for the quarter. CEO Adel Al-Saleh said nearly 600 aircraft are now flying with the SES multi-orbit inflight connectivity system.

SES also secured commitments for more than 40 long-haul aircraft for Japan Airlines during the quarter. The company signed €306 million in new business and contract renewals overall.

SES and Boeing reached a milestone toward a factory line-fit solution for the multi-orbit connectivity system across all Boeing aircraft models. That means the technology could be built directly into new planes at the factory rather than added later.

European Infrastructure Contracts Extended

On the European side, SES and the EU Agency for the Space Programme extended the EGNOS GEO-1 satellite service agreement through 2030. The service supports high-precision navigation for aviation and other users across Europe.

SES also continued work on the IRIS² programme, a European Commission initiative for sovereign space-based connectivity. Capital expenditure for 2026 is expected to be around €700 million, which includes spending on IRIS² and the first phase of its meoSphere programme.

Networks revenue, which made up 66% of total revenue, reached €556 million. Mobility revenue within that segment hit €259 million, up 207.8% at constant exchange rates, though this included a planned contract restructuring in Aviation worth €81 million.

Media revenue was €285 million, up 42.9% at constant exchange rates, but down 11% on a like-for-like basis.

Net profit came in as a loss of €16 million, compared with a profit of €29 million a year earlier. Higher depreciation costs of €108 million and increased financing costs weighed on the bottom line following the Intelsat deal.

Adjusted net debt to EBITDA stood at 4.1 times, up from 1.2 times a year ago, reflecting debt taken on for the acquisition.

Staff costs fell 20% and overall operating expenditure dropped 9% year-on-year at constant currency on a like-for-like basis, showing early signs of cost integration progress.

SES reiterated its full-year 2026 guidance, expecting both revenue and adjusted EBITDA to remain stable year-on-year on a like-for-like and constant exchange rate basis.

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