Key Highlights
- Q1 2026 revenue reached €847 million, marking an 80% year-over-year increase at constant currency rates
- First quarterly report incorporating Intelsat operations after July 2025 acquisition completion
- Aviation division landed agreements covering more than 40 Japan Airlines long-haul planes
- Partnership with Boeing achieved significant progress toward 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 released its Q1 2026 financial performance on Tuesday, disclosing €847 million in quarterly revenue. This represents an 80% year-over-year expansion when measured at constant foreign exchange rates.
The quarterly financial statement marks the first complete reporting period incorporating Intelsat’s operations since SES finalized the acquisition in July 2025. This transformative merger has substantially elevated the company’s overall revenue figures.
Adjusted EBITDA for the three-month period totaled €404 million, representing a 44.2% increase at reported currency levels. The adjusted EBITDA margin settled at 47.7%, declining from the prior year’s 55.1%, a reflection of elevated operational expenses associated with the enlarged combined entity.
When examined on a comparable basis—excluding Intelsat’s contribution—revenue climbed 3.1% while adjusted EBITDA advanced 5% at constant currency rates. These metrics indicate sustained organic momentum in the core operations.
SES equity shares climbed more than 6% during Tuesday’s trading session, reaching the highest valuation recorded in 2026 thus far. The stock settled near €8.17 at market close.
Aviation Segment Delivers Outstanding Performance
The aviation connectivity division emerged as the quarter’s top performer. Chief Executive Officer Adel Al-Saleh reported that approaching 600 commercial aircraft now operate with the SES multi-orbit inflight connectivity platform.
During the quarter, SES finalized agreements covering over 40 long-range aircraft for Japan Airlines. Across all business lines, the company recorded €306 million in fresh contracts and renewals.
SES partnered with Boeing to achieve a critical breakthrough toward implementing a factory line-fit configuration for the multi-orbit connectivity platform across Boeing’s complete aircraft portfolio. This advancement enables the integration of connectivity hardware during aircraft manufacturing rather than through post-production retrofitting.
European Government Contracts See Extension
Regarding European operations, SES and the EU Agency for the Space Programme prolonged the EGNOS GEO-1 satellite service contract through 2030. This service delivers precision navigation capabilities supporting aviation operations and additional applications throughout European airspace.
SES advanced its involvement in the IRIS² programme, a European Commission strategic initiative establishing independent space-based communications infrastructure. The company anticipates capital expenditure of approximately €700 million for 2026, encompassing IRIS² investments and initial meoSphere programme deployment.
Networks division revenue, representing 66% of consolidated revenue, totaled €556 million. Within this segment, Mobility revenue achieved €259 million, surging 207.8% at constant exchange rates, though this figure incorporated a scheduled contract restructuring in Aviation valued at €81 million.
Media division revenue registered €285 million, climbing 42.9% at constant currency rates, yet declining 11% when measured on a comparable basis.
Net income registered a €16 million loss, contrasting with the previous year’s €29 million profit. Elevated depreciation charges of €108 million and amplified financing expenses following the Intelsat transaction pressured profitability.
Adjusted net debt to EBITDA measured 4.1 times, rising from 1.2 times one year prior, attributable to debt obligations assumed through the acquisition.
Employee compensation expenses decreased 20% and total operating expenditure contracted 9% year-over-year at constant currency on a comparable basis, demonstrating initial success in cost synergy realization.
SES confirmed its full-year 2026 financial guidance, projecting revenue and adjusted EBITDA stability year-over-year on a like-for-like basis at constant exchange rates.
