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' 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

Networks revenue up 106.0% yoy supported by growth in Mobility ( 207.8% yoy; including positive impact from a contract restructuring in Aviation) and

Government ( 50.7% yoy); Media ( 42.9% yoy) in-line with expectations

306 million of new business and contract renewals signed in Q1 2026

2026 financial outlook reiterated: both Revenue and Adjusted EBITDA expected to be stable yoy on a like-for-like and constant FX basis

Net Leverage at 4.1 times (including cash & cash equivalents of 874 million) 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 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 (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.

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.

Read the press release in full.

LINK:	https://www.ses.com/news/press-release/ses-delivers-robust-q1-2026-res...
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