LUXEMBOURG--(BUSINESS WIRE)--May 12, 2026--
SES S.A. announces financial results for the three months ended 31 March 2026.
Q1 2026 Q1 2025
Q1 2026 as as At At
Performance reported reported constant Q1 2025 constant
(EUR million) (1) (1) FX (2) like-for-like(3) FX (2)
----------------- -------- -------- -------- ---------------- --------
Average EUR/$
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
-- EUR306 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
EUR874 million(4)) with SPACE Hybrid securities of EUR650 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 EUR104 million (EUR0.25 per A-share, EUR0.10 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 IRIS(2) 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 EUR100 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 EUR700 million."
____________________
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 EUR306 million of restricted cash with respect to the SES-led
consortium's involvement in IRIS(2)
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(5) (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 IRIS(2) and first phase of meoSphere capital expenditures) is expected to be around EUR700 million(6) .
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 IRIS(2)
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.
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.
EUR million Q1 2026(1) Q1 2025 at reported FX at constant FX -------------- ---------- --------- -------------- -------------- Average EUR/$ 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 4.1 times 1.2 times n/m n/m Debt / Adjusted EBITDA --------------- ---------- --------- -------------- -------------- 'At constant FX' refers to comparative figures restated at the current period FX to neutralise currency variations.
Networks revenue of EUR556 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 EUR81 million in Q1 2026 and periodic revenue of EUR19 million recognised in Maritime in Q1 2025), Government (+50.7% yoy), and Fixed Data (+79.0% yoy).
Media revenue of EUR285 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 EUR404 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 EUR30 million net expenses (2025: EUR7 million net expenses), comprising other income (non-recurring) of EUR9 million (2025: EUR1 million), restructuring charges of EUR5 million (2025: nil), costs associated with the development and/or implementation of merger and acquisition activities ("M&A") of EUR6 million (2025: EUR8 million) and other charges of non-recurring nature of EUR28 million (2025: nil).
Adjusted Net Profit of EUR14 million (2025: EUR42 million) mainly reflecting EUR108 million year-on-year increased depreciation & amortisation driven by the Intelsat acquisition, higher net financing costs of EUR60 million (2025: EUR15 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 EUR16 million (2025: EUR25 million), as well as the impact of net foreign exchange gain of EUR3 million (2025: loss of EUR13 million), fully offset by interest expense on external borrowings of EUR55 million (2025: EUR21 million) and other net interest expense of EUR38 million (2025: EUR6 million).
Adjusted Net Profit excludes the significant special items highlighted above, as well as M&A-related net financing charges of nil (2025: EUR11 million) and net tax benefit of nil (2025: benefit of EUR5 million) associated with all the significant special items.
At 31 March 2026, the Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of EUR1.848 billion of hybrid bonds as debt and 50% as equity) was 4.1 times (31 December 2025: 3.9 times). Cash & cash equivalents of EUR874 million (excluding EUR306 million of restricted cash with respect to the SES-led consortium's involvement in IRIS(2) ) included the proceeds from the EUR125 million EIB financing, the EUR650 million proceeds from the PerpNC5.25 SPACE Hybrid securities issued in March 2026 (SES Successfully Prices EUR650 million of SPACE Hybrid Securities | SES), and EUR600 million revolving facility agreement drawn in March 2026.
In Q1 2026, SES repaid debt maturities of around EUR979 million, including EUR650 million senior bond and tender offer, as described below.
On 11 March 2026, SES launched a cash tender offer for its outstanding EUR625 million Deeply Subordinated Fixed Rate Resettable Securities. Following settlement, around EUR198 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 (EUR9 million) through settlements, with additional payments expected as negotiations progress. To date the company has collected a total of $202 million.
On 2 April 2026, the AGM approved all company-recommended resolutions. The final FY 2025 dividend of EUR104 million equal to EUR0.25 per A-share and EUR0.10 per B-share was paid to shareholders on 16 April 2026.
SES restates its commitment to disciplined financial allocation, investment grade metrics and net leverage target of 3.0 times or below. Once the company meets its net leverage target it intends to increase the annual base dividend, and at least a majority of future exceptional cashflows will be prioritised for shareholder returns.
SES continues progressing through Rendez--Vous 1 of the IRIS(2) program, working closely with the European Commission to validate project cost, technical requirements, and delivery timelines. SES remains fully committed to the European Union's vision for a sovereign, secure, and competitive space--based connectivity infrastructure. As the lead member of the SpaceRise consortium, SES collaborates with all partners to ensure successful delivery of IRIS(2).
Operational performance
(Intelsat consolidated from 17 July 2025)
REVENUE BY BUSINESS UNIT
As reported Like-for-like
Revenue as revenue change revenue change
reported (year-on-year) (year-on-year)
Q1 2026 (EURmillion) at constant FX at constant FX
----------------- ---------------- ---------------- ----------------
Average EUR/$ 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 Global Networks H2 2026
(satellites
11-13)
-------------------- -------------------- --------------- -----------
ASTRA 1Q Europe Media, Networks 2027
-------------------- -------------------- --------------- -----------
SES-26 Africa, Asia, Media, Networks 2027
Europe, Middle East
-------------------- -------------------- --------------- -----------
EAGLE-1 Europe Government 2027
-------------------- -------------------- --------------- -----------
IS-42 N. Atlantic, W. Networks 2027
Europe, W. Africa
-------------------- -------------------- --------------- -----------
IS-43 Indian Ocean Region, Networks 2027
Europe, Middle East,
Africa
-------------------- -------------------- --------------- -----------
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.
CONSOLIDATED INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 - as reported)
EUR million Q1 2026 Q1 2025 ------------------------------------------------------- ------- ------- Average EUR/$ 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 expense2 (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 EUR)(1) (0.04) 0.06
-------------------------------------------------------- ------- -------
Basic and diluted earnings per B-share (in EUR)(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.
EUR 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 EUR9 million associated with mPOWER
insurance claims (Q1 2025: EUR1 million).
3) 'Other significant special items' include restructuring charges of EUR5
million (Q1 2025: nil), costs deriving from the development and/or
implementation of merger and acquisition activities ("M&A") of EUR6
million (Q1 2025: EUR8 million) and EUR28 million of other non-recurring
charges including a EUR27 million charge on the derecognition of certain
tangible assets (Q1 2025: nil).
EUR 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 EUR5
million (Q1 2025: nil), M&A costs of EUR6 million (Q1 2025: EUR19
million) and EUR28 million of other charges of non-recurring nature
including a EUR27 million charge on the derecognition of certain tangible
assets (Q1 2025: nil).
SUPPLEMENTARY FINANCIAL INFORMATION
1.) QUARTERLY INCOME STATEMENT
(Intelsat fully consolidated from 17 July 2025 -- as reported)
EUR million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
---------------------- ------- ------- ------- ------- -------
Average EUR/$ 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
EUR)(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.
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 (EUR million) at
reported FX Change year-on-year at Constant FX
---------------- --------------------------------------- -----------------------------------------------
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2025 2025 2025 2025 2025 Q1 2026 2025 2025 2025 2025 2025 Q1 2026
---------------- ---- ---- ---- ---- ----- -------- ------ ------ ------ ------ ------ -------
Average EUR/$ 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)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
EUR million 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025
---------------- ---- ---- ---- ---- ----- ---- ---- ---- ---- -----
Average EUR/$
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.
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 EBITDA adjusted to exclude
margin 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 Combined Like-for-like Adjusted
EBITDA 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.
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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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260511813567/en/
CONTACT: 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
(END) Dow Jones Newswires
May 12, 2026 01:30 ET (05:30 GMT)
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