Key Highlights
- Q1 2026 revenue reached €847 million, representing an 80% year-over-year increase at constant currency rates
- First quarterly report incorporating Intelsat operations after completing the July 2025 acquisition
- More than 40 Japan Airlines long-haul aircraft commitments secured for aviation connectivity services
- Boeing partnership achieved critical milestone for factory-installed connectivity systems across entire aircraft lineup
- Company maintains full-year 2026 financial projections with stable revenue and EBITDA on like-for-like comparisons
Luxembourg’s satellite communications provider SES unveiled its Q1 2026 financial performance on Tuesday, revealing quarterly revenue of €847 million—an 80% year-over-year jump when measured at constant foreign exchange rates.
The quarterly report marks the first complete integration of Intelsat’s operations following SES’s acquisition, which closed in July 2025. This transformative merger has significantly expanded the company’s revenue base.
The company recorded adjusted EBITDA of €404 million for the period, representing a 44.2% increase at reported currency levels. However, the adjusted EBITDA margin compressed to 47.7% from 55.1% in the prior-year quarter, primarily due to elevated operational costs associated with the expanded combined entity.
When examining performance on a like-for-like basis—which excludes Intelsat’s contribution—revenue advanced 3.1% while adjusted EBITDA climbed 5% at constant exchange rates. These figures indicate healthy organic business momentum.
Investor sentiment was positive, with SES stock surging over 6% on Tuesday to reach 2026 peak levels. Shares settled near €8.17 at the close.
Aviation Connectivity Emerges as Key Growth Driver
The aviation connectivity division delivered exceptional quarterly performance. Chief Executive Officer Adel Al-Saleh disclosed that approximately 600 aircraft are currently operational with SES’s multi-orbit inflight connectivity platform.
During the quarter, SES finalized agreements to equip over 40 Japan Airlines long-haul aircraft with its connectivity solutions. The company closed €306 million in fresh contracts and renewals across all business segments.
A significant development involved SES and Boeing achieving an important breakthrough toward implementing factory line-fit installations of the multi-orbit connectivity platform for Boeing’s complete aircraft portfolio. This advancement enables the technology to be integrated during manufacturing rather than retrofitted post-delivery.
European Space Infrastructure Agreements Strengthened
In European operations, SES and the EU Agency for the Space Programme expanded the EGNOS GEO-1 satellite service contract through 2030. This service provides precision navigation capabilities for aviation operators and other sectors throughout Europe.
SES also advanced its involvement in IRIS², the European Commission’s strategic initiative for sovereign space-based communications infrastructure. The company projects capital expenditures of approximately €700 million for 2026, encompassing IRIS² investments and the initial deployment of its meoSphere program.
The Networks division, accounting for 66% of consolidated revenue, generated €556 million during the quarter. Within this segment, Mobility revenue totaled €259 million, surging 207.8% at constant exchange rates, though this included an €81 million planned contract restructuring in the Aviation business line.
Media segment revenue came in at €285 million, up 42.9% at constant currency rates but declining 11% on a like-for-like comparison basis.
Net income showed a loss of €16 million, contrasting with a €29 million profit in the corresponding quarter of 2025. Elevated depreciation expenses of €108 million and increased financing costs stemming from the Intelsat transaction pressured profitability.
Adjusted net debt to EBITDA increased to 4.1 times from 1.2 times year-over-year, reflecting the debt financing utilized for the acquisition.
Employee-related expenses decreased 20% while total operating expenses fell 9% year-on-year at constant currency on a like-for-like basis, demonstrating early success in post-merger cost optimization efforts.
SES confirmed its 2026 annual outlook, projecting both revenue and adjusted EBITDA to remain flat year-over-year on a like-for-like basis at constant exchange rates.
