SES Reports Strong Q1 2026 Growth, Reiterates Full-Year Outlook
Event summary
- SES reported Q1 2026 revenue of €847 million, up 80.5% year-over-year, driven by strong growth in Networks and Media segments.
- Adjusted EBITDA increased by 57% year-over-year to €404 million, with Networks revenue up 106% year-over-year.
- The company signed €306 million in new business and contract renewals during the quarter.
- SES successfully raised €650 million in SPACE Hybrid securities in March 2026, 5x oversubscribed.
- O3b mPOWER satellites 9&10 started serving customers in February, with satellites 11, 12, and 13 expected to launch in H2 2026.
The big picture
SES's strong Q1 2026 results reflect the successful integration of Intelsat and robust growth in its Networks segment, particularly in Mobility and Government. The company's strategic focus on next-generation MEO networks and operational efficiency positions it well in the competitive satellite communications market. The successful fundraising and planned satellite launches underscore SES's commitment to technological innovation and financial discipline.
What we're watching
- Integration Progress
- How SES will sustain the momentum from the Intelsat acquisition and achieve the expected synergies.
- Technological Rollout
- The pace at which SES can deploy its next-generation MEO network, meoSphere, and its impact on market positioning.
- Financial Discipline
- Whether SES can maintain its disciplined financial allocation and achieve its net leverage target of 3.0 times or below.
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