SES Revenue Soars 80% in Q1 2026 Following Intelsat Integration and Aviation Expansion

TLDR

• SES achieved Q1 2026 revenue of €847 million, marking an 80% year-over-year increase at constant currency rates
• First quarterly report incorporating Intelsat operations after completing acquisition in July 2025
• Aviation division won contracts covering over 40 Japan Airlines long-haul aircraft
• Partnership with Boeing achieved significant progress toward factory-installed connectivity across entire Boeing fleet
• Company maintains full-year 2026 projections with stable revenue and EBITDA forecasts on like-for-like comparison

The Luxembourg-headquartered satellite communications provider SES released its first-quarter 2026 financial performance on Tuesday, revealing revenues totaling €847 million. This represents an 80% jump compared to the previous year when measured at constant exchange rates.

These results mark the initial quarterly report incorporating the complete operations of Intelsat, following SES’s acquisition completion in July 2025. The strategic merger has significantly enhanced the company’s revenue figures.

The quarter delivered adjusted EBITDA of €404 million, representing a 44.2% increase at reported exchange rates. However, the adjusted EBITDA margin decreased to 47.7% from 55.1% during the corresponding period in 2025, primarily due to elevated costs associated with the merged operations.

When evaluated on a like-for-like basis—excluding Intelsat’s contribution—revenue advanced 3.1% while adjusted EBITDA climbed 5% at constant exchange rates. These figures indicate consistent organic growth in the core business operations.

Investor sentiment responded positively, with SES shares climbing over 6% on Tuesday and reaching 2026’s peak price point. The stock settled near €8.17 at market close.

SES S.A. (SESG.PA)

Aviation Division Powers Quarterly Performance

The aviation sector delivered exceptional results during the quarter. CEO Adel Al-Saleh reported that approximately 600 aircraft currently operate with the SES multi-orbit inflight connectivity platform.

During this period, SES finalized agreements to equip more than 40 long-haul aircraft for Japan Airlines. Across all segments, the company executed €306 million in fresh contracts and renewals.

A significant development emerged from the SES-Boeing partnership, achieving a crucial milestone for factory line-fit integration of the multi-orbit connectivity platform across Boeing’s entire aircraft portfolio. This advancement enables the technology to be incorporated during manufacturing rather than retrofitted post-delivery.

European Infrastructure Agreements Renewed

Regarding European operations, SES partnered with the EU Agency for the Space Programme to prolong the EGNOS GEO-1 satellite service contract through 2030. This system delivers precision navigation capabilities for aviation and additional applications throughout Europe.

SES maintained its involvement in the IRIS² initiative, a European Commission project focused on independent space-based communications infrastructure. The company anticipates capital expenditure near €700 million for 2026, encompassing investments in IRIS² and the initial meoSphere programme deployment.

The Networks division, comprising 66% of consolidated revenue, generated €556 million. Mobility revenue within this segment reached €259 million, surging 207.8% at constant exchange rates, though figures incorporated a scheduled €81 million Aviation contract restructuring.

Media division revenue totaled €285 million, climbing 42.9% at constant exchange rates, while declining 11% on a like-for-like comparison.

Net results showed a €16 million loss, contrasting with a €29 million profit recorded one year prior. Elevated depreciation charges of €108 million and increased financing expenses following the Intelsat transaction pressured profitability.

Adjusted net debt to EBITDA reached 4.1 times, rising from 1.2 times twelve months earlier, reflecting the debt burden assumed for the acquisition.

Employee-related expenses decreased 20% and total operating costs fell 9% year-over-year at constant currency on a like-for-like basis, demonstrating early synergy realization from the integration process.

SES confirmed its full-year 2026 financial outlook, projecting stable revenue and adjusted EBITDA compared to the previous year on a like-for-like basis at constant exchange rates.

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