SES Revenue Soars 80% in Q1 2026 Following Intelsat Integration and Aviation Expansion
SES reported an 80% year-over-year revenue increase to €847 million in Q1 2026, driven by the full integration of Intelsat and expansion in its aviation division. The company secured major contracts with Japan Airlines and made progress with Boeing on factory-installed connectivity, though EBITDA margins declined due to merger-related costs. Despite margin pressure, SES maintained its full-year guidance and demonstrated solid organic growth, leading to positive investor response.
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. SES S.A. ($SES.PA) Q1 2026 Earnings Follow-Up: The Transformation is Accelerating! The Intelsat integration is unleashing its full potential, demonstrating the massive scaling of network capacities. Q1 Figures at a Glance: • Revenue jumps to €847 million (+80.5% YoY).… https://t.co/1xQ7M0sqzi pic.twitter.com/Ts5X3P8UrV — The Analyst (@the_analyst_24) May 12, 2026 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 climbi...
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