Monitor net leverage trajectory toward the 3.0x target and any signs of Media segment stabilization. The reiterated outlook suggests management confidence, but high debt and declining legacy Media revenue warrant caution. Next catalysts include H2 satellite launches and Q2 results.
Price Chart
Executive Summary
SES reported Q1 2026 revenue of €847M (+66.6% reported, +3.1% like-for-like at constant FX) and Adjusted EBITDA of €404M (+44.2% reported, +5.0% like-for-like). Net loss attributable to owners was €16M vs profit of €29M a year ago, driven by higher depreciation, amortization, and financing costs from the Intelsat acquisition. The company reiterated its full-year 2026 outlook for stable revenue and EBITDA on a like-for-like constant FX basis.
Key Facts
- Q1 2026 revenue €847M, like-for-like +3.1% at constant FX
- Adjusted EBITDA €404M, like-for-like +5.0% at constant FX
- Net loss attributable to owners €16M vs profit €29M in Q1 2025
- Adjusted net profit €14M, down 66.5% from €42M
- Net leverage 4.1x vs 3.9x at year-end 2025
- 2026 financial outlook reiterated: stable revenue and Adjusted EBITDA YoY on like-for-like constant FX basis
- Raised €650M SPACE Hybrid securities in March, 5x oversubscribed
- Repaid ~€979M in debt maturities including tender offer
- Media segment like-for-like revenue declined 11.0% YoY; Networks +13.0%
- Mobility like-for-like +37.6%, Government +8.8%, Fixed Data -16.9%
Financial Impact
Revenue growth of +3.1% like-for-like with Adjusted EBITDA +5.0%, but net loss of €16M due to acquisition-related charges and higher interest. Net leverage increased to 4.1x.
Risk Factors
- High net leverage at 4.1x limits financial flexibility
- Media segment continues to decline on like-for-like basis (-11%)
- Fixed Data revenue declining (-16.9%) due to competitive pressures
- Net loss and negative EPS may pressure stock sentiment
- Integration and synergy realization risks from Intelsat acquisition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-220637 |
| Document: d48717d6k.htm | 0001193125-26-220637 |
| Document: 0001193125-26-220637-index-headers.html | 0001193125-26-220637 |
| Document: 0001193125-26-220637-index.html | 0001193125-26-220637 |
| Document: 0001193125-26-220637.txt | 0001193125-26-220637 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $4.68 $4.19 | ▼ −10.47% | ▼ −10.33% | $4.65 (−0.64%) |
Sep 30, 2026 26d ago | 6-K | $4.94 $4.68 | ▼ −5.26% | ▼ −7.18% | $4.65 (−5.87%) |
Sep 24, 2026 4w ago | 6-K | $5.27 $4.65 | ▼ −11.76% | ▼ −11.35% | $4.65 (−11.76%) |
Sep 15, 2026 5w ago | 6-K | $5.20 $5.46 | ▲ +5.00% | ▲ +4.18% | $4.65 (−10.58%) |
Aug 18, 2026 9w ago | 6-K | $6.43 $5.82 | ▼ −9.49% | ▼ −9.29% | $4.65 (−27.68%) |
Aug 10, 2026 11w ago | 6-K | $6.16 $6.21 | ▲ +0.81% | ▲ +0.86% | $4.65 (−24.51%) |
Jul 31, 2026 12w ago | 6-K | $6.52 $6.20 | ▼ −4.91% | ▼ −8.42% | $4.65 (−28.68%) |
Jul 28, 2026 12w ago | 6-K | $8.01 $6.40 | ▼ −20.10% | ▼ −24.21% | $4.65 (−41.95%) |
Jun 18, 2026 18w ago | 6-K | $8.40 $7.33 | ▼ −12.74% | ▼ −10.36% | $4.65 (−44.64%) |
May 13, 2026 23w ago | 6-K | $9.22 $9.00 | ▼ −2.39% | ▼ −1.23% | $4.65 (−49.57%) |
US Market Status
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