SES S.A. (SESG) Earnings Call Transcripts

SES S.A.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, SES S.A. reported a strong revenue of EUR 847 million, reflecting an 80% year-over-year increase, primarily driven by a 106% growth in networks. Adjusted EBITDA reached EUR 404 million, up 57% year-over-year, with a margin of 47.7%. Management reiterated their 2026 financial outlook, expecting stable revenue and EBITDA, while highlighting ongoing challenges in fixed data and media segments. The company is focused on capital discipline and strategic growth initiatives, including the rollout of their next-generation MEO network, meoSphere, targeted for operation by 2030.

Reported metrics

Guidance from management

Management reiterated their 2026 financial outlook, expecting stable revenue and adjusted EBITDA. They highlighted that government revenues are expected to ramp up in the second half of the year as contract signings materialize.

What management said

Sure. All right. So on the government side, we do have revenue in the first quarter for IRIS. It's just shy of about EUR 40 million. And that's taking us. We're still going through the Rendez-vous 1. On the U.S. government side, so we have -- you can probably all tell that the second half is back-end loaded in terms of revenue. And some of that is due to the government, in particular, in the U.S., where we have 2 con...

I don't think that's disclosable, right? So it's not significant for all. When Lynk and Omnispace do combine, they're in the verge of getting their final regulatory approvals. It's up to them to disclose who their shareholders are and what the position is.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of the aviation revenue growth and the impact of the EUR 81 million contract restructuring on future quarters. There were also questions about the potential risks associated with U.S. government contracts not materializing as expected.

Main topics on the call

• Revenue Growth — SES reported Q1 2026 revenue of EUR 847 million, up 80% year-over-year, driven by a 106% increase in networks. Management stated, "Q1 2026 delivered a solid start to the financial year, with performance materializing as ...
• Adjusted EBITDA Performance — The adjusted EBITDA for Q1 2026 was EUR 404 million, reflecting a 57% increase year-over-year with a margin of 47.7%. This performance was attributed to strong operational execution and cost management.
• Challenges in Fixed Data and Media — Management acknowledged ongoing headwinds in fixed data and media, stating, "We continue facing some near-term headwinds, most notably in parts of fixed data and in media." They expect stabilization in media performance ...
• Aviation Segment Growth — The aviation segment showed significant growth, with nearly 600 aircraft utilizing SES's multi-orbit system. Management highlighted, "Demand for multi-orbit electronically secured antennas continues to accelerate," indic...

Read the full SES S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 2 SES S.A. earnings call transcripts on record, spanning May 12, 2026 to July 30, 2026. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SESG

Exchange

ENXTPA

Country

FR

Sector

Communication Services

Industry

Media

Calls on record

2

First call

May 12, 2026

Most recent

July 30, 2026