Q1 2026 SES SA Earnings Call Transcript
Key Points
- SES SA (SGBAF) reported a strong start to 2026 with Q1 revenue of EUR847 million, up 80% year-on-year.
- The Networks segment showed significant growth, particularly in Mobility, with a 106% year-on-year increase.
- The company secured EUR306 million in renewals and new customer contracts, supporting a gross backlog of EUR6.2 billion.
- SES SA (SGBAF) is making progress with its next-generation MEO network, meoSphere, which is expected to enhance future growth.
- The company achieved a 20% year-on-year reduction in staff costs and a 9% decrease in overall operating expenses, indicating successful synergy execution.
- The Media segment faced challenges with an 11% decline on a like-for-like basis, impacted by structural headwinds and a Brazilian customer bankruptcy.
- Fixed Data revenues declined by 16.9% on a like-for-like basis due to ongoing competitive headwinds.
- The US government segment experienced budgetary pressures and contract rationalization, affecting revenue growth.
- Capital expenditures were front-loaded in Q1 2026, totaling EUR319 million, which may impact cash flow management.
- The company faces near-term headwinds in parts of Fixed Data and Media, requiring restructuring to address competitive dynamics.
Ladies and gentlemen, welcome to the SES first quarter 2026 results conference call. (Operator Instructions) Now I will hand the conference over to Christian Kern, Head of Investor Relations. Please, sir, go ahead.
Thank you, Gaja. Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you to SES Q1 2026 Results Call on behalf of our management team. Before proceeding with the management presentation, we would like to inform you that the financial information contained in this document has been prepared under International Financial Reporting Standards.
As usual, this presentation may contain announcements that constitute forward-looking statements, which are no guarantees for future business performance and involve risks as well as uncertainties. Also, certain results may materially differ from those in these forward-looking statements due to several factors.
We invite you to read the detailed disclaimer on slide 2 of this presentation. The presentation is also
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