Intelsat integration boosts SES Q1 adjusted EBITDA
SES has reported adjusted EBITDA of EUR 404 million for the first quarter of 2026, representing a 57% year-on-year increase at constant currencies. This growth reflects the full integration of Intelsat as of July 17, 2025.
On a pro forma basis—assuming Intelsat had been consolidated since January 1, 2024—the Luxembourg-based satellite operator's adjusted EBITDA rose by 5%, also at constant exchange rates.
In terms of top-line performance, SES generated revenue of EUR 847 million over the first three months of the year, an 80.5% increase excluding currency effects, including 3.1% growth on a pro forma basis at constant currencies.
'Networks, which now account for approximately two-thirds of total revenue, saw growth driven by sustained momentum in the mobility and government services sectors,' noted CEO Adel Al-Saleh.
The executive hailed 'an excellent start to the year for SES, now a unified company, thanks to focused execution across the networks and media businesses,' adding that the group's strategy has been further validated.
Consequently, SES has reaffirmed its financial outlook for the full year 2026, projecting that revenue and adjusted EBITDA should remain stable on a pro forma basis and at constant exchange rates.
SES S.A. has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES S.A. operates the world's only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low-latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES S.A. is able to deliver high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world's leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners.
SES S.A.'s video network carries over 10,900 channels and has an unparalleled reach of nearly 700 million households, delivering managed media services for both linear and non-linear content.
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