<div id="readability-page-1"><div><h2>SES (ENXTPA:SESG) Q1 2026 earnings overview</h2> <p>SES (ENXTPA:SESG) has just come through Q1 2026 with trailing 12 month revenue at €2.6b and a trailing 12 month basic EPS loss of €0.26, against a current share price of €7.86. Over recent quarters the company has seen quarterly revenue move from €526 million in Q4 2024 to €880 million in Q4 2025, while quarterly basic EPS moved from a loss of €0.18 to a loss of €0.12, setting up a picture where scale has improved but profitability is still under pressure. For you as a shareholder, the key story in these results is that top line momentum has not yet translated into healthy margins, so the focus now shifts to how SES can close that gap.</p> <p>See our full analysis for SES.</p><p>With the latest numbers on the table, the next step is to see how they line up with the key narratives around SES, including its path to profitability and the risks that could keep margins under strain.</p> <p>Curious how numbers become stories that shape markets? Explore Community Narratives</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/27908f5e-76ae-4429-86c1-4604294f951f/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTA1LTEz?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/27908f5e-76ae-4429-86c1-4604294f951f/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTA1LTEz"/><figcaption>ENXTPA:SESG Earnings &amp; Revenue History as at May 2026</figcaption></figure> <h2>€2.6b revenue, but €106m loss keeps margins weak</h2> <ul> <li>Over the trailing 12 months, SES generated €2.6b in revenue while reporting a net income loss of €106 million, so the business is still not turning that top line into profit.</li> <li>Consensus narrative notes that SES is a transitioning satellite infrastructure player, and this combination of a large €2.6b revenue base with a relatively modest €106 million trailing loss can be read two ways:     <ul> <li>Supporters point out that a business of this size with broad customer exposure across media and connectivity can have room to improve margins over time, especially compared with earlier trailing data that included a much larger €1.7b loss.</li> <li>Skeptics focus on the fact that losses have grown at about 35.4% per year over five years, so they question how quickly a move from legacy broadcast revenue toward data and connectivity can realistically change the earnings picture.</li> </ul> </li> </ul> <p>Curious how this kind of mixed revenue and loss profile turns into full investment stories for companies like SES, and how different investors interpret it through their own lenses? Curious how numbers become stories that shape markets? Explore Community Narratives</p> <h2>Price at €7.86 while DCF fair value sits at €28.38</h2> <ul> <li>SES trades at €7.86 per share versus a DCF fair value of €28.38 and on 1.3x P/S, compared with about 0.4x for the French media industry and 1.2x for peers, so it screens cheap on that DCF model but richer than the sector on sales multiples.</li> <li>What is striking for the bullish view is how this valuation gap sits next to the current loss making profile:     <ul> <li>Bulls argue that a price that is about 72% below the €28.38 DCF fair value plus forecasts of very large earnings growth of 76.85% a year and an expected move into profit within three years make the current €7.86 level look pessimistic.</li> <li>The tension is that trailing 12 month earnings are still negative and revenue growth is only about 1.2% a year, which is slower than the French market at 5.6%, so believers in the bullish case have to be comfortable that the DCF and growth forecasts eventually play out against relatively slow top line change so far.</li> </ul> </li> </ul> <h2>Interest and 6.37% dividend not covered by earnings</h2> <ul> <li>SES currently pays a 6.37% dividend yield, and interest costs as well as that dividend are not covered by earnings, which adds pressure while the trailing 12 month result is still a loss of €106 million.</li> <li>Critics highlight this income and leverage profile as a bearish consideration, and the numbers back up why they pay close attention to it:     <ul> <li>With the company reporting losses over the last year and over multiple years, bears argue that relying on a 6.37% dividend while also having interest payments that are not covered by earnings can strain cash flows until profitability improves.</li> <li>At the same time, the stock trades below the €28.38 DCF fair value and carries that forecast of strong earnings growth, so the bearish focus on coverage risks sits directly against optimistic assumptions about future profit repair that are not yet visible in the trailing income figures.</li> </ul> </li> </ul> <h2>Next Steps</h2> <p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on SES's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p> <p>With mixed signals on revenue, losses, and valuation, where does this leave you as a shareholder? It helps to pull up the numbers, weigh the income statement, balance sheet, and forecasts side by side, and decide how comfortable you are with both the pressure points and the potential upside. To round out that view fast, take a look at the 2 key rewards and 2 important warning signs</p> <h2>See What Else Is Out There</h2> <p>SES is working with €2.6b in revenue but still reports losses, weak earnings coverage for interest and dividends, and slower revenue growth than the broader French market.</p> <p>If that mix of losses and coverage pressure makes you cautious, it can help to compare with companies that score well on resilience and lower risk through the 301 resilient stocks with low risk scores.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data         and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your         financial situation. We aim to bring you long-term focused analysis driven by fundamental data.         Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.         Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

SES+

<p>SES (ENXTPA:SESG) reported a Q1 2026 loss of €106 million despite generating €2.6 billion in revenue. The company's basic EPS loss improved slightly from €0.18 to €0.12, but profitability remains under pressure. SES trades at €7.86 per share, significantly below its DCF fair value of €28.38, raising questions about its future earnings growth potential. The company also offers a 6.37% dividend yield, which is not covered by earnings, adding to concerns about cash flow. Investors are advised to consider long-term trends rather than just quarterly results.</p>

SES (ENXTPA:SESG) Loss Of €106m Tests Bullish Profitability Narratives