<h2>SES (ENXTPA:SESG) 2026 年第一季度财报概览</h2>
<p>SES (ENXTPA:SESG) 刚刚结束了 2026 年第一季度，过去 12 个月的收入为 26 亿欧元，基本每股收益亏损为 0.26 欧元，目前股价为 7.86 欧元。在最近几个季度，公司季度收入从 2024 年第四季度的 5.26 亿欧元增长到 2025 年第四季度的 8.8 亿欧元，而季度基本每股收益从亏损 0.18 欧元改善至亏损 0.12 欧元，显示出规模有所提升，但盈利能力仍面临压力。对于您作为股东而言，这些结果的关键在于，收入的增长尚未转化为健康的利润率，因此现在的重点是 SES 如何缩小这一差距。</p>
<p>请查看我们对 SES 的完整分析。</p>
<p>在最新数据公布后，下一步是查看这些数据如何与 SES 的关键叙述相符，包括其盈利路径和可能导致利润率承压的风险。</p>
<p>好奇数字如何变成塑造市场的故事吗？探索社区叙述。</p>
<p><img 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" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/27908f5e-76ae-4429-86c1-4604294f951f/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTA1LTEz"/></p>
<p>截至 2026 年 5 月的 ENXTPA:SESG 收益与收入历史</p>
<h2>26 亿欧元收入，但 1.06 亿欧元亏损使利润率疲弱</h2>
<ul>
<li>在过去 12 个月中，SES 的收入为 26 亿欧元，同时报告净收入亏损为 1.06 亿欧元，因此该业务仍未将收入转化为利润。</li>
<li>共识观点指出，SES 是一家正在转型的卫星基础设施公司，这种 26 亿欧元的收入基础与相对适度的 1.06 亿欧元亏损的组合可以有两种解读：
<ul>
<li>支持者指出，像 SES 这样规模庞大、客户覆盖广泛的企业在媒体和连接领域有改善利润率的空间，尤其是与早期的 1.7 亿欧元亏损相比。</li>
<li>怀疑者则关注到，亏损在过去五年中以约 35.4% 的速度增长，因此他们质疑从传统广播收入向数据和连接的转型能多快改变盈利状况。</li>
</ul>
</li>
</ul>
<p>好奇这种混合的收入和亏损状况如何转变为像 SES 这样的公司的完整投资故事，以及不同投资者如何通过自己的视角解读它吗？好奇数字如何变成塑造市场的故事吗？探索社区叙述。</p>
<h2>股价为 7.86 欧元，而 DCF 公允价值为 28.38 欧元</h2>
<ul>
<li>SES 的股价为每股 7.86 欧元，而 DCF 公允价值为 28.38 欧元，市销率为 1.3 倍，而法国媒体行业约为 0.4 倍，同行约为 1.2 倍，因此在 DCF 模型下显得便宜，但在销售倍数上高于行业。</li>
<li>对于看涨观点而言，令人瞩目的是这种估值差距与当前亏损状况的关系：
<ul>
<li>看涨者认为，当前价格比 28.38 欧元的 DCF 公允价值低约 72%，加上预计每年 76.85% 的巨大盈利增长和预计在三年内实现盈利，使得当前的 7.86 欧元水平显得悲观。</li>
<li>然而，问题在于过去 12 个月的盈利仍为负，收入增长仅约 1.2% 每年，低于法国市场的 5.6%，因此看涨者必须对 DCF 和增长预测在相对缓慢的收入变化中最终实现持乐观态度。</li>
</ul>
</li>
</ul>
<h2>利息和 6.37% 的股息未被盈利覆盖</h2>
<ul>
<li>SES 目前支付 6.37% 的股息收益率，而利息成本和该股息未被盈利覆盖，这在过去 12 个月仍亏损 1.06 亿欧元的情况下增加了压力。</li>
<li>批评者强调这种收入和杠杆状况是看跌的考虑，数据也支持他们对此的关注：
<ul>
<li>随着公司在过去一年和多年来报告亏损，看跌者认为依赖 6.37% 的股息，同时利息支付未被盈利覆盖，可能会在盈利改善之前对现金流造成压力。</li>
<li>同时，股票交易价格低于 28.38 欧元的 DCF 公允价值，并且有强劲盈利增长的预测，因此对覆盖风险的看跌关注与尚未在过去收入数据中显现的未来盈利修复的乐观假设直接对立。</li>
</ul>
</li>
</ul>
<h2>下一步</h2>
<p>不要只关注这一季度；真正的故事在于长期趋势。我们对 SES 的增长和估值进行了深入分析，以查看今天的价格是否是一个便宜的机会。现在将该公司添加到您的观察列表或投资组合中，以免错过下一个重大变动。</p>
<p>在收入、亏损和估值的混合信号下，作为股东的您处于何种境地？查看数据，权衡收入报表、资产负债表和预测，决定您对压力点和潜在上行的舒适程度。为了快速完善这一观点，请查看两个关键奖励和两个重要警示信号。</p>
<h2>查看其他信息</h2>
<p>SES 的收入为 26 亿欧元，但仍报告亏损，利息和股息的盈利覆盖较弱，且收入增长速度低于更广泛的法国市场。</p>
<p>如果这种亏损和覆盖压力的组合让您感到谨慎，可以与 301 只具有低风险评分的抗风险股票进行比较。</p>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<h3><strong>新功能：</strong> 在一个地方管理所有股票投资组合</h3>
<p>我们为股票投资者创建了 <strong>终极投资组合助手</strong>，<strong>而且是免费的。</strong></p>
<p>• 连接无限数量的投资组合，并以一种货币查看总额</p>
<p>• 通过电子邮件或手机接收新的警告信号或风险提示</p>
<p>• 跟踪您股票的公允价值</p>
<p>免费试用演示投资组合</p>

SES+

<p>SES (ENXTPA:SESG) 报告称，2026 年第一季度亏损 1.06 亿欧元，尽管收入达 26 亿欧元。公司的基本每股收益亏损从 0.18 欧元略微改善至 0.12 欧元，但盈利能力仍然面临压力。SES 的股价为每股 7.86 欧元，远低于其贴现现金流公允价值 28.38 欧元，这引发了对其未来盈利增长潜力的质疑。该公司还提供 6.37% 的股息收益率，但未能由盈利覆盖，这进一步加剧了对现金流的担忧。投资者被建议考虑长期趋势，而不仅仅是季度业绩</p>

<h2>SES (ENXTPA:SESG) Q1 2026 earnings overview</h2>
<div class="lb-trans"><h2>SES (ENXTPA:SESG) 2026 年第一季度财报概览</h2>
</div><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>
<div class="lb-trans"><p>SES (ENXTPA:SESG) 刚刚结束了 2026 年第一季度，过去 12 个月的收入为 26 亿欧元，基本每股收益亏损为 0.26 欧元，目前股价为 7.86 欧元。在最近几个季度，公司季度收入从 2024 年第四季度的 5.26 亿欧元增长到 2025 年第四季度的 8.8 亿欧元，而季度基本每股收益从亏损 0.18 欧元改善至亏损 0.12 欧元，显示出规模有所提升，但盈利能力仍面临压力。对于您作为股东而言，这些结果的关键在于，收入的增长尚未转化为健康的利润率，因此现在的重点是 SES 如何缩小这一差距。</p>
</div><p>See our full analysis for SES.</p>
<div class="lb-trans"><p>请查看我们对 SES 的完整分析。</p>
</div><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>
<div class="lb-trans"><p>在最新数据公布后，下一步是查看这些数据如何与 SES 的关键叙述相符，包括其盈利路径和可能导致利润率承压的风险。</p>
</div><p>Curious how numbers become stories that shape markets? Explore Community Narratives</p>
<div class="lb-trans"><p>好奇数字如何变成塑造市场的故事吗？探索社区叙述。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/27908f5e-76ae-4429-86c1-4604294f951f/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTA1LTEz" alt="" original-src="https://images.simplywall.st/company/27908f5e-76ae-4429-86c1-4604294f951f/chart/earnings-and-revenue-history?date=2026-05-13"/></p>
<p>ENXTPA:SESG Earnings &amp; Revenue History as at May 2026</p>
<div class="lb-trans"><p>截至 2026 年 5 月的 ENXTPA:SESG 收益与收入历史</p>
</div><h2>€2.6b revenue, but €106m loss keeps margins weak</h2>
<div class="lb-trans"><h2>26 亿欧元收入，但 1.06 亿欧元亏损使利润率疲弱</h2>
</div><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>
<div class="lb-trans"><ul>
<li>在过去 12 个月中，SES 的收入为 26 亿欧元，同时报告净收入亏损为 1.06 亿欧元，因此该业务仍未将收入转化为利润。</li>
<li>共识观点指出，SES 是一家正在转型的卫星基础设施公司，这种 26 亿欧元的收入基础与相对适度的 1.06 亿欧元亏损的组合可以有两种解读：
<ul>
<li>支持者指出，像 SES 这样规模庞大、客户覆盖广泛的企业在媒体和连接领域有改善利润率的空间，尤其是与早期的 1.7 亿欧元亏损相比。</li>
<li>怀疑者则关注到，亏损在过去五年中以约 35.4% 的速度增长，因此他们质疑从传统广播收入向数据和连接的转型能多快改变盈利状况。</li>
</ul>
</li>
</ul>
</div><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>
<div class="lb-trans"><p>好奇这种混合的收入和亏损状况如何转变为像 SES 这样的公司的完整投资故事，以及不同投资者如何通过自己的视角解读它吗？好奇数字如何变成塑造市场的故事吗？探索社区叙述。</p>
</div><h2>Price at €7.86 while DCF fair value sits at €28.38</h2>
<div class="lb-trans"><h2>股价为 7.86 欧元，而 DCF 公允价值为 28.38 欧元</h2>
</div><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>
<div class="lb-trans"><ul>
<li>SES 的股价为每股 7.86 欧元，而 DCF 公允价值为 28.38 欧元，市销率为 1.3 倍，而法国媒体行业约为 0.4 倍，同行约为 1.2 倍，因此在 DCF 模型下显得便宜，但在销售倍数上高于行业。</li>
<li>对于看涨观点而言，令人瞩目的是这种估值差距与当前亏损状况的关系：
<ul>
<li>看涨者认为，当前价格比 28.38 欧元的 DCF 公允价值低约 72%，加上预计每年 76.85% 的巨大盈利增长和预计在三年内实现盈利，使得当前的 7.86 欧元水平显得悲观。</li>
<li>然而，问题在于过去 12 个月的盈利仍为负，收入增长仅约 1.2% 每年，低于法国市场的 5.6%，因此看涨者必须对 DCF 和增长预测在相对缓慢的收入变化中最终实现持乐观态度。</li>
</ul>
</li>
</ul>
</div><h2>Interest and 6.37% dividend not covered by earnings</h2>
<div class="lb-trans"><h2>利息和 6.37% 的股息未被盈利覆盖</h2>
</div><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>
<div class="lb-trans"><ul>
<li>SES 目前支付 6.37% 的股息收益率，而利息成本和该股息未被盈利覆盖，这在过去 12 个月仍亏损 1.06 亿欧元的情况下增加了压力。</li>
<li>批评者强调这种收入和杠杆状况是看跌的考虑，数据也支持他们对此的关注：
<ul>
<li>随着公司在过去一年和多年来报告亏损，看跌者认为依赖 6.37% 的股息，同时利息支付未被盈利覆盖，可能会在盈利改善之前对现金流造成压力。</li>
<li>同时，股票交易价格低于 28.38 欧元的 DCF 公允价值，并且有强劲盈利增长的预测，因此对覆盖风险的看跌关注与尚未在过去收入数据中显现的未来盈利修复的乐观假设直接对立。</li>
</ul>
</li>
</ul>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><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>
<div class="lb-trans"><p>不要只关注这一季度；真正的故事在于长期趋势。我们对 SES 的增长和估值进行了深入分析，以查看今天的价格是否是一个便宜的机会。现在将该公司添加到您的观察列表或投资组合中，以免错过下一个重大变动。</p>
</div><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>
<div class="lb-trans"><p>在收入、亏损和估值的混合信号下，作为股东的您处于何种境地？查看数据，权衡收入报表、资产负债表和预测，决定您对压力点和潜在上行的舒适程度。为了快速完善这一观点，请查看两个关键奖励和两个重要警示信号。</p>
</div><h2>See What Else Is Out There</h2>
<div class="lb-trans"><h2>查看其他信息</h2>
</div><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>
<div class="lb-trans"><p>SES 的收入为 26 亿欧元，但仍报告亏损，利息和股息的盈利覆盖较弱，且收入增长速度低于更广泛的法国市场。</p>
</div><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>
<div class="lb-trans"><p>如果这种亏损和覆盖压力的组合让您感到谨慎，可以与 301 只具有低风险评分的抗风险股票进行比较。</p>
</div><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 class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><h3><strong>New:</strong> Manage All Your Stock Portfolios in One Place</h3>
<div class="lb-trans"><h3><strong>新功能：</strong> 在一个地方管理所有股票投资组合</h3>
</div><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p>
<div class="lb-trans"><p>我们为股票投资者创建了 <strong>终极投资组合助手</strong>，<strong>而且是免费的。</strong></p>
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<div class="lb-trans"><p>• 连接无限数量的投资组合，并以一种货币查看总额</p>
</div><p>• Be alerted to new Warning Signs or Risks via email or mobile</p>
<div class="lb-trans"><p>• 通过电子邮件或手机接收新的警告信号或风险提示</p>
</div><p>• Track the Fair Value of your stocks</p>
<div class="lb-trans"><p>• 跟踪您股票的公允价值</p>
</div><p>Try a Demo Portfolio for Free</p>
<div class="lb-trans"><p>免费试用演示投资组合</p>
</div>

SES（ENXTPA:SESG）亏损 1.06 亿欧元，挑战乐观的盈利预期