SES (+) : Opportunities ahead

Research evidence excerpt

SES (+) : Opportunities ahead

EQUITIES

INTERNET & MEDIA

SES OUTPERFORMPRICE* EUR7.9  TARGET PRICE EUR8.5 (UPSIDE 8%) TARGET 20%PRICE EPS 2%26e nonEPSmaterial27e

Opportunities ahead

Decent start to the year, positive contract restructuring in Aviation, 2026 targets confirmed13 MAY 2026

Securities Research Report Revenue reached EUR847m in Q126, including the positive impact from the contract restructuring

Production time: 17:15* (London time) in Aviation for EUR81m (which also unlock capacities that SES redeploys to other customers).

Research Analysts & Publishing Entities Adjusted EBITDA reached EUR404m with a margin of 47.7% (up year-on-year), driven by the

Geoffrey D'Halluin aviation contract restructuring and lower operating expenses. This offsets near-term headwinds such

BNP Paribas SA as antenna installations, lower volume in Media and mix/timing impact in Government. In terms of(+ 33) 1 57 43 74 88

geoffrey.dhalluin@bnpparibas.com 2026 outlook, SES reiterated its targets, i.e. revenue and adjusted EBITDA to be stable year-on-year

on a LFL and constant FX basis.

Tweaking our 2026/2027E EBITDA estimates, headwinds gradually easing through the year

We lower our 2026/2027E revenue and adj. EBITDA estimates by 2/3%, predominantly to reflect FX

updates. We now forecast 2026E revenue of EUR3.4bn and adj. EBITDA of EUR1,480m. We expect

improving momentum (on an underlying basis) in the second half of the year with current headwinds

gradually easing and new contracts in the Government vertical. We believe commentary on

synergies are encouraging with execution progressing well and operating expenses down 9% YOY

at constant currency on a LFL basis in the first quarter of the year.

Reiterating Outperform, TP to EUR8.5

We raise our TP to EUR8.5 (from EUR7.1).