Muted Results. Mobility Ramp and Government Recovery Must Do the Heavy Lifting in H2
 
Guidance intact. SES reported Q1 revenue of €847M on a like-for-like basis, down 7% y/y. Media declined 17% y/y, due to final-quarter impact from a terminated Brazilian customer, while Connectivity was flat but supported by an €81M contract restructuring windfall. Management reiterated full-year guidance for stable revenue and AEBITDA.
Q1 windfall. An aviation reseller terminated its capacity contract early, triggering €81M of upfront recognition in Q1. This is already adjusted in full-year guidance, with free capacity being redeployed to Open Orbits customers. Excluding this, Mobility declined ~9% y/y (LFL).
Aviation ramp. SES now has nearly 600 aircraft flying on its multi-orbit ESA system, with 100+ terminals installed in Q1. New commitments from Japan Airlines and Saudi Airlines, plus progress on Boeing line-fit, point to installations scaling.