SeSa (SES) Q1 2026 earnings summary

Executive summary

• Achieved consolidated revenues and other income of €845.7 million (+8.0% Y/Y), with EBITDA of €60.7 million (+7.2% Y/Y) and adjusted net profit of €29.8 million (+6.4% Y/Y); growth led by Digital Green VAS and Business Services, while ICT VAS declined but showed recovery signs.

• Net financial charges improved to €6.8 million, down 11.6% Y/Y and 36% sequentially, reflecting lower interest rates and cost optimization.

• Net financial position improved to net debt of €64.9 million, down from €74.7 million as of April 30, 2025; shareholders’ equity increased to €521.5 million.

• Focus on organic growth, group simplification, selective M&A, and increased investments in AI, automation, and sustainability initiatives.

• Shareholders approved a €1 per share dividend and increased the buyback program to €25 million, raising the payout ratio to 40%.

Financial highlights

• Revenues and other income: €845.7 million (+8.0% Y/Y; +2.2% pro-forma), EBITDA: €60.7 million (+7.2% Y/Y; +4.0% pro-forma), margin stable at 7.2%.

• Adjusted net profit: €29.8 million (+6.4% Y/Y); group adjusted net profit: €27.9 million (+4.5% Y/Y).

• Adjusted consolidated EBIT: €47.3 million (+4.2% Y/Y); EBIT: €38.6 million (+2.1% Y/Y).

• Net financial position (NFP) as of July 31, 2025: -€64.9 million (net debt), improved from -€74.7 million at April 30, 2025; excluding IFRS liabilities, net cash position at €148.8 million.

• CapEx and M&A investments totaled €11.5 million in Q1 FY2026; LTM investments reached €125 million.

Outlook and guidance

• FY 2026 guidance confirmed: revenue growth of 5%–7.5%, EBITDA growth of 5%–10%, and ~10% net profit improvement.

• ICT VAS expected to return to growth from Q2 FY2026, supported by backlog growth in July and August 2025.

• Digital Green VAS and Business Services to continue double-digit growth, driven by strong demand and new contracts.

• CapEx set at €50 million per year to support digital enablers; annual M&A investments to decline to ~€30 million.

• Net profit to benefit from further reduction in financial charges.