SeSa (SES) Q3 2026 earnings summary

Executive summary

• Revenues for the nine months ended January 31, 2026, reached €2,705.2 million, up 11.2% year-over-year and 7.5% versus pro-forma, with EBITDA of €191.1 million (+11.5% Y/Y) and margin at 7.1%.

• Group EAT Adjusted was €82.1 million (+12.1% Y/Y), supported by higher operating profitability and lower financial expenses.

• All operating sectors contributed positively, with ICT VAS, Green VAS, and Business Services showing double-digit growth.

• Net Financial Position improved to €147.4 million net liquidity (excluding IFRS liabilities), reflecting strong cash generation.

• Guidance for FY2026 is confirmed at the upper end of the target range, reflecting confidence in continued organic growth and sector trends.

Financial highlights

• EBITDA: €191.1 million (+11.5% Y/Y), margin 7.1%; Group EAT Adjusted: €82.1 million (+12.1% Y/Y), margin 3.0%.

• Adjusted EBIT: €144.6 million (+8.5% Y/Y); EBIT: €112.2 million (+6.8% Y/Y).

• Net Financial Position: €147.4 million net liquidity, improved by €39.3 million year-over-year.

• Dividend per share: €1.00; total dividend €15.5 million; share buyback program of €25 million completed.

• Investments over the last 12 months totaled €150 million, with €90 million in M&A.

Outlook and guidance

• FY2026 guidance confirmed at upper end: revenues +5%/+7.5%, EBITDA +5%/+10%, Group EAT Adjusted +10%/+12.5% vs FY2025 pro-forma.

• FY2026 targets: revenues ~€3.6 billion, EBITDA €260–265 million, EAT Adjusted €106–108 million.

• FY2027 outlook: revenues €3,700–3,880 million, EBITDA €265–291 million, Group EAT Adjusted €116–121 million.

• Growth expected to be driven by organic expansion in Business Services, ICT VAS, and Green VAS.

• Strong backlog and positive trends in all sectors support confidence for Q4 and FY2027.