SeSa (SES) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 consolidated revenues reached €845.7 million, up 8% year-on-year, with EBITDA at €60.7 million (+7.2% Y/Y) and adjusted net profit of €29.8 million (+6.4% Y/Y).

• Net financial charges improved to €6.8 million, down 11.6% year-on-year, and net financial position strengthened to negative €64.9 million from €74.7 million as of April 30, 2025.

• Growth was led by Digital Green VAS (+24.7% Y/Y) and Business Services (+3.0% Y/Y), while ICT VAS declined 2.7% Y/Y but showed signs of recovery.

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

• FY2026-27 Industrial Plan guidance confirmed, targeting 5%-7.5% revenue growth and 5%-10% EBITDA growth.

Financial highlights

• Organic revenue growth was 2.2% year-on-year; organic EBITDA growth 4%; organic adjusted group net profit growth 2.3%.

• Net financial position as of July 31, 2025, was negative €64.9 million, improved from €74.7 million as of April 30, 2025.

• Shareholders’ equity increased to €521.5 million (+4.1% from April 2025).

• CapEx and M&A investments totaled €11.5 million in Q1 FY2026.

• Dividend of €1 per share and a €25 million share buyback program were approved, raising the payout ratio to 40%.

Outlook and guidance

• FY2026 guidance confirmed: 5%-7.5% revenue growth, 5%-10% EBITDA increase, and ~10% net profit improvement.

• ICT VAS expected to return to growth from Q2 FY2026, supported by double-digit 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.

• Ongoing reduction in net financial expenses anticipated to benefit net income.