SeSa (SES) Q4 2026 earnings summary

Executive summary

• Achieved all FY 2026 targets with consolidated revenues of €3,620.8 million (+7.9% YoY pro-forma, +10.6% YoY reported), EBITDA of €260.4 million (+8.2% YoY pro-forma, +10.6% YoY reported), and Group EAT Adjusted of €106.1 million (+10.7% YoY pro-forma).

• Outperformed the Italian digital market, growing at more than twice the market rate, driven by demand for data management, AI, and automation solutions.

• Net financial position improved to €17.5 million net debt (from €74.7 million), reflecting strong cash generation, asset disposals, and investments in digital platforms and selective M&A.

• New industrial plan for FY 2027-2028 targets annual organic revenue growth of 5%-7.5%, with revenues expected to exceed €4 billion and EBITDA above €300 million by FY 2028.

• Focus on digital integration, AI, automation, cloud, cybersecurity, and sustainability.

Financial highlights

• FY 2026 revenues: €3,620.8 million (+7.9% YoY pro-forma, +10.6% YoY reported); EBITDA: €260.4 million (+8.2% YoY pro-forma, +10.6% YoY reported); EBITDA margin: 7.2%.

• Q4 2026 revenues: €915.6 million (+9.0% YoY); Q4 EBITDA: €69.3 million (+8.2% YoY); Q4 EBITDA margin: 7.6%.

• Group EAT Adjusted: €106.1 million (+10.7% YoY pro-forma); Net income after taxes: €80.6 million (+13.2% YoY pro-forma, +20% reported).

• Operating cash flow: ~€205 million; investments: €110 million (including €60 million M&A/minority interest).

• Net financial position improved to €17.5 million net debt (from €75 million), or €182 million net cash excluding IFRS liabilities.

Outlook and guidance

• FY 2027 guidance: revenue growth 5%-7.5% (€3.8-3.9 billion), EBITDA growth 5%-10% (€275-290 million), adjusted EAT growth 7.5%-12.5% (€114-119 million).

• FY 2028 targets: revenues €4-4.2 billion, EBITDA €290-315 million (margin up to 7.5%), adjusted EAT €123-134 million.

• Business Services expected to return to double-digit growth in FY 2027 after contract postponements in Q4 2026.

• Guidance considered prudent; potential for outperformance if current double-digit growth continues.

• Focus on organic growth, digital enablers, and selective M&A.