SES - comment

We were disappointed with today’s results, and we imagine we were not the only ones. If it weren’t for the strong capitalisation now, bonds should be a little soft. But guidance for 2026 was affirmed. Q126 revenues and EBITDA were propped up by a €81m positive recognition of a cancellation, without which the on-paper EBITDA beat would have been a shortfall. Also, the government sector, adjusted for one-off effects and the new IRIS2 project, would have been up only +4%. Not as much as we expected. Otherwise, the news was incremental. The loss of Oi Brazil annualises from next quarter, removing one of the moving parts to this story.