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ladies and gentlemen welcome to the ses first quarter 2026 results conference call for the first part of the conference poll the participants will be in listen only mode during the q a session participants are able to ask questions by dialing pound key 5 on their telephone keypad now i will hand the conference over to christian kern head of investor relations please sir go ahead

Thank you, Gaia. Good morning, everyone, and thank you for joining us today. It is my pleasure to welcome you to SES Q1 2026 results call on behalf of our management team. Before proceeding with the management presentation, we would like to inform you that the financial information contained in this document has been prepared under international financial reporting standards. As usual, this presentation may contain announcements that constitute forward-looking statements which are no guarantees for future business performance and involve risks as well as uncertainties. Also, certain results may materially differ from those in these forward-looking statements due to several factors. We invite you to read the detailed disclaimer on slide two of this presentation. The presentation is also available on our company webpage. Today, I'm joined by our CEO, Adel Alsaleh, and our CFO, Issa Pataki, who will take you through the presentation, followed by a Q&A session. Adele, without further ado, over to you.

Thank you, Christian. Good morning, everyone. U-1 2026 was a solid start to the financial year for SES. Our performance in the quarter reflects disciplined execution across both networks and media, reinforcing confidence in our strategy and our 2026 financial outlook, which we are reiterating today. These results are driven by our clear vision to position SES as a leading multi-orbit space solutions company, delivering resilient, high-performance connectivity to the world's most demanding customers. Let's start on slide number three. Today, I want to begin by briefly reminding you of our vision and strategy for the company. We're building a space solutions company that is an integrated, full-service provider, combining multi-orbit networks our extensive ground capabilities, software and services, and supported by an open and inclusive ecosystem of partners to meet the mission critical customer needs. The way we deliver on this ambition is by anchoring our strategy on four strategic pillars. Pillar number one is sustained financial strength. Through focused execution, disciplined capital allocation, and strong cash generation with a resilient balance sheet supporting long-term investments. Rule number two is vertical customer solutions. We want to continue to focus on high-priority verticals, government and defense as the priority vertical, aviation and maritime, fixed data, and medium. With solutions tailored to customer missions, we'll focus on the areas where we can provide differentiated value to our customers. Pillar number three is investment in innovation. Through innovation across our operations, we're building a continuously evolving modular network, software-defined satellites, hosted payloads to secure sovereign networks. This positions us well to advance differentiation through performance, scale, and resilience. Achieving this vision requires greater ownership of our supply chain. That is why we're transitioning and focusing our efforts on verticalization. And our fourth pillar, smart diversification. Selective expansion into new areas and pockets of growth that reinforce our capabilities with leveraging partnerships and ecosystem models to accelerate growth and reduce risk. Hosted payloads for new missions and direct-to-device with LinkGlobal are good examples of smart diversification. Moving to slide number four, the next major steps in our journey, which is Miosphere. As you're aware, Miosphere is our recently announced next-generation Mio network, which will drive a step change in SES's capability, competitiveness, and future growth. This next-generation network will be scalable, high-performance, adaptable, and designed to support multiple missions, meeting dynamic customer needs and expanding with them. Let me highlight some key features of the Miosphere. First of all, flexible and modular space segment. The design will have a transparent and regenerative payload, enabling real-time dynamic capacity allocation. We'll have flexible, multiple payload designs, supported multiple missions on a single satellite. Optical and RF communication for high-throughput resilience and future interoperability, the satellites will be configurable size, weight, and power, also known as SWAP, to accommodate additional and evolving missions with true global multiple coverage at 8,000 kilometers above Earth, which is the near orbit. high scalability with incremental satellite deployments as customer needs and demand evolve, and designed to offer governments sovereign operations and slices of the network. Digital orchestrated operations. That means global, virtualized ground network for resilience, efficiency, and rapid service provisioning. It will be 5G compatible architecture, enabling seamless integration with terrestrial and non-terrestrial networks. And of course, advanced service orchestration, enabling dynamic routing, multi-orbit integration, and end-to-end service management. And finally, compact, easy-to-deploy terminals. We will have small, easy-to-deploy, designed for rapid installation and mobility use cases terminals, high-performance form factors. We'll have a 50 by 50 centimeter terminals delivering up to 1 gigabits per second peak forward throughput and ultra-compact 25 by 25 centimeters options for space and weight-constrained environments. We will have diverse antenna choices to match mission and platform requirements. And finally, single user interface and true plug-and-play operations, simplifying deployment and day-to-day operations. Neosphere is targeted for operation by 2030. and designed to significantly boost our MEO network capacity. SCS will pair its own software-defined payloads being developed and manufactured in Luxembourg with an initial 28 high-power satellite buses developed by K2 Space, representing the first phase of the MEO scale rollout. This initiative is included in our previously announced and today reiterated CapEx Outlook, and we will continue executing our rigorous financial discipline. Together with K2, we are de-risking the development of the network by having multiple what we call pathfinder missions with SES payloads, of which the first has recently been successfully deployed and is now being tested in orbit. Let us now move to slide number six and our Q1 2026 business highlights. As a reminder, We closed the Intosat acquisition on July 17 last year. These results are shown on a reported basis with Q1 2026 being fully consolidated quarter. The figures are compared year-on-year to Q1 2025 SCS standalone reported numbers on a constant FX basis. In a few minutes, Lisa will also share like-for-like comparisons. We have delivered Q1 2026 performance according to plan, representing a solid start to 2026. Q1 2026 revenue was 847 million euros, up 80% year-on-year, driven by networks growth of 106% year-on-year. Q1 2026 adjusted EBITDA of 404 million euros was up 57% year-on-year, with a margin of 47.7%. Capital expenditures for Q1 2026 were close to 320 million euros, with full-year 2026 expected to be front-loaded while we continue executing on planned CapEx synergies. In Q1 2026, we secured 306 million euros of renewals and new customer contracts, with the majority coming from our growth segments. This has supported our growth backlog of 6.2 billion euros which continues to be impacted by weaker U.S. dollar and intercompany eliminations. Overall, Q1 2026 delivered a solid start to the financial year, with performance materializing as planned and in line with our expectations. As a combined company, we are executing with discipline while navigating a mixed operating environment. We're delivering on our synergy plans, achieving a reduction of 20% year-on-year in staff costs in Q1, and that is on a like-for-like basis. Overall, OPEX was down 9% year-on-year. We continue facing some near-term headwinds, most notably in parts of fixed data and in media. In fixed data, we took decisions to restructure the business, to address competitive dynamics, and to position the business on a more sustainable footing. In media, We delivered to expectations. Year-oriented decline is still impacted by the Brazilian customer bankruptcy. We expect performance to stabilize in the second half of the year. Multi-year contract renewals in media, such as the recently announced decade-long contract renewal with ARD in Germany, underpin key customers' commitment to satellite broadcasting and support the strong cash-generating nature of the business. In addition to ARD, we're in the middle of important contract renewals with dates well past 2030. At the same time, our other business units continue to perform well and deliver growth. Networks remains the primary growth engine of the company, and continued momentum across mobility where aviation stands out and government underpinned by strong demand for our differentiated multi-orbit solutions. Let us now turn to slide number seven and our key customer renewals and strategic wins this quarter. Q1 delivered solid commercial momentum across our verticals. We remain a trusted partner to customers in more than 130 countries, reflected in our strong customer base and continued momentum. In media, we continue to secure long-term renewals with leading customers, including ARD, as I just mentioned, as well as International Judo Federation DISH, Airtel, and ESPN, with some contracts extending well beyond 2035, supporting the strong cash-generated profile of the business and contributing to greater stability as we move into the second half of the year. Government performance remains strong, led by our global government activity and our involvement in the IRIS Core project. The IRIS Core program is in the middle of Rendezvous 1, nearing completion. We will share more details in due course. During the quarter, we also extended the EGNOS G01 Satellite Service Agreement with the European Union Agency for Space Programs, and it was through 2030, ensuring the continued delivery of high-precision, high-reliable navigation services for aviation, maritime, and other critical users across Europe. reinforce SESs and high-priority mission-critical programs, and underscore the strength of our differentiated space-based solutions. In aviation, we now have nearly 600 aircrafts flying with our multi-orbit ESA in-flight connectivity system, delivering fast, dependable Internet access to millions of passengers every day. The demand for multi-orbit electronically steered antennas continues to accelerate. highlighted by the new commitments in the quarter, including more than 40 long-haul aircrafts from Japan Airlines, as well as Saudi Airlines with open orbits. We also reached an important milestone with Boeing toward factory line fit across all aircraft models, scaling our aviation footprint. With our backlog of ESA installations, we continue to make great progress equipping the aircrafts of American Airlines, Air Canada, and Avianca which will underpin future growth and profitability. Despite ongoing competition, the market continues to accommodate multiple players with clearly differentiated offerings. And maritime will remain a leading provider of connectivity at sea, supporting passengers and crews across wide range of maritime use cases. Despite ongoing competition pressures, we continue to see long-term renewals in the crew segment. In Q1, we secured additional renewals with key customers like MSC Cruises, Carnival, Navarino, reflecting confidence in our platforms. In fixed data, we took decisive actions to navigate ongoing market headwinds and reposition the business for the future. At the same time, in the quarter, we delivered important customer renewals such as Orange, Petrobras, Emergency.lu, AMN, and many others. reflected the ongoing value of our services to key enterprise and network customers as we continue to serve eight of the world's top 10 mobile operators and numerous global energy companies. Overall, this has reinforced the strength of our customer relationships and our differentiated multi-orbit value proposition. With this, I now hand over to Lisa, who will go through further details of our Q1 2026 financial performance.