SES Full Year 2024 Results
- ️Wed Feb 26 2025
SES Full Year 2024 Results
Luxembourg, 26 February 2025 -- SES S.A. announces financial results for the year ended 31 December 2024 with solid operational and financial performance leading to revenue at the top end of the financial outlook and Adjusted EBITDA exceeding SES’s objectives.
• Revenue of €2,001 million (-0.9% YOY( )) at the top end of the financial outlook
• Networks revenue +2.9% YOY(1) with growth in Government (+6.4%) & Mobility (+7.1%); Media (-5.3% YOY(1)) in line with expectations
• €1.4 billion (gross) renewals & new business contributing to €4.8 billion gross contract backlog
• Adjusted EBITDA( ) of €1,028 million (+0.9% YOY(1)) exceeding the financial outlook
• Operating Expenses excluding Cost of Sales reduced 8.6% YOY with the benefit of rigorous cost management
• Adjusted Free Cash Flow of €253 million with Net Leverage at 1.1x( ) (including cash & cash equivalents of €3.2 billion( ))
• 2025 financial outlook( ) expects stable YOY revenue, with Adjusted EBITDA broadly stable YOY on better-than-expected 2024 outturn
• Final dividend of €0.25 per A-share( ), giving FY 2024 dividend of €0.50 per A-share (€0.75 per A-share paid during CY 2024)
• Intent to increase annual base dividend once SES meets its net leverage target of below 3x within 12-18 months after closing of the Intelsat transaction, and then prioritise shareholder remuneration when allocating any future exceptional cash flows
• Intelsat acquisition on track to complete in H2 2025 with all previously communicated combined financial objectives reaffirmed
• IRIS2 concession contract enables MEO network expansion to keep pace with growing customer demand in line with financial policy
• Board continues to review its current composition to ensure the right balance of skills and experience with the intent to propose board changes at the upcoming AGM
Adel Al-Saleh, CEO of SES, commented: “Our 2024 financial performance firmly demonstrates that our evolved strategy is showing results. Our laser-focus on execution and operational efficiency delivered revenue at the top end of our outlook and Adjusted EBITDA exceeding our target, establishing a stable foundation from which to drive profitable growth, sustained Free Cash Flow generation, and sustainable, long-term shareholder value. We also made excellent progress on the transformational and value accretive acquisition of Intelsat and reaffirm all previously announced financial targets for the combined company.
Networks delivered a third consecutive year of growth underlining the strong right to win in target segments of our differentiated multi-orbit offering, strengthened in 2024 with the successful entry into commercial service of the O3b mPOWER MEO constellation. We have executed on a strong commercial pipeline with €760 million of signings including notable wins with NATO, the U.S. Government, Thai Airways, Turkish Airlines, Virgin Voyages, Telebras, Orange, and others. We were also delighted to secure the contract as the trusted partner for the flagship IRIS2 sovereign connectivity network which will become Europe’s multi-orbit network of choice.
Media delivered to expectations with a stable outturn in our important DACH business and double-digit growth in Sports & Events, while we secured €650 million of renewals and new agreements with major broadcast customers such as Sky, RTL, QVC, Warner Brothers Discovery, ORS/ORF, and ProSiebenSat.1, underpinning the long-term cash generation fundamentals of this business.
Looking ahead to 2025, we are on track to deliver a solid operational performance with acceleration in Networks revenue; expand O3b mPOWER by bringing satellites 7 & 8 into service and launching satellites 9, 10, & 11; and complete the acquisition of Intelsat.”
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Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CET on 26 February 2025 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:
U.K. +44 (0) 33 0551 0200
France +33 (0) 1 70 37 71 66
Germany +49 (0) 30 3001 90612
U.S.A. +1 786 697 3501
Confirmation code SES
Webcast registration https://channel.royalcast.com/landingpage/ses/20250226_1/
The presentation is available for download from https://www.ses.com/company/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
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About SES
SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high performance services. By using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com
Forward looking statements
This communication contains forward-looking statements. Generally, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “contemplate,” “predict,” “forecast,” “likely,” “believe,” “target,” “will,” “could,” “would,” “should,” “potential,” “may” and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements.
Such forward-looking statements, including those regarding the timing and consummation of the transaction described herein, involve risks and uncertainties. SES’s and Intelsat’s experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied, including the risk that required approvals of the transaction from the shareholders of Intelsat or from regulators are not obtained; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of SES or Intelsat; the ability of SES and Intelsat to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the combined company’s ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined company’s existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; geopolitical events, and regulatory, economic and other risks associated therewith; and continued uncertainty around the macroeconomy. Other factors that might cause such a difference include those discussed in the prospectus on Form F-4 to be filed in connection with the proposed transaction. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, SES and Intelsat undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
In connection with the proposed transaction, SES intends to file with the SEC a registration statement on Form F-4 that also constitutes a prospectus of SES. SES also plans to file other relevant documents with the SEC regarding the proposed transaction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain free copies of these documents (if and when available), and other documents containing important information about SES and Intelsat, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by SES will be available free of charge on SES’s website at www.ses.com or by contacting SES’s Investor Relations Department by email at [email protected]. Copies of the documents filed with the SEC by Intelsat will be available free of charge on Intelsat’s website at www.intelsat.com or by contacting Intelsat’s Investor Relations Department by email at [email protected].
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This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.