SES revenue growth delivers solid start to 2024

Satellite operator SES recorded steady growth during the first quarter, with revenue up by 2.5% €498 million and Adjusted EBITDA increasing by 4.7% to €275 million year-on-year.

Source: SES

The Adjusted EBITDA of €275 million also excludes the additions of significant special items of €6 million, comprising net U.S. C-band expenses of €1 million and expense of other significant special items of €5 million, says the operator.

Adjusted Net Profit was €77 million, an increase of €13 million compared to. Q1 2023.

SES also posted Networks revenue of €268 million, up by 9.6%, driven by growth mobility, government, fixed data revenue, claims the company.

In addition, more than €125 million of new business and contract renewals were signed in Q1.

However, performance of SES’ video business declined by 5.2% to  €268 million in the first quarter. The company accounts this to the overall lower revenue in mature markets which were partially offset by expansion in Sports & Events revenue.

Adel Al-Saleh, CEO of SES, said: “The first quarter results demonstrate our solid start to the year, and we continued to deliver commercial momentum across the business, underpinning our FY 2024 financial outlook which is on track and unchanged.

“Our Networks business now accounts for over 50% of revenue and delivered YOY growth including periodic revenue from a contract modification which allowed us to recontract capacity on our highly contended MEO fleet and generate incremental cash flows. In Video, our Sports & Events offering continued to be the standout performer, adding to its impressive line-up of customers with an exciting new agreement with a global tier one sports brand to distribute live content to audiences across the world.

“April 2024 delivered a landmark milestone for SES with the entry into commercial service of O3b mPOWER, our next generation MEO constellation, strengthening our capability to deliver competitive and differentiated customer solutions in valuable, high growth government, mobility, and fixed data markets. The next O3b mPOWER satellites (7-8) are on track be launched in late 2024 launch and bring improved resiliency to the network which will be further expanded with the launch of satellites 9-11 plus 12 & 13 in 2025 and late 2026 respectively.”