SES S.A. announced financial results for the three months ended 31 March 2024 and a solid start to the 2024 financial year.
• Revenue of €498 million (+2.5% YOY) and Adjusted EBITDA of €275 million (+4.7% YOY)
• Networks up 9.6% YOY including periodic revenue, with Video performance (-5.2% YOY) in line with expectations
• More than €125 million of new business and contract renewals signed in Q1 2024
• Adjusted Free Cash Flow of €38 million net inflow compared with €(41) million net outflow in Q1 2023
• Net Leverage at 1.5x including cash & cash equivalents of €2.4 billion
• Landmark quarter with 2nd generation MEO constellation, O3b mPOWER, beginning customer services in April 2024
• €220 million dividend payment (€0.50 per A-share) made to shareholders in April, complemented by on-going share buyback of up to €150 million and interim dividend of €110 million dividend payment (€0.25 per A-share) to be paid in October 2024
• Outlook for FY 2024 Revenue, Adjusted EBITDA, and capital expenditure on track and re-affirmed
Adel Al-Saleh, CEO of SES, commented: “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.”
Source: https://www.ses.com/press-release/ses-q1-2024-results