SES reported solid Q3 2024 financial results, with revenue reaching €1,475 million and an Adjusted EBITDA of €775 million. While overall revenue showed a slight year-over-year decline of 1.1%, the Networks segment grew by 2.9%, driven by high demand in government, aviation, and cruise sectors.CEO Adel Al-Saleh highlighted the steady performance across SES’s solutions portfolio, expressing optimism that full-year financial results would meet the upper end of the company’s outlook, supported by an expanding customer base and robust market demand.
SES also made strides in strategic partnerships and contract renewals, securing a $200 million government contract with NATO and multi-year media deals with companies like Sky and Warner Brothers Discovery. With mPOWER satellites set for launch in December, SES aims to boost its MEO capabilities to cater to rising demand. Additionally, progress on the regulatory front for the Intelsat acquisition and the IRIS2 government network project positions SES for continued growth in the satellite and communications markets.
Key Financial Highlights:
• Revenue: €1,475 million, down 1.1% YoY, on track to meet upper guidance.
• Adjusted EBITDA: €775 million, maintaining a 53% margin.
• Networks Segment Growth: +2.9% YoY, led by government, aviation, and cruise sectors.
• Media Revenue: Down 5.5% YoY, partially offset by growth in sports and events.
• Cash Flow and Debt: Adjusted Free Cash Flow up 5% YoY; net leverage at 1.1x.
• Outlook: Full-year revenue and EBITDA expected at the top end of €1,940-2,000 million and €950-1,000 million, respectively.
