SES Full Year 2023 Results

SES Betzdorf

Execution against 2023 targets and strengthened financial position with C-band.

Luxembourg, 29 February 2024 -- SES S.A. announces financial results for the twelve months ended 31 December 2023. 

•    Revenue of €2,030 million above Full Year 2023 financial outlook
•    Networks (+6.1% YOY) driving group revenue growth (+0.8%YOY) with Video (-4.4% YOY)  
•    Adjusted EBITDA of €1,025 million impacted by unplanned expense in Q4 2023
•    $3 billion U.S. C-band Accelerated Relocation Payment received, lowering net leverage ratio from 3.5 times to 1.5 times
•    €1 billion of debt repayments planned, including €550 million already repaid in January 2024
•    Solid Adjusted Free Cash Flow of €431 million during 2023
•    FY 2023 dividend of €0.50 per A-share to be paid in April 2024, complemented by ongoing €150 million share buyback
•    From FY 2024 onwards SES will move to semi-annual dividend payments, aligning to operational cash flows
•    Rewarding shareholders with additional interim dividend of €0.25 per A-share in October 2024 and, starting in 2025, payment of at least €0.25 per A-share in both April and October
•    First 6 O3b mPOWER satellites launched with start of commercial services on track for early Q2 2024
•    Discussions initiated with insurers on claim for O3b mPOWER (satellites 1-4) of $472 million 
•    Full Year 2024 financial outlook expects revenue of €1,940-€2,000 million and Adjusted EBITDA of €950-€1,000 million

Adel Al-Saleh, CEO of SES, commented: “It’s an exciting time to be joining SES and an honour to lead this established, world-class operator on the next phase of the journey. The 2023 results demonstrate the strong fundamentals of our business and attraction of our multi-orbit offering to a customer base of world-leading organisations, governments, and institutions. 

We delivered on all the financial objectives for 2023 including exceeding revenue expectations, secured €1.5 billion of new business and renewals across Networks and Video, and launched the first 6 O3b mPOWER satellites which will bring high-performance connectivity services to committed and prospective customers from early Q2 2024.

With the hard work of C-band clearing in the U.S. behind us and cash proceeds received, we have strengthened our industry-leading investment grade balance sheet and unlocked important financial flexibility which creates the opportunity to expand our capabilities, enhance commercial offering, drive free cash flow, and deliver returns to our shareholders. 

While the competitive landscape in which we operate is evolving rapidly, SES is well positioned to succeed and grow as we continue to deliver differentiated and compelling solutions to our customers, underpinned by next-level execution and rigorous financial discipline.” 

Read the press release in full.

Presentation of Results

A presentation of the results for investors and analysts will be hosted at 9.30 CET on 29 February 2024 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

The presentation is available for download from and a replay will be available shortly after the conclusion of the presentation.

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 leader in global content connectivity solutions, SES owns and operates the world’s only geosynchronous orbit and medium earth orbit (GEO-MEO) constellation of satellites with the unique combination of global coverage and high performance. By leveraging its vast and 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 the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 6,400 channels, reaching 363 million households, delivering managed media services for both linear and non-linear content. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at:


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