SES H1 2021 Results

Solid H1 performance supporting improved FY 2021 Adjusted EBITDA outlook

Luxembourg, 4 August 2021 -- SES S.A. announces half year financial results for the six months ended 30 June 2021.

Solid H1 performance delivering revenue of €875 million and Adjusted EBITDA of €544 million  
•    Improving trajectory in Video to -3.9% YOY in H1 2021 from -8.0% YOY in FY 2020
•    Resilient Networks performance, flat YOY, in a COVID impacted environment with strong prospects for future growth
•    5% YOY reduction in recurring Operating Expenses supporting higher YOY Adjusted EBITDA margin (of 62%)
•    19% YOY net interest expense reduction contributing to 35% YOY growth in Adjusted Net Profit of €152 million
•    Solid cash flow generation and financial discipline supporting leverage ratio of 3.3 times at 30 June 2021

2021 Revenue and improved EBITDA outlook on track
•    Over 90% of 2021 revenue outlook (€1,760-1,820 million) already under contract
•    Adjusted EBITDA outlook for full year 2021 improved to €1,080-1,100 million (from €1,060-1,100 million)

Growth investments and C-band proceeds supporting future growth and value creation
•    SES-17 and O3b mPOWER (on track to launch in Q4 2021) backlog now $770 million; up $210 million in YTD 2021
•    US C-band clearing on track to meet end-2021 and end-2023 milestones, triggering $1 billion and $3 billion payments respectively

€275 million of shareholder returns delivered since the start of 2021
•    2020 dividend (€181 million) paid in April 2021, consistent with commitment to maintain minimum base dividend of €0.40 per A-share
•    Completed €94 million share buyback programme reflecting confidence in the long-term fundamentals of the business

Steve Collar, CEO of SES, commented: “Our strong start to 2021 continued into the second quarter providing confidence to improve the low end of our Adjusted EBITDA outlook on the back of solid execution and laser focus on reducing cost.

The lasting value of our Video business is reflected in the improved trajectory, the important long-term renewals at our core neighbourhoods, increased penetration of HD TV channels, and new paying subscribers for HD+ in Germany. Excitingly, in H2 2021, we will be expanding and enhancing our HD+ portfolio with the extension onto mobile devices and IP-enabled non-satellite homes.        

Networks continues to perform well notwithstanding the COVID-impacted environment, notably in Government, reflecting the strong demand for our unique multi-orbit resilient solutions. With O3b mPOWER still over a year away from commercial launch, we have secured over $300 million in backlog from major cruise brands which underscores the compelling combination of high throughput and high flexibility of the constellation.

C-band clearance remains fully on track. The recent issuing of C-band licences by the FCC is a notable milestone towards initiation of the reimbursement process. Meanwhile, we have returned €275 million of cash to shareholders this year underscoring our commitment to delivering sustained and attractive returns for our shareholders.”

Read the press release in full.

For further information please contact:

Richard Whiteing    
Investor Relations    
Tel: +352 710 725 261    
[email protected]     

Suzanne Ong
External Communications
Tel: +352 710 725 500
[email protected]

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver 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 8,650 channels and has an unparalleled reach of 361 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at:


This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.

This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Presentation of Results

A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 4 August 2021 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

U.K. (Standard International Access):    +44 (0) 33 0551 0200
France:      +33 (0) 1 7037 7166
Germany:     +49 (0) 30 3001 90612
U.S.A.:      +1 212 999 6659    

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.