SES Q1 2024 Results

SES Betzdorf
SES Q1 2024 Results

Luxembourg, 30 April 2024 -- SES S.A. announces 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.”

Read the press release in full.

For further information please contact:

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

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

Presentation of Results:

A presentation of the transaction for investors and analysts will be hosted at 9.30 CEST on 30 April 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:


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.

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