SES Global Reports Robust Q1 2024 Financial Performance

SES S.A., headquartered in Luxembourg, announced a positive start to the financial year with its Q1 2024 results. The company reported a revenue of €498 million, marking a 2.5% increase year-over-year. Adjusted EBITDA also rose by 4.7% to €275 million. Notably, the Networks segment grew by 9.6%, driven by significant contributions from Mobility and Government sectors. However, the Video segment saw a decline of 5.2%, consistent with the company's expectations.

The company highlighted the successful launch of customer services via its O3b mPOWER, a second-generation MEO constellation, enhancing its network capabilities in high growth areas such as government and mobility. SES also achieved a substantial €125 million in new business and contract renewals during the quarter. Further financial stability is reflected in the reduced net leverage of 1.5x and robust adjusted free cash flow, which marked a significant turnaround to a net inflow of €38 million from a net outflow of €41 million in the prior year’s first quarter.

Looking forward, SES reaffirmed its 2024 full-year outlook, expecting stable revenues and EBITDA within the forecasted range. The quarterly report underscores the company's strategic initiatives in expanding its network services and improving operational efficiency, setting a solid foundation for the ongoing fiscal year.