SES H1 2024 Results Reveal Steady Performance and Positive Outlook

Luxembourg, 1 August 2024 - SES S.A. announced its financial results for the first half of 2024, reporting steady performance and maintaining its outlook for the full year.

The company achieved €978 million in revenue, down 0.6% year-over-year, and an adjusted EBITDA of €525 million, a slight decrease of 0.9%. Networks witnessed a 5.0% increase in revenue, driven by an 8.4% rise in the government segment, while video revenue fell by 6.7%. Despite this, important long-term renewals were secured.

SES also reported an adjusted free cash flow of €146 million, with net leverage standing at 1.7x. The acquisition of Intelsat is on track for H2 2025, expected to double revenue from network segments and create €370 million in run-rate synergies. The adjusted EBITDA CAGR is projected to be in the mid-single digits from 2024 to 2028, driving normalised AFCF to over €1 billion by 2027/2028.

CEO Adel Al-Saleh commented on the strong performance and continued growth driven by strategic wins in government and customer renewals in the media business. The commercial launch of O3b mPOWER and the acquisition of Intelsat were highlighted as key milestones for sustained, long-term growth.