Strong execution underpinning FY 2021 outlook, future growth, and value creation
Luxembourg, 4 November 2021 -- SES S.A. announces financial results for the nine months ended 30 September 2021.
Solid performance delivering revenue of 1,319 million and Adjusted EBITDA of 823 million
Improving trajectory in Video to -4.1% YOY YTD 2021 from -8.0% YOY in FY 2020
Resilient Networks performance, flat YOY, in a COVID impacted environment with strong prospects for future growth
2% YOY reduction in recurring Operating Expenses supporting Adjusted EBITDA margin of 62%
Over 95% of FY 2021 revenue outlook ( 1,760-1,800 million vs. 1,760-1,820 million at H1 2021) already under contract
Adjusted EBITDA outlook unchanged for FY 2021 of 1,080-1,100 million (improved from 1,060-1,100 million at H1 2021)
Significant progress in delivery of value creation through growth investments and C-band execution
SES-17 successfully launched, with first revenues from H2 2022; and O3b mPOWER on track to begin services by end-2022
SES-17 and O3b mPOWER backlog over $780 million; up $220 million in YTD 2021 with strong customer interest
First US C-band clearing milestone completed with $1 billion of accelerated relocation payments expected by Q1 2022
On track to meet second clearing milestone by end-2023, triggering a further $3 billion in accelerated relocation payments
Steve Collar, CEO of SES, commented: Our laser focus on execution has delivered another solid quarter and we remain fully on track to deliver on our FY 2021 group revenue and EBITDA outlook. The strength and resilience of our Video business is reflected in the improved FY 2021 outlook on the back of important renewals and new business signed across our core neighbourhoods, and the continued positive momentum of our HD+ platform in Germany.
Our Networks business is continuing to perform well against the backdrop of an extended COVID environment with strong year-on-year growth in Government now complemented by growing quarterly run rate revenue in Fixed Data and Mobility, where we are starting to see a recovery in cruise and new bandwidth demand from our aeronautical customers.
The successful launch of SES-17 only two weeks ago was an important step in realising our vision of a seamless, integrated, and cloud-enabled network of the future. SES-17 will start to generate incremental revenue and EBITDA for SES in the second half of 2022. This will soon be joined in orbit by our second-generation Medium Earth Orbit constellation, O3b mPOWER, with launches starting early next year and the constellation on track for start of service before the end of 2022.
I am delighted to report that we have completed Phase One C-band clearing in the US, comfortably ahead of the December 2021 deadline, and we expect to receive the first $1 billion of accelerated relocation payments within the coming months. We have started to receive cost reimbursement from the Clearing House and we are on track to complete Phase Two clearing by December 2023, triggering an additional $3 billion of accelerated relocation payments.
Read the press release in full.
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Strong execution underpinning FY 2021 outlook, future growth, and value creation
