SES Full Year 2024 Results

Luxembourg, 26 February 2025 -- SES S.A. announces financial results for the year ended 31 December 2024 with solid operational and financial performance leading to revenue at the top end of the financial outlook and Adjusted EBITDA exceeding SES's objectives.

Revenue of 2,001 million (-0.9% YOY( )) at the top end of the financial outlook

Networks revenue 2.9% YOY(1) with growth in Government ( 6.4%) & Mobility ( 7.1%); Media (-5.3% YOY(1)) in line with expectations

1.4 billion (gross) renewals & new business contributing to 4.8 billion gross contract backlog

Adjusted EBITDA( ) of 1,028 million ( 0.9% YOY(1)) exceeding the financial outlook

Operating Expenses excluding Cost of Sales reduced 8.6% YOY with the benefit of rigorous cost management

Adjusted Free Cash Flow of 253 million with Net Leverage at 1.1x( ) (including cash & cash equivalents of 3.2 billion( ))

2025 financial outlook( ) expects stable YOY revenue, with Adjusted EBITDA broadly stable YOY on better-than-expected 2024 outturn

Final dividend of 0.25 per A-share( ), giving FY 2024 dividend of 0.50 per A-share ( 0.75 per A-share paid during CY 2024)

Intent to increase annual base dividend once SES meets its net leverage target of below 3x within 12-18 months after closing of the Intelsat transaction, and then prioritise shareholder remuneration when allocating any future exceptional cash flows

Intelsat acquisition on track to complete in H2 2025 with all previously communicated combined financial objectives reaffirmed

IRIS2 concession contract enables MEO network expansion to keep pace with growing customer demand in line with financial policy

Board continues to review its current composition to ensure the right balance of skills and experience with the intent to propose board changes at the upcoming AGM

LINK:	https://www.ses.com/press-release/ses-full-year-2024-results...
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