SES H1 2024 Results

Luxembourg, 1 August 2024 -- SES S.A. announces financial results for the six months ended 30 June 2024.

H1 performance underpins 2024 Full Year outlook

Revenue of 978 million (-0.6% YOY) and Adjusted EBITDA of 525 million (-0.9% YOY)

Networks (+5.0% YOY) including 8.4% YOY growth in Government

Video performance -6.7% YOY with important new long-term renewals signed

Adjusted Free Cash Flow (AFCF) of 146 million and Net Leverage at 1.7x (including cash & cash equivalents of 2.1 billion)

2024 revenue outlook (of 1,940 - 2,000 million) on track and unchanged

2024 Adjusted EBITDA outlook (of 950 - 1,000 million) tracking to upper half of the expected range

Fully Funded & highly accretive Intelsat acquisition will create a stronger multi-orbit competitor

Regulatory process underway and on track for closing during H2 2025

Integration & synergies planning progressing to ensure maximum possible execution from Day 1

Combination doubles revenue from growing Networks segments and unlocks 370 million of run-rate synergies (70% within 3 years)

Mid-single digit Adjusted EBITDA CAGR (2024E-2028E) to drive normalised' AFCF of more than 1 billion by 2027E/2028E

SES's investment grade rating re-affirmed and Net Leverage expected to be below 3x within 12-18 months after closing

LINK:	https://www.ses.com/press-release/ses-h1-2024-results...
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