Execution against 2023 targets and strengthened financial position with C-band.
Luxembourg, 29 February 2024 -- SES S.A. announces financial results for the twelve months ended 31 December 2023.
Revenue of 2,030 million above Full Year 2023 financial outlook
Networks (+6.1% YOY) driving group revenue growth (+0.8%YOY) with Video (-4.4% YOY)
Adjusted EBITDA of 1,025 million impacted by unplanned expense in Q4 2023
$3 billion U.S. C-band Accelerated Relocation Payment received, lowering net leverage ratio from 3.5 times to 1.5 times
1 billion of debt repayments planned, including 550 million already repaid in January 2024
Solid Adjusted Free Cash Flow of 431 million during 2023
FY 2023 dividend of 0.50 per A-share to be paid in April 2024, complemented by ongoing 150 million share buyback
From FY 2024 onwards SES will move to semi-annual dividend payments, aligning to operational cash flows
Rewarding shareholders with additional interim dividend of 0.25 per A-share in October 2024 and, starting in 2025, payment of at least 0.25 per A-share in both April and October
First 6 O3b mPOWER satellites launched with start of commercial services on track for early Q2 2024
Discussions initiated with insurers on claim for O3b mPOWER (satellites 1-4) of $472 million
Full Year 2024 financial outlook expects revenue of 1,940- 2,000 million and Adjusted EBITDA of 950- 1,000 million
Adel Al-Saleh, CEO of SES, commented: It's an exciting time to be joining SES and an honour to lead this established, world-class operator on the next phase of the journey. The 2023 results demonstrate the strong fundamentals of our business and attraction of our multi-orbit offering to a customer base of world-leading organisations, governments, and institutions.
We delivered on all the financial objectives for 2023 including exceeding revenue expectations, secured 1.5 billion of new business and renewals across Networks and Video, and launched the first 6 O3b mPOWER satellites which will bring high-performance connectivity services to committed and prospective customers from early Q2 2024.
With the hard work of C-band clearing in the U.S. behind us and cash proceeds received, we have strengthened our industry-leading investment grade balance sheet and unlocked important financial flexibility which creates the opportunity to expand our capabilities, enhance commercial offering, drive free cash flow, and deliver returns to our shareholders.
While the competitive landscape in which we operate is evolving rapidly, SES is well positioned to succeed and grow as we continue to deliver differentiated and compelling solutions to our customers, underpinned by next-level execution and rigorous financial discipline.
Read the press release in full.
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Execution against 2023 targets and strengthened financial position with C-band.
