SES Q1 2025 Results

Solid Start to the Year Luxembourg, 30 April 2025 -- SES S.A. announces financial results for the three months ended 31 March 2025.

Revenue of 509 million (-0.5% yoy) and Adjusted EBITDA of 280 million (-0.9% yoy), both growing excl. periodic impact

Networks revenue up +8.4% yoy including some periodic impact supported by growth in Government (+13.1% yoy) and Mobility (+8.5% yoy); Media (-10.6% yoy) in-line with expectations

360 million of new business and contract renewals signed in Q1 2025

Net Leverage at 1.2x (including cash & cash equivalents of 3.1 billion)

O3b mPOWER satellites 7&8 have reached final orbital position - boosting mPower network capacity and resilience from May

FY 2025 financial outlook on track with yoy stable Revenue and broadly stable Adjusted EBITDA re-affirmed

Fully funded Intelsat acquisition anticipated to complete in H2 2025 - intention to optimise the combined debt structure

On 3 April 2025, AGM approved all company recommended resolutions including prioritisation of shareholder returns

Final FY 2024 dividend of 110 million ( 0.25 per A-share) paid to shareholders on 17 April 2025

Adel Al-Saleh, CEO of SES, commented: We delivered good Q1 performance which continues to underscore that our evolved strategy is yielding positive operational and financial results, leading to a solid start to the year. We continue to deliver commercial momentum across the business reaffirming our FY 2025 financial outlook.

On the back of a strong performance, the Networks business now accounts for approximately 60% of revenues and delivered year-on-year growth led by government and mobility. This highlights our robust position in target segments with a differentiated multi-orbit offering. We have secured 360 million in new business and contract renewals to support future growth including an enhanced pipeline of Government opportunities, significant wins by our Open Orbits partners in aero, such as Uzbekistan Airways and extended cooperation with Thai Airways, and recent wins in Media with Mileto in Brazil and the Association of Tennis Professionals (ATP) globally. In Media we have delivered to expectations.

With a solid start to the year and mPOWER satellites 7&8 boosting mPower network capacity and resilience from May, we are on track to deliver strong operational performance with acceleration in Networks revenue to meet our FY 2025 financial outlook. The acquisition of Intelsat is progressing well and on track for completion in H2 2025.

Read the press release in full.

LINK:	https://www.ses.com/press-release/ses-q1-2025-results...
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