ABS: Full Year Results Update and Recent Developments

Dubai, UAE, January 23, 2025 –Satellite operator ABS Group reports full-year results the twelve months ended 30 September 2024 and update on recent developments.  The company reported revenues of US$ 66.3 million, down 4% YoY under very competitive market conditions. Adjusted EBITDA was US$ 35.9 million at 54% margin.

Operating Highlights

• Senior management team refreshed with appointment of new Chief Executive Officer and Chief Business Development Officer
• Major new contract wins with key partners including Gilat Telecom, Azercosmos, Rignet and Sonema
• Strengthening collaboration with Tier 1 satellite operators in regions where ABS has valuable capacity they require
• Established strategic partnership with Telespazio to deliver enhanced connectivity services

Financial Highlights

• Revenues of US$ 66.3 million, down 4% YoY under very competitive market conditions
• Adjusted EBITDA of US$ 35.9 million at 54% margin
• Free cashflow stable at US$ 19.1 million
• Net debt of US$ 31.6 million, following US $15.million debt paydown since August 2022
• Industry-leading net debt leverage of 0.9x at 30 September 2024

Mark Rigolle, CEO, said:

“ABS has delivered another strong set of numbers outperforming the broader GEO satellite market with revenues excluding customers serving the CIS market largely flat year over year. We have been laser-focused on developing our distribution into new markets in order to counter the headwinds the sector is facing from Starlink in particular. We remained highly cost-disciplined while growing our pipeline of sales opportunities and building partnerships in order to develop our orbital slot filings.

ABS has incredibly strong assets. Our team is second to none and in particular our technical department is one of the most efficient in the industry. Our satellites are healthy with many years of useful revenue life ahead. The quality of our Ka-band filings is superb and the focus of our longer term growth plans is to develop these filings in strategically-important, high-potential markets for both commercial and defence users.

Having joined last May I have come to appreciate the strengths of ABS and look forward to continuing the success we have been enjoying with our existing assets, while driving forward the building of the platform for future growth.”

Parm Sandhu, Chairman, said:

“Mark has brought a new energy to ABS and very quickly has assembled a world class management team in Dubai. ABS has a unique set of highly valuable assets which this team with our strong capital structure is well positioned to monetise.”