SES Report Results for First Half 2023

Luxembourg, August 3, 2023 -- Satellite operator SES S.A. announces financial results for the six months ended June 30, 2023.  Ruy Pinto, CEO of SES, commented: “The strong start to the year continued into Q2 resulting in a solid H1 financial performance and confirmation of the 2023 financial outlook. Networks is growing on the back of strong performance in Mobility and robust outturns in Government and Fixed Data. In Video, we have signed additional important renewals which underpin the long-term cash fundamentals and value of our direct-to-home neighbourhoods."

Key Highlights:

• Revenue of €987 million (+9.8% YOY as reported)

• Double digit Mobility growth driving Networks (+3.1% YOY); Video -3.5% YOY with €350 million of contracts signed

• Adjusted EBITDA of €530 million (-2.7% YOY as reported) representing a margin of 54%

• 2023 financial outlook re-affirmed (Revenue: €1,950-2,000 million; Adjusted EBITDA: €1,010-1,050 million)

• Launching a share buyback of up to €150 million

• 4 O3b mPOWER satellites launched; next launch currently planned for Q3 2023 and commercial service start by end-2023

• SES-17 & O3b mPOWER backlog now over US$1 billion

• C-band clearing completed and accelerated relocation payment (US$ 3 billion pre-tax) expected in Q4 2023

"Today, we are announcing a share buyback programme which demonstrates our conviction in SES’s long-term fundamentals. With O3b mPOWER expected to be in commercial service by the end of this year, customers will benefit from an expanded set of capabilities for flexible, guaranteed, and high-performance connectivity to meet requirements in competitive, high growth segments," said Pinto.

"In Government, the Luxembourg Parliament recently approved funding for an important, multi-year commitment to O3b mPOWER, while the group of SES and other European space and telecom players has been selected to develop a proposal for the European Commission’s future satellite constellation, IRIS2.   Lastly, we are delighted to have cleared C-band ahead of schedule, after more than 3 years of hard work, and expect to receive the $3 billion (pre-tax) accelerated relocation payment in Q4 2023,” said Pinto.