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SES YTD 2023 Results

Luxembourg – WEBWIRE

SES S.A. announces financial results for the nine and three months ended 30 September 2023 and update on O3b mPOWER. 

Key YTD Financial Highlights:
•    Revenue of €1,494 million (+0.2% YOY), including €507 million in Q3 2023 (+3.1% YOY)  
•    Networks +5.0% YOY with Mobility, Government, and Fixed Data growth; Video -3.2% YOY with €445 million of contracts signed
•    Adjusted EBITDA of €792 million (-4.5% YOY as reported) representing a margin of 53%
•    2023 financial outlook re-affirmed (Revenue: €1,950-2,000 million; Adjusted EBITDA: €1,010-1,050 million)
•    U.S. C-band accelerated relocation payment ($3 billion pre-tax) fully received in October 2023
•    Pro forma Adjusted Net Debt to Adjusted EBITDA ratio of around 1.5 times underpins strong balance sheet 

O3b mPOWER update:
•    Launch of satellites 5&6 planned in early November 2023 and commercial service expected to start from early Q2 2024
•    In light of an increased number of power module switch offs over the past few months, mitigations to be put in place for initial satellites
•    Current O3b mPOWER customers are expected be supported, as well as future customers and market growth
•    Plan to upgrade satellites 7-11 and add 2 further satellites (12-13) within SES’s existing committed Capital Expenditure envelope
•    Expected impact of O3b mPOWER delay in the order of mid-single digit percentage lower in terms of 2024 revenue and Adjusted EBITDA before potential mitigations, including optimised use of existing MEO and GEO fleet, and additional programmes in progress

Other Highlights:
•    €150 million share buyback (announced 3 August 2023) to start in November 2023
•    SES plans to exercise the call for €550 million hybrid (perpetual) bond in January 2024 
•    Adel Al-Saleh appointed as CEO, effective February 2024, with proven track record of value creation in dynamic markets

Ruy Pinto, CEO of SES, commented: “We are pleased with a solid year to date financial performance and remain fully on track to deliver on our 2023 financial outlook. We achieved year-on-year growth in all 3 of our main Networks segments and secured important Video renewals which underpin the long-term cash generation and value of our broadcast business. Solid EBITDA performance underscores our focus on managing controllable costs across the business. 

I am delighted to confirm that we have now collected the full $3 billion (pre-tax) in accelerated relocation payments from Phase II U.S. C-band clearing. With the clearing completed ahead of schedule, we have fully delivered on the objectives of enabling accelerated deployment of 5G services in the U.S., protecting the critical broadcast services delivered by our customers, and realising significant value creation for SES.

We have identified the causes of the power module issues with the initial 4 satellites in orbit and have now put in place a plan to address those issues. With this plan in place, we now expect the launch of the next two O3b mPOWER satellites in early November and can look forward to deploying customers and beginning commercial services from early Q2 2024.” 

Read the press release in full.


About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially-proven, low-latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 6,400 channels and has an unparalleled reach of 369 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at:


This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.

This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 

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