Luxembourg-based satellite operator SES says its overall revenue for the 2024 full year achieved a “solid financial performance leading to revenue at the top end of the financial outlook and exceeding SES’s objectives.”Overall revenue was at €2.001bn, down 0.9 per cent YOY. The operator’s Networks division saw revenue grow +2.9 per cent YOY with growth in Government (+6.4 per cent) & Mobility (+7.1 per cent). Media, which includes its DTH transmissions, fell back -5.3 per cent YOY which was “in line with expectations” according to SES.Importantly, SES made a point of stressing its dividend policy for shareholders, saying “Intent to increase annual base dividend once SES meets its net leverage target of below 3x within 12-18 months after closing of the Intelsat transaction, and then prioritise shareholder remuneration when allocating any future exceptional cash flows.”Equally important is SES planned acquisition of arch-rival Intelsat which SES says is on track to complete in H2 2025 with all previously communicated combined financial objectives reaffirmed.SES added that – echoing Eutelsat’s move last week – that it is looking at how its Board of Directors is composed. “Board continues to review its current composition to ensure the right balance of skills and experience with the intent to propose board changes at the upcoming AGM”.Adel Al-Saleh, CEO of SES, commented: “Our 2024 financial performance firmly demonstrates that our evolved strategy is showing results. Our laser-focus on execution and operational efficiency delivered revenue at the top end of our outlook and Adjusted EBITDA exceeding our target, establishing a stable foundation from which to drive profitable growth, sustained Free Cash Flow generation, and sustainable, long-term shareholder value. We also made excellent progress on the transformational and value accretive acquisition of Intelsat and reaffirm all previously announced financial targets for the combined company.”“Networks delivered a third consecutive year of growth underlining the strong right to win in target segments of our differentiated multi-orbit offering, strengthened in 2024 with the successful entry into commercial service of the O3b mPOWER MEO constellation. We have executed on a strong commercial pipeline with €760 million of signings including notable wins with NATO, the US Government, Thai Airways, Turkish Airlines, Virgin Voyages, Telebras, Orange, and others. We were also delighted to secure the contract as the trusted partner for the flagship IRIS2 sovereign connectivity network which will become Europe’s multi-orbit network of choice,” he added.SES reported that its Media division delivered to expectations with a stable outturn in its DACH business and double-digit growth in Sports & Events, while it secured €650 million of renewals and new agreements with major broadcast customers such as Sky, RTL, QVC, Warner Brothers Discovery, ORS/ORF, and ProSiebenSat.1, “underpinning the long-term cash generation fundamentals of this business.”Looking ahead to 2025, we are on track to deliver a solid operational performance with acceleration in Networks revenue; expand O3b mPOWER by bringing satellites 7 & 8 into service and launching satellites 9, 10, & 11; and complete the acquisition of Intelsat.”
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