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  • Satellite Evolution

SES S.A. announces financial results for the three months ended 31 March 2022

Solid performance delivering revenue of €448 million and Adjusted EBITDA of €274 million

  • Important renewals in Video (-6% YOY(2), -4% YOY excluding US wholesale) delivering long-term value

  • Resilient Networks performance (flat YOY(2)) with Mobility growth and new Government wins to drive future revenue

  • Adjusted Net Profit up 17% to €88 million including the benefit of lower recurring operating and interest expenses

  • 2021 dividend of €0.50 per A-share (+25% YOY) was paid to shareholders in April 2022

On track to deliver robust 2022 Revenue and EBITDA and drive long-term value from differentiated growth investments

  • Over 85% of 2022 Group Revenue outlook (€1,750-1,810 million(3)) already under contract

  • 2022 Adjusted EBITDA(1) outlook (€1,030-1,070 million(3)) reflects robust profitability despite added spend to drive Networks growth

  • $910 million(4) of gross backlog for SES-17 (in service mid-2022) & O3b mPOWER (service introduction beginning 2023)

  • $450 million DRS GES acquisition(5) doubles US government revenue and profitably expands in a high value, growth segment

Steve Collar, CEO of SES, commented: “We have made a solid start to 2022 with a strong financial performance supporting the delivery of our full year 2022 outlook and further execution on our key strategic goals.

Our Video business continues to deliver long-term value for customers as demonstrated by the most recent deal announced with long-term partner Sky UK, valued at around €85 million. We have continued to see customers transitioning from SD to HD in the quarter and achieved year-on-year growth of HD+ in Germany. Our Networks business has performed well, on the back of strong growth in Mobility and an encouraging volume of wins across Government and Fixed Data that support our expected uptick in growth.

Looking to our future growth drivers, SES-17 has now reached its orbital location and will begin commercial services from mid-June 2022. O3b mPOWER is also progressing well with an increased launch cadence accommodated within our existing CapEx envelope. Commercial momentum continues to build for these assets with combined gross backlog up 20% year-on-year.

We are excited by the pending acquisition of DRS Global Enterprise Solutions, announced in March 2022, doubling our US Government business, and enabling us to serve US government customers with an expanded set of connectivity solutions, leveraging our unique multi-orbit fleet, and in particular the arrival of O3b mPOWER.

Finally, we are progressing well towards completing the second phase of US C-band clearing by end-2023 and triggering the remaining accelerated relocation payment of $3 billion (pre-tax), while creating a further $170 million in value for SES through our additional clearing agreement with Verizon.”


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