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  • Satellite Evolution

SES reports solid performance delivering revenue of €875 million and adjusted EBITDA of €544 million

SES has released its results for the first half of the financial year. The company has reported mixed results with performance impacted negatively by the ongoing COVID-19 pandemic, but expects strong improvements for future growth. Below are the highlights of the results:

  • Improving trajectory in video to -3.9 percent YOY in the first half of the year 2021 from -8.0 percent YOY in FY 2020

  • Resilient Networks performance, flat YOY, in a COVID impacted environment with strong prospects for future growth

  • 5 percent YOY reduction in recurring Operating Expenses supporting higher YOY Adjusted EBITDA margin (of 62 percent)

  • 19 percent YOY net interest expense reduction contributing to 35 percent YOY growth in Adjusted Net Profit of €152 million

  • Solid cash flow generation and financial discipline supporting leverage ratio of 3.3 times at 30 June 2021

2021 Revenue and improved EBITDA outlook on track

  • Over 90 percent of 2021 revenue outlook (€1,760-1,820 million) already under contract

  • Adjusted EBITDA outlook for full year 2021 improved to €1,080-1,100 million (from €1,060-1,100 million)

  • Growth investments and C-band proceeds supporting future growth and value creation

  • SES-17 and O3b mPOWER (on track to launch in 2021's fourth quarter) backlog now US$770 million; up US$210 million in YTD 2021

  • US C-band clearing on track to meet end-2021 and end-2023 milestones, triggering US$1 billion and US$3 billion payments respectively

  • €275 million of shareholder returns delivered since the start of 2021

  • 2020 dividend (€181 million) paid in April 2021, consistent with commitment to maintain minimum base dividend of €0.40 per A-share

  • Completed €94 million share buyback programme reflecting confidence in the long-term fundamentals of the business

Steve Collar, CEO of SES, commented: “Our strong start to 2021 continued into the second quarter providing confidence to improve the low end of our adjusted EBITDA outlook on the back of solid execution and laser focus on reducing cost.


The lasting value of our video business is reflected in the improved trajectory, the important long-term renewals at our core neighbourhoods, increased penetration of HD TV channels, and new paying subscribers for HD+ in Germany. Excitingly, in the second half of 2021, we will be expanding and enhancing our HD+ portfolio with the extension onto mobile devices and IP-enabled non-satellite homes.


Networks continues to perform well notwithstanding the COVID-impacted environment, notably in Government, reflecting the strong demand for our unique multi-orbit resilient solutions. With O3b mPOWER still over a year away from commercial launch, we have secured over US$300 million in backlog from major cruise brands which underscores the compelling combination of high throughput and high flexibility of the constellation.


C-band clearance remains fully on track. The recent issuing of C-band licences by the FCC is a notable milestone towards initiation of the reimbursement process. Meanwhile, we have returned €275 million of cash to shareholders this year underscoring our commitment to delivering sustained and attractive returns for our shareholders.”

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