SES: Delivering on Promises in 2024

In 2024, SES S.A. (SES) delivered on its promises, posting solid operational and financial performance that led to revenue at the top end of its financial outlook. The company's Networks business grew by 2.9% year-over-year (YoY), driven by strong demand in the Government (+6.4%) and Mobility (+7.1%) segments. Meanwhile, the Media segment performed in line with expectations, securing €650 million in renewals and new agreements with major broadcast customers.



SES's success in 2024 can be attributed to several factors:

1. Strategic focus on target segments: The company's focus on high-growth segments, such as Government and Mobility, has paid off, with both segments contributing to the overall revenue growth.
2. Securing significant contracts: SES secured notable contracts in 2024, including a €760 million contract with NATO for the O3b mPOWER MEO constellation and agreements with Thai Airways and Turkish Airlines for SES Open Orbits. These contracts provided a solid foundation for future growth.
3. Expanding capacity: The launch of additional mPOWER satellites will add capacity to the constellation, enabling SES to meet the growing demand for its services and maintain its competitive edge.
4. Differentiated multi-orbit offering: SES's unique multi-orbit offering, combining GEO and MEO satellites, provides customers with a wide range of connectivity solutions tailored to their specific needs, making it a compelling choice for various industries.

Looking ahead to 2025, SES expects to deliver a solid operational performance, with acceleration in Networks revenue. The company plans to expand its O3b mPOWER constellation by bringing satellites 7 and 8 into service and launching satellites 9, 10, and 11 during the year. Additionally, SES is on track to complete the acquisition of Intelsat during the second half of 2025, which is expected to create significant value for shareholders.

In conclusion, SES's 2024 financial performance firmly demonstrates that the company's evolved strategy is showing results. With a laser-focus on execution and operational efficiency, SES delivered revenue at the top end of its outlook and Adjusted EBITDA exceeding its target, establishing a stable foundation for profitable growth, sustained Free Cash Flow generation, and sustainable, long-term shareholder value. As the company continues to execute on its strategic plan, investors can expect SES to maintain its strong performance in the coming years.