SES has posted a solid financial performance for 2024 after being on the wrong end of an unfavourable Moody’s Rating.
The Luxembourg-based satellite operator achieved revenues of €2,001 million, up just 0.9% year-on-year, but crucially at the top end of the financial outlook.
The company has managed to grow its Government and Mobility segments enough to cancel out the 5.3% drop in Media revenues, all in line with expectations.
Adel Al-Saleh, CEO of SES, said the performance firmly demonstrates its evolved strategy is showing results. “Media delivered to expectations with a stable outturn in our important DACH business and double-digit growth in Sports & Events, while we 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.” He anticipates an acceleration in Networks revenue in 2025.
The Intelsat acquisition remains on track to complete in the second half of the year.
