SES has announced a robust financial performance for 2024, defying a negative Moody’s rating. The Luxembourg-based satellite operator reported revenues of €2,001 million, a modest 0.9% year-on-year increase, yet comfortably within their projected financial outlook. This success is attributed to the growth in their Government and Mobility sectors, effectively counterbalancing a 5.3% decrease in Media revenues – all according to predictions.
Adel Al-Saleh, CEO of SES, stated that these results clearly showcase the effectiveness of their revised business strategy. He emphasized: “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 further projected an upswing in Networks revenue for 2025.
The planned acquisition of Intelsat remains on schedule for completion in the latter half of the year.