The Luxembourg-based satellite operator recorded total revenue of €2.001 billion, reflecting a 0.9% year-on-year decline, largely in line with industry trends. However, its networks segment grew by 2.9%, driven by strong performances in government (+6.4%) and mobility (+7.1%) services. Meanwhile, the media division saw a 5.3% decline – in line with industry forecasts.
The company attributed its strong financial year down to disciplined cost management, with operating expenses (excluding cost of sales) which has been reduced by 8.6% year-on-year.
CEO Adel Al-Saleh highlighted that SES’s strategy is proving successful, positioning the company for long-term growth and emphasised key developments; including, the expansion of the O3b mPOWER constellation, enhancing SES’s medium Earth orbit (MEO) capabilities, and major contract signings with NATO, the U.S. Government, Thai Airways, Turkish Airlines, and Virgin Voyages, demonstrating strong demand for SES’s services.
SES reaffirmed its commitment to acquiring Intelsat, with the transaction expected to be finalised in the second half of 2025. The company believes the merger will enhance financial flexibility and drive long-term shareholder value, with all previously communicated financial targets remaining intact.
Shareholders can expect to receive a final dividend of €0.25 per A-share, bringing the total 2024 dividend to €0.50 per A-share. The company also completed a €150 million share buyback program, reducing the number of outstanding shares.
Looking ahead, SES expects stable revenue and EBITDA in 2025, with continued investment in satellite expansion, including the launch of three new O3b mPOWER satellites and further developments in the IRIS² EU satellite programme.
Despite promising financial news, the OCBL and LCGB unions have continued to express concerns over planned job cuts – which was not mentioned in the statement. Towards the end of 2024, an agreement was signed in Betzdorf, affecting 68 employees in engineering, IT, and administration.
The acquisition of Intelsat is also responsible for anxieties surrounding further layoffs.
