Slide 1: Q1 2025 Results
30 April 2025 Q1 2025 RESULTS
Slide 2: Disclaimer
Disclaimer Forward looking statements This communication contains forward-looking statements. Generally, the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “contemplate,” “predict,” “forecast,” “likely,” “believe,” “target,” “will,” “could,” “would,” “should,” “potential,” “m
Slide 3: Business Highlights
Adel Al-Saleh, CEO BUSINESS HIGHLIGHTS
Slide 4: Q1 2025 Highlights
Q1 2025 Highlights Solid start to 2025 - on track for FY 2025 financial outlook Commercial successes demonstrate demand for our vertical solutions Intelsat acquisition progressing well & anticipated to close in H2 || 30 30 April April 2025 2025 Q1 2025 RESULTS 3
Slide 5: Solid Q1 2025 Financial Performance
Solid Q1 2025 Financial Performance €509M REVENUE -0.5% yoy with Networks growth (+8.4% yoy(2)), u/l growth ADJUSTED EBITDA(1) €280M -0.9% yoy incl. 6% yoy reduction in OpEx (ex COGS)(3), u/l growth (55% margin) NEW BUSINESS €360M €276M of new business & renewals in our growing segments 1.2X NET LEV
Slide 6: Notable wins in last 12 months with key wins in Q1
Notable wins in last 12 months with key wins in Q1 GOVERNMENT MOBILITY FIXED DATA MEDIA Energy Services ProSiebenSat.1 Strengthening & Building New Partnerships in our chosen markets | 30 April 2025 5
Slide 7: Networks Growth driven by Government & Mobility
Networks Growth driven by Government & Mobility Networks +8.4% yoy(1) – now 60% of total revenue Strong growth +13.1% yoy, in both US & Global Government Mobility +8.5% yoy(1) with double digit growth in Aviation and solid growth in Maritime revenue (excl. periodic revenue) Fixed Data (-2.0% yoy) pe
Slide 8: Media Performance Delivered to Expectations
Media Performance Delivered to Expectations Media (40% of total revenue) was -10.6% yoy YoY decline on the back of lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs as well as the Brazilian customer bankruptcy €84M of renewals & new business Gross
Slide 9: O3b mPOWER Deployment on Track, Supporting Growth
O3b mPOWER Deployment on Track, Supporting Growth 3x increase in capacity with full constellation from 2027 O3b mPOWER O3b mPOWER O3b mPOWER O3b mPOWER (12 & 13) Full constellation in (9,10 & 11) (7 & 8) Launching 2026 service Launching Start of service Summer 2025 Q2 2025 O3b mPOWER (7 & 8) Decembe
Slide 10: Our Differentiator: Integrated, Holistic Multi-Orbit Network
Our Differentiator: Integrated, Holistic Multi-Orbit Network GEO Unbroken connectivity Owner economics in GEO & MEO MEO Partnerships in LEO High performance LEO Low Latency Expanded reach Global ground network & digital layer managing & expanding our services AVAILABILITY RESILIENCE DENSITY INTEROPE
Slide 11: Accretive Intelsat Acquisition to Complete H2 2025
Accretive Intelsat Acquisition to Complete H2 2025 Additional regulatory clearances completed incl. Brazil Remaining clearances are proceeding as expected Acquisition remains on track to close in H2 this year Detailed plans for synergies of €2.4B NPV (€370M run rate) are ready for execution Reaffirm
Slide 12: Well Positioned in a Competitive Growth Industry
Well Positioned in a Competitive Growth Industry HIGHLY ACCRETIVE CREATING A STRONGER DELIVERING ENHANCED BUILDING TOTAL ACQUISITION MULTI-ORBIT OPERATOR CUSTOMER SOLUTIONS SHAREHOLDER RETURN €2.4B >€8B ~60% >€1B NPV of highly visible synergies with gross contract backlog underpins of revenue in Net
Slide 13: Financial Highlights
Sandeep Jalan, CFO FINANCIAL HIGHLIGHTS
Slide 14: Adjusted Net Profit of €42M
Adjusted Net Profit of €42M Adjusted Net Profit and Reported Net Profit Walk (€M) Revenue of €509M (-0.5% yoy), u/l growth 80 77 5 Adjusted EBITDA of €280M (-0.9% yoy), u/l growth 70 60 Adjusted EBITDA margin of 55% (Q1 2024: 55%) with focus on reduction of OpEx by 6% yoy 50 5 42 Lower yoy Adjusted
Slide 15: Strong Financial Position & Balance Sheet Metrics
Strong Financial Position & Balance Sheet Metrics Adjusted Free Cash Flow (FCF)(1) of -€51M Final FY24 dividend (€0.25 per A-share) paid to shareholders on April 17 Net leverage of 1.2x(1) including €3.1B of cash & cash equivalents(2) ~$70M C-band reimbursements received Q1; ~$24M expected to be rec
Slide 16: Stable Financial Outlook for 2025
Stable Financial Outlook for 2025 Q1 2025A €509M GROUP 2025E REVENUE Stable YOY On track Q1 2025A €280M ADJUSTED 2025E EBITDA(1) Broadly Stable YOY On track 2025E €425 - 475M CAPITAL Q1 2025A EXPENDITURE €216M Average of ~€325M(2) for 2026-2029 exc. IRIS2 On track Financial outlook assumes constant
Slide 17: Conclusion
SES‘ CONCLUSION
Slide 18: Evolved Strategy is Showing Results
Evolved Strategy is Showing Results TRANSFORMATION & EXECUTION FOCUS ON GREEN ZONES INVEST IN INNOVATION Most efficient & agile operating model Managed multi-orbit solutions in our Across our network & operations to to accelerate execution, maximising selected segments where we have a digitise
Slide 19: SES's Ambition for the Future remains Customer Centric Industry Leader
SES’s Ambition for the Future remains Customer Centric delivering value for governments Industry Leader and clients in our chosen markets in a valuable, fast growing SATCOM industry Growing showing sustainable, profitable growth for future investments and total shareholder returns Innovative enhanci
Slide 20: Additional Information
ADDITIONAL INFORMATION
Slide 21: Alternative Performance Measures
Alternative Performance Measures SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly
Slide 22: Committed to Disciplined Financial Policy
Committed to Disciplined Financial Policy MAINTAINING A STRONG DELIVERING RETURNS PROFITABLY INVESTING BALANCE SHEET TO SHAREHOLDERS FOR THE FUTURE Committed to investment grade metrics Stable to progressive dividend policy Sustain & profitably grow the business Target net leverage of below 3x Annua
Slide 23: Future Satellite Launch Schedule
Future Satellite Launch Schedule Region Application Launch O3b mPOWER (9, 10, & 11) Global Networks 2025 EAGLE-1 Europe Networks 2026 O3b mPOWER (12-13) Global Networks 2026 ASTRA 1Q Europe Media, Networks 2027 SES-26 Asia, EMEA Media, Networks 2027 Final launch dates are subject to confirmation by
Slide 24: SES Investor Relations
SES Investor Relations Email: IR@ses.com Telephone: +352 710 725 261 | 30 April 2025