SES made public its financial results for the first six months of 2022, announcing revenues of €899 million (+2.8% YoY as reported) and adjusted EBITDA of €545 million (flat YoY as reported). Adjusted Net Profit improved by 11% YoY to €168 million, while leverage reduced to 3.0 times.
Steve Collar, CEO of SES, commented, “I am pleased with our H1 2022 results reflecting solid execution across the business and affirming that we are fully on track to deliver on our full year revenue and EBITDA outlook.
“Our Networks business delivered growth of 2% year-on-year and this trajectory will be further strengthened by important wins with ARSAT and AXESS Networks, agreements signed with Explora Journeys and another leading cruise provider reinforcing our leading position in cruise, and the entry into service of SES-17 which is now operational and delivering commercial services to customers.”
He went on to explain that the acquisition of DRS GES allowed SES to combine the best-in-class Government solutions provider together with its state-of-the-art multi-orbit satellite networking capabilities at SES Government Solutions, and expand its value proposition toward US Government end users.
“We secured several important renewals at our core video neighborhoods in the first half and, with limited contract maturities in the second half, have clear line of sight to our full year revenue outlook, with first half performance complemented by growth in our HD+ and Sports & Events businesses.
“Finally, our C-band clearing is proceeding well with the successful launch of SES-22, the first significant reimbursement payment received, and we are well on track to capture the $170 million of gross cash proceeds from our additional C-band agreement with Verizon,” he concluded.
