Q3 2024 SES SA Earnings Call Transcript
Key Points
- SES SA (SGBAF) is tracking towards the top end of its 2024 outlook, supported by strategic wins and strong commercial momentum.
- The company reported a 3% year-on-year growth in networks revenue and a nearly 4% reduction in controllable OpEx, showcasing operational excellence.
- SES SA (SGBAF) secured EUR900 million in customer contracts, contributing to a gross backlog of EUR4.6 billion.
- The company maintains a sector-leading investment-grade balance sheet and returned EUR450 million to shareholders in 2024 through dividends and share buybacks.
- SES SA (SGBAF) is making progress with its Empire Meo constellation deployment and the regulatory process for the Intelsat acquisition is on track.
- The media business experienced a year-to-date decline of 5.5%, with expectations of a mid-single-digit decline for the full year.
- Fixed data revenue was down 7.4% year-to-date, impacted by periodic revenue from the previous year.
- Adjusted EBITA decreased by 2% year-over-year, despite improvements in trend compared to the previous year's decline.
- The company incurred EUR41 million in exceptional expenses related to restructuring and M&A costs.
- The insurance claim process related to Boeing is complex and progressing slowly, with no substantial settlements yet.
Hello and welcome to the SES year-to-date and Q3 results 2024. My name is Laura and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call, your lines will be on listen-only mode. (Operator Instructions) I will now hand you over to your host, Richard Whiteing, head of investor relations to begin today's conference. Thank you.
Thanks, Laura. Good morning, everyone. Thanks for joining this analyst and investor call for the year-to-date in Q3 2024 results. The presentation was uploaded along with the press release to the investors section at ses.com. if you don't already have it. As always, please note the disclaimer at the front of the slide.
The agenda today is as usual in a moment, Adel Al-Saleh, our CEO, will present the main business highlights followed by Sandeep Jalan, CFO, to cover the financials in more detail. After some closing remarks from Adel, we will take questions. With that, let me hand over to Adel
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