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SES Sees Positive Signs from its Networks Business in 2023 Financial Results

By Mark Holmes | March 1, 2024

      Photo: SES

      SES passed the 2 billion euros mark for overall revenues in 2023. This was one of the highlights of its 2023 full year results, issued Feb. 29. SES achieved revenues of 2.03 billion euros ($2.2 billion), ahead of forecast, and slightly more than its overall revenues in 2022.

      Video revenues continue to fall as the Networks business continues to pick up in revenue. Interestingly, SES’s Networks business achieved full year revenues of 1.06 billion euros, a just over 6% increase compared to the same stage last year.

      Within the Networks business, mobility is proving to be a key driver for the company. For the full year, SES derived 282 million euros ($305.37 million) in revenues from mobility, which was 11.5% increase compared to the same stage last year.

      The Government business also saw increases, reaching 517 million euros ($559.84 million) for the year, an over 6% increase compared to the previous year.

      SES’s video business however continues to decline. It is now below the 1 billion euro mark in full year revenues. In 2023, the operator derived 967 million euros ($1.047 billion) from its video business, a near 4.5% fall compared to the same stage last year.

      “We delivered on all the financial objectives for 2023 including exceeding revenue expectations, secured 1.5 billion euros ($1.62 billion) of new business and renewals across Networks and Video, and launched the first six O3b mPOWER satellites which will bring high-performance connectivity services to committed and prospective customers from early Q2 2024,” SES CEO Adel Al-Saleh said.

      “With the hard work of C-band clearing in the U.S. behind us and cash proceeds received, we have strengthened our industry-leading investment grade balance sheet and unlocked important financial flexibility which creates the opportunity to expand our capabilities, enhance commercial offering, drive free cash flow, and deliver returns to our shareholders,” he added.