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SES 2Q 2022

August 5, 2022

      In its 2Q and First Half 2022 financial results, satellite operator SES reported:

      • The first launches for SES’s next-generation O3b mPOWER constellation were pushed back to the fourth quarter of this year. The satellites were previously expected to launch in the third quarter. 
      • During the investor call, SES CEO Steve Collar would neither confirm nor deny a Financial Times report that it was holding active discussions”  with rival satellite operator Intelsat. Collar said, “Generally what I’ve said is that industry consolidation is a good thing and I think will result in rationalization of the industry.”
      • An SES/Intelsat merge would be the third in a series of satellite operator consolidation moves following Viasat/Inmarsat and Eutelsat/OneWeb.
      • First half 2022 revenue of 899 million euros ($921 million) — up 2.8% from the first half of 2021. Here’s how the divisions faired individually:
      • Video (501 million euros) down 7% (Q2) and 5.1% (First Half) YoY.
      • Networks (387 million euros) up 2.1% YoY (First Half). Mobility revenue was up 16% in the time frame, and Fixed Data grew 2.8% in the time frame.
      • Government down 7.5% (First Half) YoY. SES cited “the rapid U.S. withdrawal from Afghanistan last year” as a main cause. Financials from DRS Global Enterprise Solutions acquisition were not included in this quarter but will be included in the third quarter results. 
      • SES’s contract backlog at the end of June was 5.1 billion euros ($5.2 billion).