SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG) reports financial results for the nine months and three months ended 30 September 2016.


  • Executing differentiated, global capabilities-driven strategy to deliver return to growth
    Revenue of EUR 1,490.1 million, in line with prior period (-0.6% at constant FX[1], -3.6% at same scope1,2)
  • Reported EBITDA of EUR 1,060.9 million, 4.1% lower than prior period (-4.7% at same scope1,2)
  • EBITDA margin of 71.2% (YTD 2015: 74.1%) and 73.5% at same scope[2]
  • EUR 495.2 million gain recognised in Q3 2016 related to consolidation of O3b
  • Profit attributable to SES shareholders of EUR 824.0 million (YTD 2015: EUR 375.5 million)
  • Net Debt to EBITDA ratio at 3.30 times (Q3 2015: 2.62 times)[3]
  • One third of O3b debt refinanced; on track to complete refinancing by year-end and accelerate synergies

Accelerating growth and capabilities to deliver optimal and future-proof customer solutions

  • HDTV channels grown 6.1% (YOY) to 2,434 channels and expanding commercial UHD channels
  • SES-9 supporting video growth in international markets, where SES now broadcasts 2,685 channels
  • O3b revenue doubled (YOY) and significantly enhancing long-term profile of SES’s Enterprise vertical
  • MX1 supporting distribution of over 2,500 global TV channels and expanding premium sports content
  • Expanding market-leading position in aero via major long-term agreement with Thales Avionics
  • Substantial contract backlog increased to EUR 8.0 billion (YTD 2015: EUR 7.1 billion)

Karim Michel Sabbagh, President and CEO, commented: “These results demonstrate that SES’s differentiated strategy is enabling the return to sustainable long-term growth, with third quarter revenue higher than both the previous two quarters (same scope).

The positive growth dynamics in global video are accelerating and MX1 is already gaining market traction, as demonstrated by the recent contract for global distribution of the English Premier League.

Mobility growth remains very strong. The agreement with Thales Avionics for SES-17 further increases SES’s significant backlog for aeronautical connectivity and validates the differentiated approach of building customised HTS solutions.

O3b remains on track to double its revenue in 2016. This unique global solution significantly enhances SES’s product offering and long-term growth dynamics across the data-centric verticals, especially in Enterprise.

SES is focusing on significant growth opportunities in the four market verticals. In the event that the timing of these extends beyond Q4 2016, this may impact pace of growth in the final quarter, with revenues likely to be below the previous FY 2016 guidance range.

SES’s focus on delivering differentiated global solutions is significantly improving the business mix and accelerating the growth outlook for 2017 and beyond. This is underpinned by SES’s substantial contract backlog of now EUR 7.6 billion, and EUR 8.0 billion including the strong backlog from O3b and RR Media.”  


SES’s fully protected contract backlog increased to EUR 8.0 billion as at 30 September 2016 (30 September 2015: EUR 7.1 billion), benefiting from important new business and renewals across SES’s four market verticals. The backlog includes EUR 0.3 billion from O3b and EUR 0.1 billion from RR Media.