SES: Full Year 2022 Results

SES S.A. announces financial results for the twelve months ended 31 December 2022.

Financial performance reflects strong execution across the business, complemented by value-accretive DRS GES acquisition

• Revenue of €1,944 million (+9.1% YOY as reported), Adjusted EBITDA⁽¹⁾ of €1,105 million (+1.3% YOY as reported) including contribution from DRS Global Enterprise Solutions (DRS GES), acquired 1 August 2022, and stronger US dollar
• Mobility driving growth in Networks (+2.0% YOY⁽²⁾), complemented by €450 million of renewals secured in Video (-5.5% YOY⁽²⁾)
• Leverage⁽³⁾ at 3.5x with solid cash generation, additional US C-band clearing proceeds from Verizon and now beyond investment peak

Robust 2023 outlook with O3b mPOWER to drive future long-term growth

• 2023 outlook⁽⁴⁾ of €1,950-2,000 million in revenue and €1,010-1,050 million in Adjusted EBITDA
• SES-17 and O3b mPOWER gross backlog up +28% YOY and now standing at more than $1 billion⁽⁵⁾
• First O3b mPOWER satellites launched successfully in December 2022. Two further launches in Q2 2023 with initial commercial service in late Q3 2023 and customers ramping onto the system through Q4. O3b mPOWER technology upgrading existing O3b fleet

Commitment to shareholder return. US C-band clearing fully on track to capture substantial value at the end of 2023

• Proposed 2022 dividend of €0.50 per A-share consistent with the Board’s stable to progressive policy
• Lowering long-term leverage⁽³⁾ target to below 3x from 2024
• SES-20, SES-21, and SES-22 in operation with clear line of sight to Phase 2 clearing proceeds ($3 billion pre-tax)

Steve Collar, CEO of SES, commented: “I am pleased with our execution and resulting accomplishments in 2022. Revenue growth of 9% includes strong recovery in Cruise and Aviation, as well as the acquisition of DRS GES. Revenue and EBITDA were in line with our financial outlook while cash generation was enhanced by accelerated C-Band clearing for Verizon, generating $170 million in 2022.

SES-17 is in service above the Americas supporting Thales’ aviation network and 17 new enterprise deals signed in 2022, while the combined backlog for SES-17 and O3b mPOWER now stands at over $1 billion for the first time. The landmark launch of our first two O3b mPOWER satellites, combined with two upcoming launches, paves the way for initial commercial launch at the end of Q3 2023, while we are already rolling out O3b mPOWER technology to existing MEO customers.

I was delighted to join Luxembourg’s Minister of Defence for the announcement of the MEO Global Services programme which, following parliamentary approval, is expected to commit up to €195 million for O3b mPOWER services to support Luxembourg and its partners. This underlines O3b mPOWER’s strong credentials for delivering reliable, sovereign, and secure satellite-enabled solutions, noting the European Parliament’s approval of IRIS² and we look forward to continuing productive engagement with the Commission.

Finally, 2022 was a milestone year for our US C-band initiative with three satellites launched and operational, completing the immediate need for satellites to facilitate C-Band clearing and substantially de-risking our programme. We look forward to completing the job in 2023 and earning the remaining $3 billion in accelerated clearing payments towards the end of the year.”

Key business and financial highlights (at constant FX unless explained otherwise)

SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.

€million		2022		2021		Change as reported
Average €/$ FX rate		1.06		1.19
Revenue		1,944		1,782		+9.1%
Adjusted EBITDA		1,105		1,091		+1.3%
Adjusted Net Profit		189		323		-41.5%
Adjusted Net Debt / Adjusted EBITDA		3.5 times		2.9 times		n/a

• Networks revenue of €923 million included the first contribution from DRS Global Enterprise Solutions (GES), acquired on 1 August 2022, of €95 million and periodic revenue of €4 million in Q4 2022. On a ‘same scope’ basis (without DRS GES) and excluding periodic revenue, Networks grew by 1.7% year-on-year compared with 2021 with growth in Mobility (of +13.4%, with a double-digit increase in Maritime and strong growth in Aviation revenue) and resilient performance in Fixed Data (of -0.8%, where year-on-year comparison is impacted by a strong outturn from Cloud in Q4 2021), while the rapid US withdrawal from Afghanistan starting Q3 2021 was the main contributor to lower year-on-year revenue in Government (-4.6%).

• Video revenue of €1,020 million represents a reduction of 5.5% year-on-year including the planned impact of lower US wholesale revenue and periodic revenue of €10 million in Q1 2022. Excluding these two items, Video was 4.4% lower than 2021 as lower volumes in mature markets were partially offset by growth in Sports & Events and HD+.

• On 31 December 2022, SES delivers more than 8,000 total TV channels to 369 million TV homes around the world, including some 3,200 High-Definition TV channels. 73% of total TV channels are broadcast in MPEG-4 with an additional 7% broadcast in HEVC.

• Adjusted EBITDA of €1,105 million represented an Adjusted EBITDA margin of 56.9% (2021: 61.2%) and included a contribution of €11 million from the acquisition of DRS GES (from 1 August 2022). Adjusted EBITDA excludes US C-band income (net of operating expenses) of €154 million (2021: €779 million) and other significant special items of €17 million (2021: €8 million).

• Adjusted Net Profit (as reported) of €189 million reduced year-on-year primarily due to higher income tax expense of €124 million (2021: €34 million expense). Adjusted Net Profit excludes US C-band net income and other significant special operating expenses (both highlighted above), as well as a non-cash impairment expense of €397 million (2021: €724 million) which mainly reflects the impact of higher discount rates on the net book value of intangibles and GEO satellites, and related tax benefits of these combined significant special items of €37 million (2021: €83 million).

• At 31 December 2022, the Adjusted Net Debt to Adjusted EBITDA ratio (including 50% of the €1,175 million of hybrid bonds as debt) was 3.5 times (31 December 2022: 2.9 times) mainly reflecting the acquisition of DRS GES for $443 million, capital expenditure for SES-17 and O3b mPOWER in the year, and costs related to US C-band clearing ahead of anticipated future reimbursements, and before Phase II accelerated relocation payment of $2,991 million linked to 5 December 2023 clearing milestone.

• Contract backlog on 31 December 2022 was €4.8 billion (€5.9 billion gross backlog including backlog with contractual break clauses).

• Board of Directors has proposed a 2022 dividend of €0.50 per A-share (€0.20 per B-share), consistent with our stable to progressive policy. Subject to shareholders’ approval at the Annual General Meeting (6 April 2023), the dividend will be paid on 20 April 2023.

• 2023 group revenue and Adjusted EBITDA outlook (assuming an FX rate of €1=$1.09, nominal satellite health, and nominal launch schedule) is expected to be between €1,950-2,000 million and between €1,010-1,050 million respectively. This includes the first full year contribution from DRS GES (acquired on 1 August 2022).

• Capital expenditure (net cash absorbed by investing activities excluding acquisitions, financial investments, and US C-band repurposing) outlook (assuming an FX rate of €1=$1.09) is expected to be around €550 million in 2023 with an average annual capital expenditure of around €385 million for the period 2024-2027.

Operational performance

REVENUE BY BUSINESS UNIT

		Revenue (€ million) as reported										Change (YOY) at constant FX and scope(1)
		Q1 2022		Q2 2022		Q3 2022		Q4 2022		FY 2022		Q1 2022		Q2 2022		Q3 2022		Q4 2022		FY 2022
Average €/$ FX rate		1.12		1.08		1.02		1.00		1 .06
Video (total)		261		250		252		257		1,020		-2.6%		-7.7%		-6.5%		-5.1%		-5.5%
- Video (underlying)		251		250		252		257		1,010		-6.4%		-7.7%		-6.5%		-5.1%		-6.4%
- Periodic		10		-		-		-		10		n/m		n/m		n/m		n/m		n/m
Government (underlying)		71		75		107(2)		144(2)		397(2)		-5.7%		-9.2%		-6.0%		+2.2%		-4.6%
Fixed Data (underlying)		58		64		69		71		262		-2.4%		+7.9%		+1.3%		-8.0%		-0.8%
Mobility (underlying)		57		62		73		68		260		+9.9%		+22.2%		+20.6%		+2.9%		+13.4%
Networks (total)		186		201		249		287		923		-0.3%		+4.4%		+3.9%		+0.1%		+2.0%
- Networks (underlying)		186		201		249		283		919		-0.3%		+4.4%		+3.9%		-1.0%		+1.7%
- Periodic		-		-		-		4		4		n/m		n/m		n/m		n/m		n/m
Sub-total		447		451		501		544		1,943		-1.7%		-2.7%		-1.9%		-2.7%		-2.3%
- Underlying		437		451		501		540		1,929		-3.9%		-2.7%		-1.9%		-3.2%		-2.9%
Other		1		-		-		-		1		n/m		n/m		n/m		n/m		n/m
Group Total		448		451		501		544		1,944		-1.6%		-2.7%		-2.0%		-2.8%		-2.3%

1) “At constant FX and scope” refers to comparative figures restated at the current period FX, to neutralise currency variations, and excluding the acquisition of DRS GES (which was completed on 1 August 2022). 2) As reported includes €95 million from the acquisition of DRS GES (2 months in Q3 2022: €32 million; 3 months in Q4 2022: €63 million).

“Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. “ Other” includes revenue not directly applicable to Video or Networks.

Given the relatively low level of periodic revenue in each of the last three years (€14 million in 2022; €1 million in 2021; and €8 million in 2020), SES has elected to simplify revenue reporting from Q1 2023 by no longer reporting underlying and periodic revenue separately. Instead, and to maintain transparency, any significant periodic revenue in future will be separately disclosed in the footnotes.

Recent and future satellite launches

Satellite		Region		Application		Launch Date
SES-22		North America		Video (US C-band accelerated clearing)		Launched
SES-20 & SES-21		North America		Video (US C-band accelerated clearing)		Launched
O3b mPOWER (satellites 1-2)		Global		Fixed Data, Mobility, Government		Launched
SES-18 & SES-19		North America		Video (US C-band accelerated clearing)		Q1 2023
O3b mPOWER (satellites 3-4)		Global		Fixed Data, Mobility, Government		Q2 2023
O3b mPOWER (satellites 5-6)		Global		Fixed Data, Mobility, Government		Q2 2023
O3b mPOWER (satellites 7-8)		Global		Fixed Data, Mobility, Government		H2 2023
O3b mPOWER (satellites 9-11)		Global		Fixed Data, Mobility, Government		2024
ASTRA 1P		Europe		Video		2024
ASTRA 1Q		Europe		Video, Fixed Data, Mobility, Government		2024
SES-26		Africa, Asia, Europe, Middle East		Video, Fixed Data, Mobility, Government		2024
EAGLE-1		Europe		Government		2024

CONSOLIDATED INCOME STATEMENT

€ million		2022		2021
Average €/$ FX rate		1.06		1.19
Revenue		1,944		1,782
US C-band repurposing income		184		901
Cost of sales		(351)		(319)
Staff costs		(330)		(304)
Other operating expenses		(205)		(198)
EBITDA		1,242		1,862
Depreciation expense		(642)		(575)
Amortisation expense		(63)		(95)
Impairment expense		(397)		(724)
Operating profit		140		468
Net financing costs		(88)		(71)
Profit before tax		52		397
Income tax (expense)/benefit		(87)		49
Non-controlling interests		1		7
Net (loss)/profit attributable to owners of the parent		(34)		453
Basic and diluted (loss)/earnings per A-share (in €)(1)		(0.16)		0.92
Basic and diluted (loss)/earnings per B-share (in €)(1)		(0.06)		0.37

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds.

€ million		2022		2021
Adjusted EBITDA		1,105		1,091
US C-band accelerated relocation payment		173		839
US C-band reimbursement income		11		62
US C-band operating expenses		(30)		(122)
Other significant special items		(17)		(8)
EBITDA		1,242		1,862

€ million		2022		2021
Adjusted Net Profit		189		323
US C-band accelerated relocation payment		173		839
US C-band reimbursement income		11		62
US C-band operating expenses		(30)		(122)
Impairment expense		(397)		(724)
Other significant special items		(17)		(8)
Tax on significant special items		37		83
Net (loss)/profit attributable to owners of the parent		(34)		453

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€ million		31 December 2022		31 December 2021
Closing €/$ FX rate		1.07		1.13
Property, plant, and equipment		3,630		3,773
Assets in the course of construction		1,859		1,788
Intangible assets		4,291		3,790
Other financial assets		20		26
Trade and other receivables(1)		111		121(2)
Deferred customer contract costs		7		9
Deferred tax assets		499		568
Total non-current assets		10,417		10,075(2)
Inventories		34		23
Trade and other receivables(1)		1,033		1,727(2)
Deferred customer contract costs		4		3
Prepayments		47		48
Income tax receivable		25		13
Cash and cash equivalents (A)		1,047		1,049
Total current assets		2,190		2,863(2)
Total assets		12,607		12,938(2)
Equity attributable to the owners of the parent		5,596		5,670
Non-controlling interests		62		63
Total equity		5,658		5,733
Borrowings (B)		3,629		3,524
Provisions		7		6
Deferred income		359		388(2)
Deferred tax liabilities		434		399
Other long-term liabilities		107		83
Lease liabilities		30		22
Fixed assets suppliers		740		472
Total non-current liabilities		5,306		4,894(2)
Borrowings (C)		719		57
Provisions		67		56
Deferred income		189		187(2)
Trade and other payables		367		292
Lease liabilities		15		11
Fixed assets suppliers		264		1,554
Income tax liabilities		22		154
Total current liabilities		1,643		2,311(2)
Total liabilities		6,949		7,205(2)
Total equity and liabilities		12,607		12,938(2)
Reported Net Debt (B + C – A)		3,301		2,532

1) Trade and other receivables (current and non-current) include €480 million related to US C-band repurposing (31 December 2021: €1,273 million). 2) Restated to reflect the netting of unbilled accrued revenue and deferred income

CONSOLIDATED STATEMENT OF CASH FLOWS

€ million		2022		2021
Profit/(loss) before tax		52		397
Taxes paid during the year		(186)		(31)
Adjustment for non-cash items		1,162		1,384
Changes in working capital		448		(456)
Net cash generated by operating activities		1,476		1,294
Payments for acquisitions of subsidiary, net of cash acquired		(435)		-
Payments for purchases of intangible assets		(42)		(37)
Payments for purchases of tangible assets(1)		(1,312)		(243)
Other investing activities		(9)		(3)
Net cash absorbed by investing activities		(1,798)		(283)
Proceeds from borrowings		744		159
Repayment of borrowings		(57)		(614)
Proceeds from perpetual bond, net of transaction costs		-		617
Redemption of perpetual bond, net of transaction costs		-		(768)
Coupon paid on perpetual bond		(49)		(85)
Dividends paid on ordinary shares(2)		(219)		(181)
Dividends paid to non-controlling interest		-		(2)
Interest paid on borrowings		(103)		(121)
Payments for acquisition of treasury shares		-		(119)
Proceeds from treasury shares sold and exercise of stock options		4		1
Lease payments		(17)		(14)
Payment in respect of changes in ownership interest in subsidiaries		2		-
Net cash absorbed by financing activities		305		(1,127)
Net foreign exchange movements		15		3
Net increase in cash and cash equivalents		(2)		(113)
Cash and cash equivalents at beginning of the year		1,049		1,162
Cash and cash equivalents at end of the year		1,047		1,049

1) Including €319 million related to US C-band repurposing (2021: €38 million). 2) Net of dividends received on treasury shares of €11 million (2021: €2 million)

€ million		2022		2021
Net cash generated by operating activities		1,476		1,294
Net cash absorbed by investing activities		(1,798)		(283)
Free cash flow before financing activities		(322)		1,011
Interest paid on borrowings		(103)		(121)
Lease payments		(17)		(14)
Free cash flow before equity distributions and treasury activities		(442)		876

SUPPLEMENTARY INFORMATION

QUARTERLY INCOME STATEMENT (AS REPORTED)

€ million		Q1 2021		Q2 2021		Q3 2021		Q4 2021		Q1 2022		Q2 2022		Q3 2022		Q4 2022
Average €/$ FX rate		1.22		1.20		1.19		1.15		1.12		1.08		1.02		1.00
Revenue		436		439		444		463		448		451		501		544
US C-band repurposing income		27		20		10		844		2		2		2		178
Operating expenses		(203)		(193)		(182)		(243)		(184)		(190)		(232)		(280)
EBITDA		260		266		272		1,064		266		263		271		442
Depreciation expense		(140)		(143)		(143)		(149)		(147)		(149)		(158)		(188)
Amortisation expense		(19)		(29)		(24)		(23)		(12)		(12)		(16)		(23)
Impairment expense		-		-		-		(724)		-		(24)		-		(373)
Operating profit		101		94		105		168		107		78		97		(142)
Net financing costs		(26)		(18)		(23)		(4)		(16)		(14)		24		(82)
Profit before tax		75		76		82		164		91		64		121		(224)
Income tax benefit/(expense)		(8)		(8)		(14)		79		(9)		(45)		(24)		(9)
Non-controlling interests		2		-		-		5		-		-		-		1
Net Profit		69		68		68		248		82		19		97		(232)
Basic earnings/(loss) per share (in €) (1)
Class A shares		0.13		0.12		0.14		0.53		0.17		0.02		0.20		(0.55)
Class B shares		0.05		0.05		0.05		0.22		0.07		0.01		0.08		(0.22)
Adjusted EBITDA		268		276		279		268		274		271		284		276
Adjusted EBITDA margin		61%		63%		63%		58%		61%		60%		57%		51%
US C-band repurposing income		27		20		10		844		2		2		2		178
US C-band operating expenses		(34)		(25)		(16)		(47)		(9)		(8)		(7)		(6)
Other significant special items		(1)		(5)		(1)		(1)		(1)		(2)		(8)		(6)
EBITDA		260		266		272		1,064		266		263		271		442

1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.

LIKE-FOR-LIKE REVENUE BY BUSINESS UNIT

(Pro forma as if the acquisition of DRS Global Enterprise Solutions had been completed on 31 December 2021)

€ million		Q1 2022		Q2 2022		Q3 2022		Q4 2022		FY 2022
Average €/$ FX rate		1.12		1.08		1.02		1.00		1.06
Video (total)		261		250		252		257		1,020
- Video (underlying)		251		250		252		257		1,010
- Periodic		10		-		-		-		10
Government (underlying)		116		119		119		144		498
Fixed Data (underlying)		58		64		69		71		262
Mobility (underlying)		57		62		73		68		260
Networks (total)		231		245		261		287		1,024
- Networks (underlying)		231		245		261		283		1,020
- Periodic		-		-		-		4		4
Other		1		-		-		-		1
Group Total		493		495		513		544		2,045

“Underlying” revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. “Periodic” revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. “ Other” includes revenue not directly applicable to Video or Networks.

ALTERNATIVE PERFORMANCE MEASURES

SES regularly uses Alternative Performance Measures (‘APM’) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group’s financial statements.

Alternative Performance Measure		Definition
Reported EBITDA and EBITDA margin		EBITDA is profit for the period before depreciation, amortisation, net financing cost and income tax. EBITDA margin is EBITDA divided by revenue.
Adjusted EBITDA and Adjusted EBITDA margin		EBITDA adjusted to exclude significant special items. In 2021 and 2022, the primary exceptional items are the net impact of the repurposing of US C-band spectrum, restructuring charges, one-off regulatory charges arising outside ongoing operations, and costs associated with the acquisition and integration of new subsidiaries. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue.
Adjusted Net Debt to Adjusted EBITDA		Adjusted Net Debt to Adjusted EBITDA, represents the ratio of Net Debt plus 50% of the group’s hybrid bonds (per the rating agency methodology) divided by the last 12 months’ (rolling) Adjusted EBITDA.
Adjusted Net Profit		Net profit attributable to owners of the parent adjusted to exclude the After tax impact of significant special items.

Presentation of Results:

A presentation of the results for investors and analysts will be hosted at 9.30 CET on 27 February 2023 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:

U.K.						+44 (0) 33 0551 0200
France						+33 (0) 1 70 37 71 66
Germany						+49 (0) 30 3001 90612
U.S.A.						+1 786 697 3501
Confirmation code						SES
Webcast registration						https://channel.royalcast.com/landingpage/ses/20230227_1/

The presentation is available for download from https://www.ses.com/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.

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About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries over 8,000 channels and has an unparalleled reach of 369 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

Disclaimer

This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.​

No representation or warranty, express or implied, is or will be made by SES, its directors, officers or advisors, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance you place on them will be at your sole risk. Without prejudice to the foregoing, none of SES, or its directors, officers or advisors accept any liability whatsoever for any loss however arising, directly or indirectly, from use of this presentation or its contents or otherwise arising in connection therewith.​

This presentation includes “forward-looking statements”. All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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¹ Excluding operating expenses/income recognised in relation to US C-band repurposing and other significant special items (disclosed separately)
² At constant FX and scope which refers to comparative figures restated, to neutralise currency variations, and excluding the acquisition of DRS Global Enterprise Solutions (DRS GES). 2022 includes € 10 million of periodic revenue in Video and € 4 million periodic revenue in Networks (2021: nil in Video; € 1 million in Networks)
³ Ratio of Adjusted Net Debt (including 50% of the €1.175 billion of hybrid bonds as debt) to Adjusted EBITDA
⁴ Financial outlook assumes a € /$ FX rate of €1 = $1.09, nominal satellite health, and nominal launch schedule
⁵ Gross backlog $1,020 million (fully protected: $820 million) including major deals signed since 1 January 2023

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Contact information

Richard Whiteing
Investor Relations
Tel: +352 710 725 261
richard.whiteing@ses.com

Suzanne Ong
External Communications
Tel: +352 710 725 500
suzanne.ong@ses.com