SES’s Betzdorf teleport in Germany. Photo: SES

Revenue at SES dipped 2% year-over-year in the third quarter of 2024, but the satellite operator said its revenue and adjusted EBITDA outlook are both tracking to the top end of guidance for full year 2024. 

Revenue in the Networks business of 264 million euros ($285 million) was up 3.5% quarter-on-quarter, but down 1% year-over-year. 

Government revenue within the segment rose 5% year-over-year, while Fixed Data and Mobility declined 6% and 7%, respectively. Although Fixed Data was down year-over-year, it grew 16% sequentially due to new cloud business

Decline in the Media business slowed down in the third quarter. Revenue of 233 million euros ($251 million) was down 3% year-over-year after declining more than 5% in the first two quarters of the year. The segment has benefited from double-digit growth in sports & events revenue this year. 

Year-to-date, group revenue of about 1.5 billion euros ($1.6 billion) is down 1% year-over-year. 

SES secured 900 million euros ($971 million) of renewals and new business during the quarter, including a NATO commitment for O3b mPOWER, broadcast renewals, and deals with Thai Airways and Turkish Airlines. The two airlines chose SES’s Open Orbits in-flight connectivity (IFC) service as part of the Airbus HBCplus program.

“2024 financial performance continues to track in line with our expectations, reflecting solid execution and the strength of SES’s differentiated customer solutions across our target segments. We expect to deliver full year 2024 revenue and adjusted EBITDA at the top end of our outlook, as we work towards improving the business’ growth trajectory,” CEO Adel Al-Saleh commented.