SES Q1 Revenue Surges 80% as Aviation Connectivity Drives Growth
SES First-Quarter 2024 Financial Highlights and Business Developments
May 12 (Reuters) - Luxembourg-based satellite operator SES on Tuesday reported first-quarter results in line with market expectations and reiterated its yearly guidance, as it flagged strong momentum in its aviation and European infrastructure businesses.
Revenue Performance and New Business
Revenue was 847 million euros ($996 million) in the quarter, up 80% year-on-year at constant currency. The company signed 306 million euros worth of new business and contract renewals over the three-month period.
Aviation Segment Growth
Japan Airlines and Boeing Partnerships
The aviation business was a standout performer, CEO Adel Al-Saleh said in a statement, with commitments secured for more than 40 long-haul aircraft for Japan Airlines.
SES and Boeing also reached a milestone toward a factory line-fit solution for the multi-orbit system across all Boeing aircraft models, he said.
Inflight Connectivity Expansion
"During the quarter, our Aviation business benefitted from nearly 600 aircraft now flying with the SES multi-orbit inflight connectivity system, delivering fast, dependable internet access to millions of passengers," Al-Saleh said.
European Infrastructure and Strategic Initiatives
EGNOS GEO-1 Satellite Service Agreement
On the European infrastructure front, SES and the European Union Agency for the Space Programme extended the EGNOS GEO-1 satellite service agreement through 2030, helping maintain high-precision navigation services for aviation and other critical users across Europe.
IRIS² Programme and EU Collaboration
SES also continues to progress through orders for the IRIS² programme, working closely with the European Commission to validate project cost, technical requirements and delivery timelines.
Commitment to EU Connectivity Vision
The company said it remained committed to the European Union's vision for a sovereign space-based connectivity infrastructure.
($1 = 0.8508 euros)
(Reporting by Leo Marchandon in Gdansk, editing by Milla Nissi-Prussak)
