Latest news with #AlternativePerformanceMeasures
Yahoo
22-05-2025
- Business
- Yahoo
AM Best affirms ratings of Coface's main operating subsidiaries
AM Best affirms ratings of Coface's main operating subsidiaries Paris, 22 May 2025 – 18.00 The rating agency AM Best affirmed today the Financial Strength Rating (IFS rating) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of 'a+' (Excellent) of (), Coface North America Insurance Company (CNAIC) and Coface Re. The outlook for these ratings is 'stable'. In its press release, AM Best highlights that this rating reflects, 'Coface group's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management'. This strength is underpinned by a consolidated risk-adjusted capitalization at the strongest level as measured by the Best's Capital Adequacy Ratio (BCAR) score. AM Best also believes that 'the group's prospective performance may be subject to volatility, driven by the uncertain global operating environment. However, the group is able to take prompt risk-mitigating actions on non-performing business when required' and AM Best expects 'cross-cycle performance metrics to remain supportive of the strong assessment'. Last, in its release, the rating agency underscores that this note reflects Coface's 'leading position in the global credit insurance market, which is characterised by high barriers to entry'. CONTACTS ANALYSTS / INVESTORSThomas JACQUET: +33 1 49 02 12 58 – Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – MEDIA RELATIONSSaphia GAOUAOUI: +33 1 49 02 14 91 – BILLET: +33 1 49 02 23 63 – FINANCIAL CALENDAR 2025(subject to change)H1-2025 results: 31 July 2025 (after market close) 9M-2025 results: 3 November 2025 (after market close) FINANCIAL INFORMATIONThis press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 'Key financial performance indicators'). Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by can check the authenticity on the website COFACE: FOR TRADEAs a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment. Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion. COFACE SA is quoted in Compartment A of Euronext ParisCode ISIN: FR0010667147 / Ticker: COFA DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 'Main risk factors and their management within the Group' of the Coface Group's 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance. Attachment 2025 05 22 AM Best affirms ratings of Coface's main operating subsidiaries
Yahoo
14-05-2025
- Business
- Yahoo
COFACE SA: Combined Shareholders' General Meeting of 14 May 2025 approved all the proposed resolutions
COFACE SA: Combined Shareholders' General Meeting of 14 May 2025 approved all the proposed resolutions Paris, 14 May 2025 – 17.45 The Combined Shareholders' General Meeting of COFACE SA was held on 14 May 2025 at the Company's headquarters in Bois-Colombes, and it was chaired by Mr Bernardo Sanchez Incera, Chairman of the Board of Directors. All the proposed resolutions were adopted by COFACE SA's shareholders, including the payment of a dividend of €1.40 per share for the 2024 financial year with the coupon date set at 20 May 2025, and the payment date at 22 May 2025. All documents related to this General Meeting are available on COFACE SA institutional website ( and more precisely under "Investors/General Assembly". The resolution voting results are online at: CONTACTS ANALYSTS / INVESTORSThomas JACQUET: +33 1 49 02 12 58 – Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – MEDIA RELATIONSSaphia GAOUAOUI: +33 1 49 02 14 91 – BILLET: +33 1 49 02 23 63 – FINANCIAL CALENDAR 2025(subject to change)H1-2025 results: 31 July 2025 (after market close) 9M-2025 results: 3 November 2025 (after market close) FINANCIAL INFORMATIONThis press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 'Key financial performance indicators'). Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by can check the authenticity on the website COFACE: FOR TRADEAs a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment. Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion. COFACE SA is quoted in Compartment A of Euronext ParisCode ISIN: FR0010667147 / Ticker: COFA DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 'Main risk factors and their management within the Group' of the Coface Group's 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance. Attachment 2025 05 14 COFACE SA - Combined General Meeting on 14 May 2025 - Voting resultsError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
HBX GROUP ANNOUNCES HALF YEAR 2025 FINANCIAL RESULTS
Strong performance with double-digit growth PALMA DE MALLORCA, Spain, May 14, 2025 /PRNewswire/ -- HBX Group International plc (HBX Group, the Company, the Group, announces its Half Year 2025 results. Total Transaction Value (TTV) up 12% to €3.4bn, demonstrating continued outperformance versus the global accommodation market Revenue of €319m, up 10%, driven by double-digit growth in travel to Europe and MEAPAC Adjusted EBITDA of €159m, up 14% and Adjusted EBITDA margin of 50%, up 2% points New commercial partnerships signed to deliver future growth in key markets Listing on the Spanish Stock Exchanges in February, raising €725 million Debt refinancing completed in March followed by credit rating upgrades FY25E revenue guidance widened to €740-790m; newly introduced guidance for adjusted EBITDA of €430-450m and operating free cash flow cash conversion of c.100% Retained medium-term outlook, maintaining confidence in our ambition of profitable growth and market outperformance Financial performance summary 6 months ended 31 March 20256 months ended 31 March 2024 Change Total Transaction Value (TTV) (€m) 3,3703,022 12 % Revenue (€m) 319291 10 % Adjusted EBITDA (€m) 159140 14 % margin (%) 49.848.1 1.7pts Net loss (€m) (227)(122) 86 % Loss per share (€) (1.15)(0.68) 69 %Operating free cash flow (€m) (117)(97) 21 % cash conversion (last 12 months) (%) 107n/a n/a 31 Mar 202530 Sept 2024 Change Adjusted net debt (€m) 8071,285 -37 % Annualised(1) Adj net debt/ Adj EBITDA x 1.9x3.2x (1.4x) (1) Annualised LTM based on last 12 month Adj EBITDA. See financial statements for definitions of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) Company Guidance FY25 Mid-term(1) (unchanged)TTV 10%-16% (unchanged) Low double digit CAGRRevenue €740m-€790m (widened) High single digit CAGRAdj. EBITDA €430m-€450m (new) Low 60s%Op FCF conversion c.100% (new) c.100%(1) Mid-term is based on FY27, CAGR 3 years from FY24-FY27 Outlook The strong start to the year was in line with our expectations and reflected good execution and market outperformance. Since the beginning of April, trading has remained resilient, broadly in line with first half performance supported by strong long lead time bookings. At the same time, the more volatile macroeconomic environment has led to slightly lower visibility for summer bookings. As a consequence, the range of potential revenue outcomes for FY25E is wider and FY25E revenue guidance is updated to €740-790m. Guidance has been introduced for Adj. EBITDA (€430-450m) and operating free cash flow conversion (c. 100%, in line with our mid-term guidance), reflecting actions we are taking to deliver profitability and cash generation in a less predictable market environment. Our Mid-term outlook is unchanged. Our strong value proposition, compounded by the long-term positive spending trends underpinning the travel and leisure market, gives us confidence for the future. For the full press release and disclaimer applicable to this information, please visit About HBX Group HBX Group is a leading independent B2B travel technology marketplace that owns and operates Hotelbeds, Bedsonline and Roiback. We offer a network of interconnected travel tech products and services to partners such as Online Marketplaces, tour operators, travel advisors, airlines, loyalty programs, destinations and travel suppliers. Our vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries and employs more than 3,600 people around the globe. We are committed to making travel a force for good, creating a positive social and environmental impact. HBX Group International PLC ( is listed on the Spanish stock exchanges (ISIN: GB00BNXJB679). Media contact: media@ View original content: SOURCE HBX Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
Coface SA: Publication of Group and Standalone SFCR as of 31 December 2024
Coface SA COFACE SA: Publication of Group and Standalone SFCR as of 31 December 2024 Paris, 7 May 2025 – 17.45 COFACE SA has published today its Solvency and Financial Condition Report (SFCR) for COFACE SA (Group) and Compagnie française d'assurance pour le commerce extérieur (the « Compagnie »), in compliance with the Solvency II requirements1. The Board of Directors of COFACE SA and the Compagnie, respectively approved the SFCR for the financial year 2024. This report is produced on an annual basis: for Coface Group, involving COFACE SA and its main subsidiaries in France and outside France; for the Compagnie, on a standalone basis. HIGHLIGHTS To assess its solvency, COFACE SA uses the partial internal model approved by the ACPR in 2019. The Compagnie's solvency is still assessed using the interpretation of the standard formula. As of 31 December 2024, eligible own funds to cover the Group's SCR amounted to €2,630 million, which broke down as follows: 75% of Tier 1 capital; 24% of Tier 2 capital; 1% of Tier 3 capital, representing deferred tax assets. The Group's SCR coverage ratio of 196% 2 at the end of 2024 reflects a solvency ratio above its target range (155% -175%). This level supports the Group's decision to distribute 80% of its net profit for 2024 by a €1.40 3 dividend per share. The coverage ratio of the Compagnie SCR (Solo) at the end of 2024 is 237%4. The full report is available on the website of the Company at the following address: CONTACTS ANALYSTS / INVESTORS Thomas JACQUET: +33 1 49 02 12 58 – Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – MEDIA RELATIONS Saphia GAOUAOUI: +33 1 49 02 14 91 – Adrien BILLET: +33 1 49 02 23 63 – FINANCIAL CALENDAR 2025 (subject to change) Annual General Shareholders' Meeting: 14 May 2025 H1-2025 results: 31 July 2025 (after market close) 9M-2025 results: 3 November 2025 (after market close) FINANCIAL INFORMATION This press release, as well as COFACE SA's integral regulatory information, can be found on the Group's website: For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 'Key financial performance indicators'). Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website COFACE: FOR TRADE As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment. Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring. Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion. COFACE SA is quoted in Compartment A of Euronext Paris Code ISIN: FR0010667147 / Ticker: COFA DISCLAIMER - Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 'Main risk factors and their management within the Group' of the Coface Group's 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group's businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
Business Wire
30-04-2025
- Business
- Business Wire
SES: Q1 2025 Results
LUXEMBOURG--(BUSINESS WIRE)--SES S.A. announces financial results for the three months ended 31 March 2025. Revenue of €509 million (-0.5% yoy (1)) and Adjusted EBITDA (2) of €280 million (-0.9% yoy (1)), both growing excl. periodic impact Networks revenue up +8.4% yoy (1) including some periodic impact supported by growth in Government (+13.1% yoy (1)) and Mobility (+8.5% yoy (1)); Media (-10.6% yoy (1)) in-line with expectations €360 million of new business and contract renewals signed in Q1 2025 Net Leverage at 1.2x (3) (including cash & cash equivalents of €3.1 billion (4)) O3b mPOWER satellites 7&8 have reached final orbital position – boosting mPower network capacity and resilience from May FY 2025 financial outlook (5) on track with yoy stable Revenue and broadly stable Adjusted EBITDA re-affirmed Fully funded Intelsat acquisition anticipated to complete in H2 2025 – intention to optimise the combined debt structure On 3 April 2025, AGM approved all company recommended resolutions including prioritisation of shareholder returns Final FY 2024 dividend of €110 million (€0.25 per A-share) paid to shareholders on 17 April 2025 Adel Al-Saleh, CEO of SES, commented: 'We delivered good Q1 performance which continues to underscore that our evolved strategy is yielding positive operational and financial results, leading to a solid start to the year. We continue to deliver commercial momentum across the business reaffirming our FY 2025 financial outlook. On the back of a strong performance, the Networks business now accounts for approximately 60% of revenues and delivered year-on-year growth led by government and mobility. This highlights our robust position in target segments with a differentiated multi-orbit offering. We have secured €360 million in new business and contract renewals to support future growth including an enhanced pipeline of Government opportunities, significant wins by our Open Orbits™ partners in aero, such as Uzbekistan Airways and extended cooperation with Thai Airways, and recent wins in Media with Mileto in Brazil and the Association of Tennis Professionals (ATP) globally. In Media we have delivered to expectations. With a solid start to the year and mPOWER satellites 7&8 boosting mPower network capacity and resilience from May, we are on track to deliver strong operational performance with acceleration in Networks revenue to meet our FY 2025 financial outlook. The acquisition of Intelsat is progressing well and on track for completion in H2 2025.' 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. Networks revenue (60% of total revenue vs 54% in Q1 2024) of €302 million increased +8.4% year-on-year driven by growth in Government (+13.1% yoy) and Mobility (+8.5% yoy including periodic revenue of €19 million recognised in Q1 2025 vs €22 million in Q1 2024), offsetting lower Fixed Data (-2.0% yoy). Excluding periodic impact, Networks revenue grew +10.8% yoy and Mobility +18.0% yoy. Media revenue (40% of total revenue vs 46% in Q1 2024) of €206 million reduced 10.6% year-on-year, on the back of lower revenue in mature markets due to capacity optimisation and the impact of SD channel switch offs as well as the Brazilian customer bankruptcy. Adjusted EBITDA of €280 million represented an Adjusted EBITDA margin of 55% (Q1 2024: 55%) including flow through of the periodic revenue impact and some shifts in costs as well as lower margin equipment sales. Adjusted EBITDA excludes significant special items of €7 million (Q1 2024: €6 million). Adjusted Net Profit of €42 million was lower than Q1 2024 (€77 million), mainly reflecting year-on-year increased depreciation & amortisation and higher net financing costs of €15 million (Q1 2024: net financing income of €5 million). This was partly offset by higher Adjusted EBITDA and lower net income tax expense. Net financing costs included the benefit of earned interest income on the group's cash & cash equivalents of €25 million (Q1 2024: €34 million), net interest expense on external borrowings of €21 million (2024: €22 million), loan fees and origination costs and other of €6 million (Q1 2024: €5 million) and the impact of net foreign exchange loss of €13 million (Q1 2024: loss of €1 million). On 31 March 2025, Adjusted Net Debt to Adjusted EBITDA ratio (treating 50% of €1.524 billion of hybrid bonds as debt and 50% as equity) was 1.2 times (31 March 2024: 1.5 times). Cash & cash equivalents of €3.1 billion (excluding €295 million of restricted cash with respect to the SES-led consortium's involvement in IRIS 2) included the proceeds from the hybrid dual-tranche bond offering of €1 billion completed at the beginning of September 2024. The total amount of remaining U.S. C-band clearing cost reimbursements expected to be received in future is now approximately $24 million. SES is continuing to engage with insurers regarding the insurance claim relating to O3b mPOWER satellites 1-4. In April, SES has closed some initial settlements with a small number of insurers, resulting in initial settlement payments of c.$58 million so far, with further settlements expected to follow. On 3 April 2025, AGM approved all company recommended resolutions including prioritisation of shareholder returns. The final FY 2024 dividend of €110 million equal to €0.25 per A-share and €0.10 per B-share was paid to shareholders on 17 April 2025. SES reaffirms its FY 2025 outlook (assuming nominal satellite health and launch schedule): FY 2025 Group Revenue is expected to be stable compared with 2024 (at constant FX) and Adjusted EBITDA is expected to be broadly stable year-on-year (at constant FX) on the better-than-expected 2024 outturn. Capital expenditure (net cash absorbed by investing activities excluding acquisitions and financial investments) is expected to be in the range of €425-475 million in 2025, followed by an average annual capital expenditure of approximately €325 million for 2026-2029. In addition, SES's expected capital expenditure relating to IRIS 2 of up to €1.8 billion will start ramping mostly from 2027 and will translate into an average annual spend of around €400 million over 2027-2030 (subject to a rendezvous point at the end of 2025 to validate the project cost, technical requirements, and delivery timetable, whereby any party can exit in the event of excess expected cost, not meeting technical requirements, and/or delays to the in-service date). The proposed acquisition of Intelsat is on track, and is anticipated to complete in H2 2025, subject to receiving the necessary regulatory clearances, with all previously communicated financial objectives for the combined company reaffirmed (pre-IRIS 2). As previously announced, SES expects the proposed acquisition to have a positive impact on free cash flow, increasing the Company's financial flexibility. In terms of capital allocation, SES remains committed to investment grade metrics, profitable investments, and a stable to progressive dividend. As SES meets its net leverage target (Adjusted Net Debt to Adjusted EBITDA) of below 3 times within 12-18 months after closing the Intelsat transaction, the company intends to increase the annual base dividend and at least a majority of future exceptional cashflows of the combined company will be prioritised for shareholder returns. The financing of the Intelsat acquisition has also been fully secured. To optimise the debt structure of the combined entity, SES intends to redeem (in aggregate) approximately US$2bn of the 6.500% First Lien Senior Secured Notes due 2030 issued by Intelsat Jackson Holdings SA ("SSNs") on or before closing of the transaction, through (i) at closing, redemption of part of the SSNs in accordance with the terms thereof and ii) prior to closing, conducting open market purchases of the outstanding SSNs. After closing, SES may from time to time conduct further market purchases of the SSNs. Future satellite launches CONSOLIDATED INCOME STATEMENT € million Q1 2025 Q1 2024 Average €/$ FX rate 1.04 1.09 Revenue 509 498 U.S. C-band repurposing income 1 1 Other Income 1 - Operating expenses (238) (230) EBITDA 273 269 Depreciation expense (164) (139) Amortisation expense (31) (19) Non-cash impairment - - Operating profit /(loss) 78 111 Net financing income/(costs) (26) 5 Profit/ (loss) before tax 52 116 Income tax expense (22) (43) Non-controlling interest (1) - Net Profit attributable to owners of the parent 29 73 Basic and diluted earnings per A-share (in €) (1) 0.06 0.16 Basic and diluted earnings per B-share (in €) (1) 0.03 0.06 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. Expand € million Q1 2024 Adjusted EBITDA 280 275 U.S. C-band income 1 1 Other income 1 - U.S. C-band operating expenses (1) (2) Other significant special items (1) (8) (5) EBITDA 273 269 1) Other significant special items include restructuring charges of €nil million (Q1 2024: €5 million) and costs associated with the development and / or implementation of merger and acquisition activities ('M&A') of €8 million (Q1 2024: €nil million). Expand € million Q1 2025 Q1 2024 Adjusted Net Profit 42 77 U.S. C-band income 1 1 U.S. C-band operating expenses (1) (2) Other income 1 - Other significant special items (2) (19) (5) Tax on significant special items 5 2 Net profit attributable to owners of the parent 29 73 2) Other significant special items comprise restructuring charges of €nil million (Q1 2024: €5 million) and M&A costs of €19 million (Q1 2024: €nil million). M&A costs include net financing charges of €11 million (Q1 2024: €nil million) comprising an interest expense of €14 million (Q1 2024: nil million) and interest income of €6 million (Q1 2024: nil million) associated with the €1 billion hybrid financing issued in September 2024 in connection with the Intelsat transaction, and loan origination costs of €3 million (Q1 2024: nil million). Expand SUPPLEMENTARY INFORMATION QUARTERLY INCOME STATEMENT (AS REPORTED) € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Average €/$ FX rate 1.09 1.08 1.09 1.09 1.04 Revenue 498 480 497 526 509 U.S. C-band income 1 4 1 82 1 Other income - - - 3 1 Operating expenses (230) (248) (269) (352) (238) EBITDA 269 236 229 259 273 Depreciation expense (139) (162) (172) (177) (164) Amortisation expense (19) (49) (38) (50) (31) Non-cash impairment - (25) 1 (99) - Operating profit 111 - 20 (67) 78 Net financing (costs)/income 5 (5) (6) 3 (26) Other non-operating income / expenses (net) - - - 21 - (Loss)/Profit before tax 116 (5) 14 (43) 52 Income tax benefit/(expense) (43) 5 (4) (13) (22) Non-controlling interests - - (6) (6) (1) Net (Loss)/Profit attributable to owners of the parent 73 0 4 (62) 29 Basic (loss)/earnings per share (in €) (1) Class A shares 0.16 (0.01) 0.00 (0.15) 0.06 Class B shares 0.06 0.00 0.00 (0.06) 0.03 Adjusted EBITDA 275 250 250 253 280 Adjusted EBITDA margin 55% 52% 50% 48% 55% U.S. C-band income 1 4 1 82 1 Other Income - - - 3 1 U.S. C-band operating expenses (2) (1) (1) (1) (1) Other significant special items (5) (17) (21) (78) (8) EBITDA 269 236 229 259 273 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. Expand 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, impairment, net financing cost, other non-operating income / expense (net) and income tax. EBITDA margin is EBITDA divided by the sum of revenue and other income including U.S. C-band repurposing income. Adjusted EBITDA and Adjusted EBITDA margin EBITDA adjusted to exclude significant special items of a non-recurring nature. The primary such items are the net impact of U.S. C-band spectrum repurposing, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities ('M&A'), specific business taxes and one-off regulatory charges arising outside ongoing operations. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. Adjusted Free Cash Flow Net cash generated by operating activities less net cash absorbed by investing activities, interest paid on borrowings, coupon paid on perpetual bond and lease payments, and adjusted to exclude the net cash flow impact of significant special items of a non-recurring nature, primarily U.S. C-band spectrum repurposing, other income, restructuring charges, M&A (including net financing income / costs), specific business taxes and one-off regulatory charges arising outside ongoing operations. Adjusted Net Debt Adjusted Net Debt is defined as current and non-current borrowings less cash and cash equivalents (excluding amounts subject to contractual restrictions) and excluding 50% of the Hybrid Bond (classified as borrowings) and including 50% of the Perpetual Bond (classified as equity). The treatment of the Hybrid Bond and Perpetual Bond is consistent with rating agency methodology. Adjusted Net Debt to Adjusted EBITDA The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt divided by Adjusted EBITDA. Adjusted Net Profit Net profit attributable to owners of the parent adjusted to exclude the after-tax impact of significant special items including M&A net financing income / costs. Expand Presentation of Results: A presentation of the results for investors and analysts will be hosted at 9.30 CET on 30 April 2025 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows: Follow us on: About SES SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high performance services. By using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: Forward looking statements This communication contains forward-looking statements. Generally, the words 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'contemplate,' 'predict,' 'forecast,' 'likely,' 'believe,' 'target,' 'will,' 'could,' 'would,' 'should,' 'potential,' 'may' and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements. Such forward-looking statements, including 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), and the timing and consummation of the Intelsat transaction described herein, involve risks and uncertainties. SES's and Intelsat's experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied, including the risk that required approvals of the transaction from the shareholders of Intelsat or from regulators are not obtained; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of SES or Intelsat; the ability of SES and Intelsat to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the combined company's ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined company's existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; geopolitical events, and regulatory, economic and other risks associated therewith; and continued uncertainty around the macroeconomy. Other factors that might cause such a difference include those discussed in the prospectus on Form F-4 to be filed in connection with the proposed transaction. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, SES and Intelsat undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It In connection with the proposed Intelsat transaction, SES intends to file with the SEC a registration statement on Form F-4 that also constitutes a prospectus of SES. SES also plans to file other relevant documents with the SEC regarding the proposed transaction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain free copies of these documents (if and when available), and other documents containing important information about SES and Intelsat, once such documents are filed with the SEC through the website maintained by the SEC at Copies of the documents filed with the SEC by SES will be available free of charge on SES's website at or by contacting SES's Investor Relations Department by email at ir@ Copies of the documents filed with the SEC by Intelsat will be available free of charge on Intelsat's website at or by contacting Intelsat's Investor Relations Department by email at This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
