Page 1

SES⭑ Press Release Q1 2021 RESULTS “ Strong start to 2021. Launching € 100 million Share Buyback programme ” Luxembourg , 6 May 2021 -- SES S.A. announces financial results for the three months ended 31 March 2021 . Strong execution delivering revenue of € 436 million and Adjusted EBITDA ( ¹ ) of € 268 million • Improving trajectory in Video from -8.0 % YOY ( 2,3 ) in FY 2020 to -4.6 % YOY ( 2,3 ) in Q1 2021 7 % YOY ( 3 ) reduction in recurring Operating Expenses , reflecting S & A ( 4 ) gains , supporting higher YOY Adjusted EBITDA margin ( 61 % ) • • Solid Networks performance ( flat YOY ( 2,3 ) ) in the COVID environment with strong prospects for future growth • • Solid cash flow generation and financial discipline supporting lower YOY leverage ratio ( 5 ) of 3.1 times at 31 March 2021 Adjusted Net Profit up 42 % YOY to € 75 million On track to deliver 2021 outlook . Growth investments and C - band proceeds supporting future growth and value creation Over 85 % of 2021 revenue outlook ( € 1,760-1,820 million ( 6 ) ) already under contract • • • $ 180 million of backlog signed in 2021 for SES - 17 and O3b mPOWER with gross backlog at $ 740 million ( 7 ) ; timed to come to market as the world emerges from the COVID environment with highly differentiated products and solutions to capture substantial connectivity growth opportunity US C - band clearing on track to meet end - 2021 milestone ( triggering $ 1 billion payment ) and end - 2023 milestone ( triggering a further $ 3 billion payment ) Delivering returns to shareholders • 2020 dividend of € 0.40 per A - share paid in April 2021 , consistent with commitment to minimum base dividend of € 0.40 going forward Launching € 100 million share buyback programme reflecting confidence in the long - term fundamentals of the business • Steve Collar , CEO of SES , commented : " We have made a strong start to 2021 with the resilience of our Video business to the fore on the back of a number of important renewals and extensions secured at our core European neighbourhoods . Networks business performance was also solid in Q1 , notwithstanding the near - term COVID environment , with new deal flow beginning to pick up . We continue our laser focus on removing cost from the business and minimising discretionary spend with a 7 % year - on - year reduction in operating expenses , leading to improving EBITDA margin . In summary , our start to the year puts us firmly on track to deliver on our 2021 financial outlook which remains unchanged . I am excited by the progress that we are making in securing customer commitments for SES - 17 and O3b mPOWER ahead of launch in the second half of 2021 , and the level of market interest that we are seeing across all Networks verticals . These important growth investments allow us to offer a significantly expanded set of low latency products and solutions to the market as the world emerges from the COVID environment and demand for connectivity increases exponentially . We are also on course with the clearing of C - band in the US and are continuing to pursue opportunities to create additional shareholder value from further monetisation initiatives . The share buyback programme that we are announcing today reflects our confidence in the long - term fundamentals of the business . The current share price does not reflect the underlying value of SES and this programme represents an attractive opportunity to deploy capital for the optimal benefit of our shareholders . SES is uniquely positioned with targeted and differentiated growth investments fuelling future top line and EBITDA growth with strong cash flow enhanced by meaningfully lower capital expenditure , as well as the proceeds from our C - band initiative . " 1 Excluding restructuring charge and operating expenses recognised in relation to US C - band repurposing ( disclosed separately ) 2 Underlying revenue , excluding periodic and other revenue ( disclosed separately ) that are not directly related to or otherwise distort the underlying business trends 3 At constant FX which refers to comparative figures restated at the current period FX to neutralise currency variations Simplify & Amplify 5 Ratio of Adjusted Net Debt ( which includes 50 % of hybrid bonds as debt , per the rating agency methodology ) to Adjusted EBITDA 6 Financial outlook assumes a € / $ FX rate of € 1 = $ 1.20 , nominal satellite health and launch schedule 7 Gross backlog $ 740 million ( fully protected : $ 605 million ) 1