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SES⭑ Press Release SES YTD 2021 RESULTS " Strong execution underpinning FY 2021 outlook , future growth , and value creation " Luxembourg , 4 November 2021 -- SES S.A. announces financial results for the nine months ended 30 September 2021 . Solid performance delivering revenue of € 1,319 million and Adjusted EBITDA ( ¹ ) of € 823 million • Improving trajectory in Video to -4.1 % YOY ( 2,3 ) YTD 2021 from -8.0 % YOY ( 2,3 ) in FY 2020 • • • • Resilient Networks performance , flat YOY ( 2,3 ) , in a COVID impacted environment with strong prospects for future growth 2 % YOY ( 3 ) reduction in recurring Operating Expenses supporting Adjusted EBITDA margin of 62 % Over 95 % of FY 2021 revenue outlook ( € 1,760-1,800 million ( 4 ) vs. € 1,760-1,820 million at H1 2021 ) already under contract Adjusted EBITDA outlook unchanged for FY 2021 of € 1,080-1,100 million ( 4 ) ( improved from € 1,060-1,100 million at H1 2021 ) Significant progress in delivery of value creation through growth investments and C - band execution • • SES - 17 successfully launched , with first revenues from H2 2022 ; and O3b mPOWER on track to begin services by end - 2022 SES - 17 and O3b mPOWER backlog over $ 780 million ( 5 ) ; up $ 220 million in YTD 2021 with strong customer interest • First US C - band clearing milestone completed with $ 1 billion of accelerated relocation payments expected by Q1 2022 • On track to meet second clearing milestone by end - 2023 , triggering a further $ 3 billion in accelerated relocation payments Steve Collar , CEO of SES , commented : " Our laser focus on execution has delivered another solid quarter and we remain fully on track to deliver on our FY 2021 group revenue and EBITDA outlook . The strength and resilience of our Video business is reflected in the improved FY 2021 outlook on the back of important renewals and new business signed across our core neighbourhoods , and the continued positive momentum of our HD + platform in Germany . Our Networks business is continuing to perform well against the backdrop of an extended COVID environment with strong year - on - year growth in Government now complemented by growing quarterly run rate revenue in Fixed Data and Mobility , where we are starting to see a recovery in cruise and new bandwidth demand from our aeronautical customers . The successful launch of SES - 17 only two weeks ago was an important step in realising our vision of a seamless , integrated , and cloud- enabled network of the future . SES - 17 will start to generate incremental revenue and EBITDA for SES in the second half of 2022. This will soon be joined in orbit by our second - generation Medium Earth Orbit constellation , O3b mPOWER , with launches starting early next year and the constellation on track for start of service before the end of 2022 . I am delighted to report that we have completed Phase One C - band clearing in the US , comfortably ahead of the December 2021 deadline , and we expect to receive the first $ 1 billion of accelerated relocation payments within the coming months . We have started to receive cost reimbursement from the Clearing House and we are on track to complete Phase Two clearing by December 2023 , triggering an additional $ 3 billion of accelerated relocation payments . " 1 Excluding restructuring charge and operating expenses / income 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 4 Financial outlook assumes a € / $ FX rate of € 1 = $ 1.20 , nominal satellite health and launch schedule 5 Gross backlog over $ 780 million ( fully protected : $ 620 million ) 1