SES said Thursday it expects lower sales and gross operating income (Ebitda) in 2024 due to the rapid evolution of its market, after outperforming expectations last year.

The satellite operator says it is targeting sales of between €1.94 and €2 billion this year, with adjusted Ebitda expected to be between €950 million and €1 billion.

In fiscal 2023, sales rose by 4.4% to €2.03 billion, including 0.8% growth at constant exchange rates and scope of consolidation.

Adel Al-Saleh, the Group's new CEO, reports that SES has achieved all its annual financial targets and exceeded its sales forecast.

At 1.02 billion, annual adjusted Ebitda is down 7.3% in 2023, including a 6.3% decline on a like-for-like basis.

At around 9:45 a.m., the stock was down by over 5% on the Paris Bourse, among the SBF index's biggest decliners, while its European sector index was down by just 0.5%.

The share was also one of the worst performers on the pan-European STOXX 600 index.

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