Satellite operator SES generated underlying revenues of EUR 462 million for the three months to September, down 2.1 percent year-on-year at constant currency (-2.6% in Q2). As in previous quarters, the negative revenue trend continued to reflect the contraction reported by the Video Distribution and Video Services divisions (-7.1% and -11.7% respectively), with underlying revenues dropping to EUR 273 million across the two. This was only partially offset by ongoing growth at the Networks business line (+8.4% from +6.5% in Q2), where all three revenue segments (Government, Fixed Data, and Mobility) posted a positive performance.
Adjusted EBITDA decreased to EUR 301 million in the third quarter, from EUR 308 million in the year-earlier period, while the adjusted EBITDA margin improved by two percentage points to 65.1 percent. Net profit amounted to EUR 67 million, down from EUR 81 million in Q3 2019.
The operator confirmed the revised full-year targets published in August, when financial guidance was trimmed for a second time this year, following the downward revision issued in March.
CEO Steve Collar said that the company's board has decided not to pursue the separation of Networks within SES after completing the strategic review announced in March. Commenting on the FCC’s C-band restructuring, he noted that the project was progressing in line with expectations.
