(Reuters) -European satellite company SES raised its full-year revenue and earnings forecasts on Thursday, citing early gains from its $3.1 billion acquisition of Intelsat, even as integration costs weighed on third-quarter earnings.
The group now expects annual revenue to grow to between 2.6 billion and 2.7 billion euros ($3.0 billion and $3.2 billion), after previously saying it would be stable year-on-year.
It sees adjusted earnings before interest, taxes, depreciation and amortization in a range of 1.17 billion to 1.21 billion, compared to a previous outlook for “broadly stable” EBITDA.
In 2024, SES recorded sales of 2 billion euros and adjusted EBITDA of 1.03 billion euros.
In the third quarter, the group’s core profit was 328 million euros ($383 million), while analysts polled by the company were expecting 348 million euros on average.
SES completed the acquisition of rival Intelsat in July, as it seeks to position itself as a key European competitor to Elon Musk’s Starlink and Amazon’s Project Kuiper alongside French peer Eutelsat.
“From Day 1, we have made significant progress with the integration of the two companies. We have begun to realise synergies across the business, and we expect to deliver on our synergy plan,” group CEO Adel Al-Saleh said in a statement.
SES will pay a final dividend of at least 25 euro cents per share for 2025 in April next year, it said.
($1 = 0.8575 euros)
(Reporting by Alban Kacher in Gdansk, editing by Milla Nissi-Prussak)
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