SES plans buyback of up to 150 mln euros after Q2 profit beat

Satellite firm SES SESFg.LU on Thursday laid out plans to buy back shares for up to 150 million euros ($163.8 million) after its second-quarter core profit beat market expectations.

The Luxembourg-based group reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 265 million euros in the second quarter, compared with analysts’ forecast of 254 million euros in a company-provided consensus.

“Networks is growing on the back of strong performance in Mobility and robust outturns in Government and Fixed Data,” acting CEO Ruy Pinto said.

Quarterly revenue reached 497 million euros, also ahead of expectations of 485 million euros.

The company said it would purchase up to 30 million of its own shares by the end of June 2024. The acquired shares will be cancelled to decrease the total number of shares, it added.

The buyback programme comes after SES in June said the talks with rival Intelsat over a possible merger had ended.

SES confirmed its financial outlook for 2023. Reuters