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    Roshan Ranjit • Deutsche Bank

    Roshan Ranjit's questions to SES SA (SGBAF) leadership

    Roshan Ranjit's questions to SES SA (SGBAF) leadership • Q1 2025

    Question

    Roshan Ranjit asked if the upcoming 30% mPOWER capacity increase is already contracted, how potential single-country sovereign networks in Europe fit with the IRIS² program, and what drives the high lease liabilities at Intelsat in the pro forma financials.

    Answer

    CEO Adel Al-Saleh stated that while capacity is not pre-sold, he expects the new mPOWER capacity to be contracted 'very quickly' due to high demand. He clarified that national sovereign constellations are complementary to IRIS², which is critical for providing the necessary scale and resilience. CFO Sandeep Jalan explained that Intelsat's higher lease liability is a non-cash item resulting from different accounting treatments (U.S. GAAP vs. IFRS) for third-party capacity costs and is not a direct driver of OpEx synergies.

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    Roshan Ranjit's questions to SES SA (SGBAF) leadership • Q1 2025

    Question

    Roshan Ranjit of Deutsche Bank AG asked if the upcoming 30% mPOWER capacity increase is already largely contracted, how potential single-country sovereign networks in Europe would fit with the IRIS² program, and for clarification on the high lease liabilities at Intelsat shown in the pro forma financials.

    Answer

    CEO Adel Al-Saleh stated the new mPOWER capacity will be sold very quickly due to high demand and that national sovereign constellations in Europe are complementary to, not a replacement for, the IRIS² program. CFO Sandeep Jalan explained that the higher lease liability for Intelsat is a non-cash adjustment resulting from differences between U.S. GAAP and IFRS accounting for third-party capacity costs.

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    Roshan Ranjit's questions to SES SA (SGBAF) leadership • Q3 2024

    Question

    Roshan Ranjit of Deutsche Bank AG asked about the potential for new aviation partnerships, whether the stable 2025 revenue outlook is conservative given mPOWER's growth, and for an update on the insurance claim process with Boeing.

    Answer

    CEO Adel Al-Saleh confirmed strong traction for the Open Orbit aviation solution and a pipeline of interested airlines, stating they are open to new partners. While declining to give 2025 guidance, he noted the company's momentum is strong. CFO Sandeep Jalan reported that the $472 million insurance claim is complex but progressing, with some minor settlements already received, though a timeline for the full amount remains uncertain.

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    Roshan Ranjit's questions to Orange SA (FNCTF) leadership

    Roshan Ranjit's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Roshan Ranjit from Deutsche Bank asked about the pricing dynamics in France, specifically the extent of targeted price increases in Q1 and the strategy for the remainder of the year. He also questioned if pricing pressure in the enterprise segment has moderated.

    Answer

    CEO Christel Heydemann confirmed some tactical price increases occurred in Q1. Executive Jean-François Fallacher added that the strategy remains value-driven, highlighting the launch of new Wi-Fi 7 boxes. On enterprise, Heydemann noted the international market remains competitive, but excluding portfolio pruning, IT & IS revenues were flat, and strong order intake provides confidence in the transformation plan.

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