Roshan Ranjit's questions to SES (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 that while the new mPOWER capacity was not pre-sold, they expect it to be contracted very quickly upon availability in May due to being sold out on existing capacity. He explained that national sovereign constellations are complementary to, not a replacement for, IRIS2, as nations require commercial capacity to augment their own assets for scale and resilience. CFO Sandeep Jalan clarified that the higher lease liability at Intelsat is an accounting matter resulting from the conversion from U.S. GAAP to IFRS and does not impact cash EBITDA.