SES reports Q1 25 results and reaffirms its FY outlook SES reported EUR509m of revenues with a 0.5% revenue decline. SES Video was in line with expectations with a double digit decline driven by the OI bankruptcy in Brazil as well as volume reductions in mature markets. SES Networks reported an 8% revenue growth or 11% when excluding periodic revenues in Q1 25 of EUR19m and of EUR22m in Q1 24). EBITDA beat expectations by 14% at EUR280m. Management has reaffirmed all elements of its FY25 guidance of ''yoy stable revenues and broadly stable EBITDA''. SES also announced its intention to redeem cUSD2bn of Intelsat 6.5% First Lien Senior Secured Notes in order to optimize the group''s balance sheet structure. SES currently holds EUR3.1bn of unrestricted cash. It has also received an initial USD58m insurance payment (out of USD472m claim) on mPower default and expects more insurance receipts. BNPP Exane View: Solid results, guidance in line, balance sheet optimisation positive SES reported solid Q1 25 results with a 14% beat at the EBITDA level. The way the company reports one-off periodical revenues is not helpful and somewhat blurs the picture, but SES Video and SES Networks performance looks broadly in line with expectations. Management continues to expect Intelsat to close in H2 25 and has already communicated plans to optimise its balance sheet structure. We remain Outperform and expect a positive share price reaction.