The rating agency anticipates SES will generate lower revenue from its video business, offset by an increase in the network and Government businesses, as the latter might see revenue growth from the current geopolitical uncertainties. Despite stable revenue, Moody's expects EBITDA to decline in the low single digit range, due to increased operating costs, mostly related to the new satellite launches. From 2023, there is potential for a return to organic growth, driven by the contribution of the eleven O3b mPOWER satellites (nine to be launched in 2022). "Because of high capital spending of E950 million, and to a lower extent, increased dividends (+20 per cent in 2022), SES' Moody's-adjusted FCF will turn negative in 2022 and is expected to strengthen significantly in 2023, driven by reduced capital spending and stronger earnings.