Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 56

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 56
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, including cable, fiber optic, digital subscriber line (“DSL”), radio relay broadcasting, very-high-frequency/ultra-high-frequency transmission,
worldwide interoperability for microwave access (“WiMAX”), advanced Wi-Fi, 2G, 3G, 4G/long-term evolution (“LTE”) and 5G. Any increase in the technical and commercial effectiveness or
geographic spread of these competing service providers and technologies could result in a reduction in demand for SES’s satellite service offering and could make it more difficult for SES to retain or develop its customer portfolio.

38

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Some terrestrial (fixed and wireless) operators may receive federal or state aid and subsidies not available to SES, which could give them a competitive advantage over SES.

The technological advancement of competitors to bolster cost efficiency, the disruption of existing business models by non-satellite players, and significant competition between satellite solution providers could lead to an oversupply of the services we provide, greater pressure on prices of such services or a reduction in the
demand for SES’s services, which could negatively impact our profits or revenue. These could in turn have a material adverse effect on SES’s business, financial condition and results of operations.

Changes in technology or the satellite communications market could make SES’s satellite telecommunications system obsolete or subject to lower or reduced demand.

Although, on the whole, the demand for satellite communications has been stable over the past years, in the future
the market may not grow as much as expected, may not grow at all, or it may shrink. Technological innovations that serve as alternatives to satellites could render satellite technology obsolete or less cost-competitive, and consumer viewing
preferences may shift in a way that makes other technologies better suited to delivering the broadcast content that currently accounts for a big part of the demand for SES’s commercial offering. The use of new technology to improve signal
compression rates or changes in consumer preferences (such as increased demand for new forms of video distribution, in particular non-linear or linear content provision via broadband technologies by existing
pay-TV providers or “over-the-top” by new entrants, or increased consumption via devices not fed directly or indirectly via satellite), or future trends in
viewing not yet anticipated, could lead to a reduction in demand for SES’s satellite capacity and associated services and solutions. Existing technologies, such as fiber optic cable, are currently competing with satellite technology and
expanding their geographic reach and may experience innovations that