Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 51

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 51
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 of any such events or security breaches could have a material adverse effect on SES’s business, financial condition and results of operations. SES’s international operations are subject to a number of risks that could negatively affect future operating results or subject SES to criminal and civil enforcement actions. SES conducts business around the world. International business is subject to a variety of risks, including:

| • |     | lack of developed and/or independent legal systems to enforce commercial, legal and regulatory rights; |

| • |     | greater risk of uncollectible accounts and longer collection cycles; |

| • |     | foreign currency exchange volatility; |

| • |     | inflation and deflation; |

| • |     | fraud and political corruption; |

| • |     | anticompetitive or protectionist behavior; |

| • |     | uncertain and changing tax rules, regulations and rates; |

| • |     | logistical and communication challenges; |

| • |     | economic and financial conditions in the markets in which SES operates; and |

| • |     | political conditions in the markets in which SES operates as well as geopolitical events in or affecting such                                            
 markets (such as the currently on-going conflict between Russia and Ukraine, as well as the war in Gaza and tensions in the Middle East more generally). |

In addition, SES may be subject to civil or criminal liability under the U.S., United Kingdom, EU, Canada and other laws and regulations pertaining to economic sanctions, export controls, competition and anti-bribery requirements. SES has procedures, policies and controls in place that are designed to detect and prevent instances of non-compliancewith such requirements. There have nonetheless been a few instances when SES has identified activities that may have constituted violations of applicable requirements. 35

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

In such circumstances, SES has taken prompt action to investigate and remediate such
activities and to adjust its controls to prevent such occurrences in the future. Any failure by SES to obtain or maintain required licenses and authorizations or failure to comply with sanctions, export control, competition and anti-bribery laws and
regulations may render it impossible for SES to provide satellite capacity and services to certain countries or customers and potential customers. Further, any failure by SES to obtain or maintain required licenses and authorizations or failure to
comply with sanctions, export control, competition, and anti-bribery laws and regulations may render it impossible for SES to provide satellite capacity or