Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 189

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 189
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 million, and GEO North America of €45 million. The                        
 impairment charge on orbital slot license rights recorded in 2023 was also mainly triggered by the recognition of the income from the Phase II U.S. C-Band ARP.                                                                      |

Net financing costs Net financing costs decreased by €39 million, or 92.4%, to €3 million for FY 2024, as compared to €42 million for FY 2023, primarily due to the following:

| • |     | an increase in interest income of €76 million; |

| • |     | an increase in finance lease income of €5 million; |

| • |     | an increase in interest expense on borrowings (excluding capitalized interest) of €18 million, 
 reflecting the combination of higher financing expenses and lower interest capitalized;        |

| • |     | a decrease of €9 million due to lower net foreign exchange (FX) gains; |

| • |     | an increase of €8 million in other finance costs; and |

| • |     | an increase of €7 million in respect of amortization of loan origination costs. |

Other non-operating income / expenses (net) Other non-operating net income increased by €21 million, to €21 million for FY 2024, as compared to €0 million for FY 2023, due to the following:

| • |     | an increase of €17 million in income from structured financing and |

| • |     | a net increase of €4 million in respect of fair value gains on financial assets recognized for FY 2024. |

Income tax expense Income tax expense decreased by €121 million, to €55 million for FY 2024, as compared to €176 million for FY 2023. The decrease is mainly due to the taxation of C-bandproceeds in FY 2023. Non-IFRSFinancial Measures SES regularly uses non-IFRSfinancial measures to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes and in the framework of company-wide bonus programs. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Debt, Adjusted Net Debt to Adjusted EBITDA ratio, Adjusted Net Profit, Adjusted Earnings per Share, Adjusted Free Cash Flow and Constant FX are not measures defined by IFRS. These measures have limitations as analytical tools and should not be considered as an alternative to profit for the year, profit from operations or liquidity as determined in accordance with IFR