Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 160

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 160
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 assets and liabilities were estimated based on a valuation performed by third-party valuation advisors, using various valuation methods, including a calculation of the present value of future cash flows based on financial projections and a peer group trading analysis. 103

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Basis of Unaudited Pro Forma Financial Information

The pro forma financial information of the Combined Group and the accompanying notes thereto, have been prepared on a basis illustrating the
effect of the Acquisition and the related financing as if they had taken place on January 1, 2024, in respect of the unaudited pro forma condensed combined income statement, and as at December 31, 2024, in respect of the unaudited pro forma
condensed combined statement of financial position.

The pro forma financial information reflects those adjustments necessary to give
effect to the Acquisition and the related financing, as well as alignment to the accounting principles, financial presentation and estimates applied by SES and is prepared in accordance with the basis of preparation as described in the notes set out
below.

SES believes that the assumptions applied in the pro forma adjustments are reasonable and factually supportable based on available
information and give effect to events that are directly attributable to the Acquisition and related transactions. By its nature, the pro forma financial information addresses a hypothetical situation and does not, therefore represent the SES
Group’s actual or future financial position or results of operations. The actual results and any future results may differ significantly from those reflected in the pro forma financial information for a number of reasons, including, but not
limited to, differences in assumptions used to prepare the pro forma financial information.

In preparing the pro forma financial
information, SES’s management has applied the consolidated financial information of Intelsat and its subsidiaries, rather than that of Holdings (Intelsat’s direct 100% subsidiary which is the direct and indirect shareholder of all the
other Intelsat subsidiaries and affiliates). Accordingly, SES believes that the combined financial information consolidated at Intelsat level and the combined financial information consolidated at Holdings level are not materially different for the
purposes of the pro forma financial information.

The pro forma financial information is presented for illustrative purposes only and is
not necessarily indicative of the condensed combined financial position or results of operations that would have been achieved had the Acquisition occurred on January 1, 2024, nor is it meant to be indicative of any anticipated condensed
combined financial position or future results