Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 291

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 291
---
 24 and 37.

SpaceRISE signs concession contract to deliver Europe’s IRIS² connectivity network

On December 16, 2024 the SpaceRISE consortium, led by SES, signed a Concession Contract with the European Commission to design, deliver,
and operate the innovative, multi-orbit “Infrastructure for

F-13

Consolidated financial statements

as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

Resilience, Interconnectivity and Security by Satellite” (“IRIS”) sovereign connectivity system for a period of 12 years, with
the network expected to provide services from the beginning of 2030. This will be the European Union’s (EU) preferred and trusted network to provide reliable, secure, and cost-effective communication solutions for governmental institutions,
commercial organizations, and European citizens.

SES’s contribution to IRIS
will be to develop, procure, and operate 18 new MEO satellites providing 100% pole-to-pole coverage with carrier-grade connectivity solutions. SES expects to have rights
to commercialise the MEO capacity and part of the LEO capacity of the IRIS system. The compelling combination of high throughput data rates, low latency, service flexibility, and managed
solutions will cater to EU’s sophisticated requirements, as well as allied nations and SES’s customers around the world. See also Notes, 23, 29 and 32.

Note 2—Summary of material accounting policies

Basis of preparation

The consolidated
financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 have been prepared in compliance with IFRS Accounting Standards as issued by the International Accounting Standards Board
(‘IASB’).

The consolidated financial statements have been prepared on a historical cost basis, except where fair value is
required by IFRS Accounting Standards.

The consolidated financial statements are presented in euro (EUR). Unless otherwise stated, all
amounts are rounded to the nearest million, except share and earnings per share data and audit and non-audit fee disclosures.

Changes in accounting policies

The
accounting policies adopted for the year ended December 31, 2024 are consistent with those of the previous financial years, except for the following new and amended IFRS Accounting Standards, effective from January 1, 2024 and adopted by
the Group, as well as