Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 254

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 254
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 December 31, 2022, primarily due to the following:

| • |     | an increase of $23.2 million in equipment costs primarily due to an increase in airline shipments; |

| • |     | an increase of $20.2 million in office and operational expenses primarily due to computer-related and 
 circuits costs as well as occupancy expenses; and                                                     |

| • |     | an increase of $13.4 million in costs related to the revenue sharing agreements with JSAT International, Inc 
 (see Note 7—Investments for further discussion); partially offset by                                         |

| • |     | a decrease of $24.6 million in staff-related expenses. |

Selling, General and Administrative

| • |     | Selling, general and administrative expenses increased by $33.2 million, or 8%, to $467.3 million for                                 
 the year ended December 31, 2023, as compared to $434.1 million for the year ended December 31, 2022, primarily due to the following: |

| • |     | an increase of $35.0 million due to the reversal of a litigation accrual in 2022; |

| • |     | an increase of $29.1 million in staff-related expenses; |

| • |     | an increase of $4.5 million in computer-related costs; |

| • |     | an increase of $4.4 million in sales and marketing expenses; and |

| • |     | an increase of $3.4 million in research and development costs; partially offset by |

| • |     | a decrease of $16.7 million due to the write-off of excess inventory 
 in 2022;                                                             |

196

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | a decrease of $16.0 million in insurance expense largely as a result of the elimination of prepaid director                                                                                                                          
 and officer insurance policies related to the Predecessor in accordance with the Fourth Amended Joint Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates (the “Final Plan”) that occurred during 2022; and |

| • |     | a decrease of $14.3 million in bad debt expense primarily due to the establishment of the bad debt reserve                                            
 in connection with Intelsat’s adoption of fresh start accounting (“Fresh Start Accounting”) upon emergence from bankruptcy