Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 51

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 51
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 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. 36

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 services to countries that are subject to sanctions, to purchase satellites and equipment
from certain vendors (including U.S. manufacturers and suppliers), restrict SES’s ability to conduct business with U.S. government entities, expose SES and its employees to significant fines and other penalties and/or cause reputational damage.
Additionally, the failure of SES’s vendors or suppliers to obtain the necessary export and other authorizations could affect SES’s ability to acquire, launch or operate satellites.

Risks and violations of international and national laws and regulations may negatively affect future operations or subject SES