Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 309

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 309
---
-30

Consolidated financial statements

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

C-bandrepurposing income

Income from successfully meeting the separate Phase 1 and Phase 2 C-band Accelerated Relocation Payment
deadlines was recognized when the Group had successfully completed Phase 1 and Phase 2 Accelerated Relocations, respectively, and had received validation of the respective relocation certification from the U.S. Federal Communications
Commission’s (“FCC”) Wireless Telecommunications Bureau.

Income arising from settlements from the Clearinghouse are
recognized when the expenses have been incurred, and the Group has obtained reasonable assurance that the costs will be reimbursed and that it will comply with the requirements attached to the reimbursement. The Group believes it obtains such
reasonable assurance either when the RPC specifically validates the costs as being reimbursable, or where the costs fall within applicable cost ranges published by the Clearinghouse in its cost catalogue. More details are given in Note 36.

Other income

Other income arising from
settlements under insurance claims and decreases in provisions for in-orbit incentives are recognized when they are virtually certain of being realized. Other income is presented as part of revenue due to its
relative insignificance.

Contract assets and contract liabilities

Assets and liabilities related to contracts with customers include trade receivables, unbilled accrued revenue, deferred customer contract
costs, and deferred income.

Customer payments received in advance of the provision of service are recorded as contract liabilities and
presented as ‘Deferred income’ in the consolidated statements of financial position. For significant advance payments, interest is accrued on the amount received at the effective interest rate at the time of receipt. The Group’s
contracts at times contain prepayment terms that range from one month to one year in advance of providing the service. Since the period of time between when the Group transfers a promised good or service to a customer and when the customer pays for
that good or service is one year or less, the Group does not make an adjustment to the transaction price for the effects of a significant financing component.

The unbilled portion of recognized revenues is recorded as a contract asset and presented as ‘unbilled accrued revenue’ within
‘Trade and other receivables’, allocated between current and non-current as appropriate.

Customer payments are generally due in advance or by the end of the month of capacity service.

Dividends

The Company declares dividends
after the consolidated