Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 342

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 342
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 — |     |                | 4,520 |     |      | 4,159 |
| Lease liabilities           |     |                       |  — |     |      |  — |     |                |    51 |     |      |    39 |
| Fixed asset suppliers***    |     |                       |  — |     |      |  — |     |                |   610 |     |      |   768 |
| Other long-term liabilities |     |                       |  — |     |      |  — |     |                |    55 |     |      |    83 |
| Financial liabilities       |     |                       |  — |     |      |  — |     |                |   663 |     |      |   359 |
| Total liabilities           |     |                       |  — |     |      |  — |     |                | 5,899 |     |      | 5,408 |

| * | Level 2 hierarchy measurement |

| ** | Fair value of the borrowings in 2024 is EUR 4,137 million (2023: EUR 3,880 million) |

| *** | Fair value of the fixed asset suppliers in 2024 is EUR 592 million (2023: EUR 752 million) |

Note 22—Financial risk management objectives and policies The Group’s financial instruments comprise: a syndicated loan, Eurobonds, US dollar bonds (144A), a Euro-dominated Private Placement, German Bonds (‘Schuldschein’), deeply-subordinated loans, committed credit facilities for specified satellites and projects, cash, money market funds and short-term deposits. F-65

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 The main purpose of the debt instruments is to raise funds to finance the Group’s day-to-dayoperations, as well as for other general business purposes. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The main risks arising from the Group’s financial instruments are liquidity risks, foreign currency risks, interest rate risks and credit risks. The general policies are periodically reviewed and approved by the board.

| 1. | Liquidity risk |

The Group’s objective is to efficiently