Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 347

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 347
---
 a governmental entity, the official debt rating of the respective country is a key driver in determining the appropriate credit risk category. Following this credit analysis, the customer is classified into a credit risk category which can be as follows: ‘Prime’ (typically publicly rated and listed entities), ‘Market’ (usually higher growth companies with higher leverage), ‘Sub-prime’(customers for which viability is dependent on continued growth with higher leverage), or Government (governments or governmental institutions, subject to the corresponding country meeting minimum credit rating criteria). The credit profile is updated at least once a year for all key customers with an ongoing contractual relationship. There are no significant concentrations of credit risk, whether through exposure to individual customers, specific industry sectors and/or regions. The Group applies the IFRS 9 simplified approach to measuring expected credit losses for trade receivables and unbilled accrued revenue by measuring the loss allowance at an amount equal to lifetime expected credit losses. To measure the expected credit losses, trade receivables and unbilled accrued revenue have F-69

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 been grouped in portfolios based on shared credit risk characteristics (credit risk profile: Prime, Market, Sub-prime,and Government), country and the days past due. In order to compute the provision, the gross trade receivables balance is reduced for any portion representing deferred revenue and any securities held. Trade receivables and unbilled accrued revenue are written off when there is no reasonable expectation of recovery. The Group’s largest customers are large media companies and government agencies, and hence the credit risk associated with these contracts is assessed as low. The Company calculates loss expectancy rates based on the history of losses to create a provision matrix. On that basis, the provision as of December 31, 2024 and December 31, 2023 is as follows: € million

| December 31, 2024                         |     | Current |     |   |     | Less   
 than 1 
 month  |     |   |     | Between 
 1 and 3 
 months  |     |   |     | More     
 than     
 3 months |      |   |     | Total |     |
|:------------------------------------------|:----|:--------|----:|:--|:----|