Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 203

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 203
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RS”). These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these performance measures in isolation from, or as a substitute analysis for, the SES’s results of operations as determined in accordance with IFRS.

| 1. | Adjusted EBITDA and Adjusted EBITDA margin |

Adjusted EBITDA is defined as profit or loss for the period before tax, before the impact of depreciation and impairment expense, amortization and impairment expense and net financing costs, adjusted to exclude the impact of C-Band repurposing, other income, C-band repurchasing expenses, restructuring charges, costs 164

associated with the development and / or implementation of merger and acquisition activities, specific business taxes of a non-recurring nature, as well as regulatory charges arising outside ongoing operations. SES believes that Adjusted EBITDA is useful to investors to assist in evaluating a Company’s operating performance. Adjusted EBITDA decreased by €80 million, or 7.3%, to €1,025 million for FY 2023, as compared to €1,105 million for FY 2022. Excluding the effects of foreign currency translation, Adjusted EBITDA decreased by €56 million, or 5.2% (FY 2022 at constant FX: €1,081 million), primarily attributable to an increase in staff cost and other operating expenses as explained above.

| €million                                                                                     |     | 2023 |        |   |     | 2022 |       |   |
| (Loss)/profit before tax                                                                     |     |      |   (728 | ) |     |      |    52 |   |
| Add: Depreciation and impairment expense                                                     |     |      |  1,054 |   |     |      |   836 |   |
| Add: Amortization and impairment expense                                                     |     |      |  3,314 |   |     |      |   266 |   |
| Add: Net financing costs                                                                     |     |      |     42 |   |     |      |    88 |   |
| Deduct: C-band repurposing income                                                            |     |      | (2,744 | ) |     |      |  (184 | ) |
| Deduct: Other income                                                                         |     |      |     (5 | ) |     |      |     — |   |
| Add: C-band repurposing expenses