Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 224

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 224
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 services, partially offset by professional services 
 supporting third-party satellites, primarily related to teleport relocation services in 2023 with no similar activity in 2024.                                                                                                                 |

In-flightServices Revenues:

| • |     | Services—an aggregate decrease of $26.9 million, primarily attributable to continued aircraft                                                                                                                                                
 de-installations from a previously disclosed customer termination, partially offset by net increased service revenue across the remaining customer base due to higher aircraft in-service and increased average annual revenue per aircraft. |

| • |     | Equipment—an aggregate increase of $2.0 million, primarily attributable to shipments of new 
 Electronically Steered Array antennas.                                                      |

Operating Expenses Direct Costs of Revenue (Excluding Depreciation and Amortization) Direct costs of revenue decreased by $6.7 million, or 1%, to $827.1 million for the year ended December 31, 2024, as compared to $833.8 million for the year ended December 31, 2023, primarily due to the following:

| • |     | a decrease of $20.2 million in third-party satellite related and capacity services; |

| • |     | a decrease of $8.0 million in staff-related expenses; |

| • |     | a decrease of $6.7 million in office and operational expenses primarily related to computer hardware, 
 occupancy and travel; and                                                                             |

| • |     | a decrease of $1.9 million related to the revenue sharing agreements with JSAT International, Inc. (see Note                                                 
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); partially offset by: |

| • |     | an increase of $9.4 million due to the commencement of a new sales-type lease (see Note 10—Leases of the           
 Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); |

| • |     | an increase of $6.6 million in equipment costs primarily due to increases in government equipment sales; |

| • |     | an increase of $6.2 million in research and development costs; |

| • |     | an increase of $4.0 million in earth station expenses. |

Selling, General and Administrative Selling, general and administrative expenses decreased by $8.0 million, or 2%, to $459.3 million for the year ended December