Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 205

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 205
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The weighted average number of shares, net of own shares held, for calculating Adjusted Earnings per Share—unchanged from the numbers of shares applied in the calculation of basic earnings per share:

|                             |     | 2023 |       |     | 2022 |       |
| Class A shares (in million) |     |      | 364.8 |     |      | 364.1 |
| Class B shares (in million) |     |      | 185.7 |     |      | 185.8 |
| Total                       |     |      | 550.5 |     |      | 549.9 |
| Adjusted Earnings per share |     | 2023 |       |     | 2022 |       |
| Class A shares              |     |      |  0.41 |     |      |  0.60 |
| Class B shares              |     |      |  0.16 |     |      |  0.24 |

| 5. | Adjusted Free Cash Flow |

Adjusted Free Cash Flow is defined as net cash generated by operating activities adjusted for the net cash absorbed by investing activities, coupon paid on perpetual bond, interest paid on borrowings and lease payments, excluding the effect of cash flows generated by payments for acquisition of a subsidiary, net of cash acquired, C-bandcash flows and payments in respect of other non-recurring items. SES believes that the Adjusted Free Cash Flow is useful to the investors, since it gives an indication of the underlying cash generative capacities of the business. Adjusted Free Cash Flow for FY 2023 was a net inflow of €431 million, compared to the net outflow of €181 million for FY 2022 including lower year-on-year investing activities and interest paid (net of interest received). The main components were higher net cash generated by operating activities and lower net cash absorbed by investing activities. The following table reconciles Adjusted Free Cash Flow to the relevant line items on the consolidated statement of cash flows from which it is derived:

| €million                                                           |     | 2023 |       |   |     | 2022 |        |   |
| Net cash generated by operating activities                         |     |      | 3,479 |   |     |      |  1,471 |   |
| Net cash absorbed by investing activities                          |     |      |  (370 | ) |     |      | (1,793 | ) |
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