Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 34

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 34
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 risks materialize, they may materially and adversely affect SES and/or Intelsat’s businesses, financial condition, financial results, ratings, stock prices and/or bond prices. If the Acquisition is completed, SES may fail to realize the anticipated benefits and cost savings of the Acquisition, which could adversely affect SES. In addition, the future results of the Combined Group may be adversely impacted if the Combined Group does not effectively manage its expanded operations following completion of the Acquisition. The success of the Acquisition will depend, in part, on SES’s ability to realize the anticipated benefits and cost savings from the Acquisition of the Intelsat Group. SES’s ability to realize these anticipated benefits and cost savings is subject to certain risks, including, among others:

| • |     | SES’s ability to successfully manage the Combined Group; |

| • |     | the risk that the Combined Group will not perform as expected; |

| • |     | the extent to which SES will be able to realize the expected synergies, which include potential savings from re-assessing priority assets and aligning investments, eliminating duplication and redundancy, adopting an optimized operating model between both companies and leveraging scale, and value creation resulting from the 
 combination of the businesses of SES and Intelsat;                                                                                                                                                                                                                                                                                   |

| • |     | the possibility that SES paid more for Intelsat than the value it will derive from the Acquisition; |

| • |     | the possibility that SES will not achieve the free cash flow that it has projected; |

| • |     | the reduction of SES’s cash available for operations and other uses and the incurrence of indebtedness to 
 finance the Acquisition;                                                                                  |

| • |     | the assumption of known and unknown liabilities of Intelsat; and |

| • |     | the possibility of a decline of the credit ratings of the Combined Group following the completion of the 
 Acquisition.                                                                                             |

If SES is not able to successfully combine the businesses of SES and Intelsat within the anticipated time frame, or at all, the anticipated cost savings and other benefits of the Acquisition may not be realized fully or may take longer to realize than expected, and the Combined Group may not perform as expected. SES and Intelsat have operated and, until completion of the Acquisition will continue to operate, independently, and there can be no assurances that their businesses can be integrated successfully. It is possible that the integration process could result in the loss of key SES or Intelsat employees, the disruption of either company’s or both companies’ ongoing businesses