Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 404

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 404
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   |     |                   |  22,255 |     |                   | (2,392 | ) |
| Conversion of                                                                             
 payment-in-kind interest on loans held-for-investment                                     |     |                   |       — |     |                   |   2,196 |   |     |                   |   5,423 |     |                   |  6,166 |   |
| Accrued share premium distribution                                                        |     |                   |       — |     |                   |       — |   |     |                   | 130,000 |     |                   | 17,166 |   |
| Reclassification of inventory to satellites and other property and equipment              |     |                   |       — |     |                   |       — |   |     |                   |       — |     |                   | 10,482 |   |
| Reclassification of satellites and other property and equipment to amortizable intangible 
 assets                                                                                    |     |                   |       — |     |                   |       — |   |     |                   |       — |     |                   | 12,625 |   |
| Reclassification of satellites and other property and equipment to other assets           |     |                   |       — |     |                   |       — |   |     |                   |       — |     |                   |  4,582 |   |
| Contribution to investment                                                                |     |                   |       — |     |                   |       — |   |     |                   |  46,526 |     |                   |      — |   |
| Conversion of loans                                                                       
 held-for-investment to equity securities                                                  |     |                   |       — |     |                   |  11,764 |   |     |                   |       — |     |                   |      — |   |
| Contribution from parent                                                                  |     |                   | 175,706 |     |                   |       — |   |     |                   |       — |     |                   |      — |   |

See accompanying notes to the consolidated financial statements. F-108

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

INTELSAT S.A. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

Note 1—Background and Summary of Significant Accounting Policies

In this Annual Report, unless otherwise indicated or the context
otherwise requires, (1