Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 183

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 183
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 up to 20 million A-shares and up to 10 million B-shares in equal proportion to maintain the ratio of two A-shares to one B-share, as required by its Articles of Association. The shares acquired are intended to be cancelled, reducing the total number of voting and economic shares in issue. As of December 31, 2023, 4 million A-shares had been purchased at an average price of €5.50 per A-share.

Contracted Backlog

SES had a fully
protected contract backlog (non-cancellable) of €4.3 billion (or gross backlog of €5.2 billion including backlog with contractual break clauses) as of December 31, 2023 delivered by a
strong customer base consisting predominantly of broadcasters in developed markets. This customer profile generates a predictable, high-margin revenue stream, resulting in a strong cash flow conversion factor. Networks as of December 31, 2023
had protected contract backlog of €2.0 billion, with €1.5 billion of renewals and new business signed in the last 2 years and Video a fully protected backlog of €2.3 billion as of December 31, 2023 with
€1.0 billion of renewals and new business signed in the last 2 years.

Out of the total gross backlog, 32% is expected to be
recognized as revenue in 2024, 22% in 2025 and 17% in 2026, with the remaining thereafter.

Protected backlog includes non-cancellable contracts and cancellable contracts with substantive termination fees.

Credit Rating

Our capital structure and financial practices have earned us investment grade credit ratings from two internationally recognized credit rating
agencies. These investment grade credit ratings are important to our ability to issue debt at favorable rates of interest, for various terms, and from a diverse range of markets that are highly liquid, including European and U.S. debt capital
markets and from global financial institutions.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

SES is exposed to financial market risks, including changes in foreign currency exchange rates and interest rate risks. SES uses various
strategies to manage these risks; however, they may still impact SES’s financial results.

Interest Rate Risk

We are subject to interest rate risk primarily associated with our borrowings. Interest rate risk is the risk that changes in interest rates
could adversely affect earnings and cash flows. Specific risks include the risk of increasing interest rates on short-term debt