Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 217

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 217
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 outside ongoing operations. |

Adjusted Earnings per Share is the Adjusted Net Profit, including an assumed coupon net of tax, divided by the weighted average number of shares. SES believes that Adjusted Earnings per Share is useful to investors to assist in making investment decisions. For 2023, Adjusted Earnings per Share of €0.41 per Class A share (2022: €0.60), and €0.16 per Class B share (2022: €0.24) have been calculated on the following basis:

| €million                                      |     | 2023 |     |   |     | 2022 |     |   |
| Adjusted Net Profit                           |     |      | 215 |   |     |      | 300 |   |
| Assumed coupon on perpetual bond (net of tax) |     |      | (36 | ) |     |      | (36 | ) |
| Total                                         |     |      | 179 |   |     |      | 264 |   |

165

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 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