Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 65

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 65
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 make it more difficult to finance any future
acquisitions or engage in other financing activities. These factors could adversely affect our revenue and earnings.

SES is exposed to risks associated with macroeconomic conditions in the global economy, both in developing markets and developed markets.

An economic
slowdown in the countries where SES operates may have a negative effect on SES’s performance if potential customers face difficulties funding their business plans, which could in turn delay the onset of new revenue and have an impact on the
demand for SES’s products and services. This situation could be further affected by measures concerning the currencies adopted in the countries where SES operates, as well as by political instability and governments’ inability to take
timely action to deal with the crisis. Where such risks materialize, this could have a material adverse effect on SES’s business, financial condition and results of operations.

SES’s ability to provide services in certain countries or to certain customers or end users may be restricted or prohibited due to sanctions compliance laws and regulations.

As an international company, SES’s business is subject to applicable financial and trade
sanctions compliance laws and regulations. Sanctions laws and regulations restrict SES’s ability to provide services or export hardware or software in or to certain countries, persons or specific entities. In some cases, SES may be able to
obtain an authorization from the relevant sanctioning country in order to provide service that would otherwise be prohibited by sanctions; however, there is no guarantee that such authorization will be granted. As a result, SES may be required to
forgo commercial opportunities that are subject to sanctions.

SES has policies and systems in place designed to monitor the
company’s activities and to prevent engaging in prohibited activities or dealing with sanctioned parties. Failure to obtain or maintain required sanctions authorizations or failure to comply with applicable sanctions laws and regulations could
have a material adverse effect on SES’s business, financial condition and results of operations.

Failure to generate cash flow or access other capital resources could force SES to reduce its operations or default on debt service obligations.

If, for any reason, SES is not
successful in implementing its business model, cash flow and capital resources may not be sufficient to repay indebtedness. If SES were unable to meet debt service obligations or comply with covenants, a default under debt agreements would occur. To
avoid a possible default or upon a default, SES

43

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

could be forced to reduce or delay the completion or