Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 323

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 323
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 terminating the lease, if the lease term reflects the lessee exercising that option. |

F-36

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate. At the commencement of a lease the Group recognizes a lease asset and a lease liability. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease. Lease payments are apportioned between the finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance costs are charged directly to expense. In its accounting policies the Group applies the following practical expedients:

| • |     | using a single discount rate for a portfolio of leases with similar characteristics; and |

| • |     | not accounting for leases ending within 12 months of the date of the initial application for low value assets. |

Note 3—Business combinations Acquisition of DRS Global Enterprise Solutions, Inc. (‘GES’) On March 22, 2022, SES announced its intention to acquire all the issued and outstanding share capital of GES, a US-basedsubsidiary of Leonardo DRS Inc. for USD 450 million via its subsidiary SES Space & Defense Inc. (‘SES SD’—formerly SES Government Solutions, Inc.). The transaction closed on August 1, 2022. SES SD provides multi-orbit, multi-band managed satellite communication services to the US Department of Defense and other governmental agencies, operating in a similar arena to the larger GES business. The combination of the two units, with their established relationships with key governmental customers positions the extended SES SD, and the wider SES Group, as a provider of scalable solutions serving the multi-orbit satellite communications needs of the US Government and supporting missions anywhere on land, at sea, or in the air. Details of the purchase consideration, net assets acquired, and goodwill arising are as follows:

| Purchase consideration |     |     |
| € million              |     |     |
| Cash paid              |     | 435 |
| Total consideration    |     | 435 |

The fair values of the assets and liabilities recognized as a result of the acquisition are as follows:

| Property, plant and equipment (Notes 14, 15)       |