Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 176

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 176
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 on other income, restructuring charges, costs associated with the development and / or                                                               
 implementation of merger and acquisition activities, specific business taxes of a non-recurring nature and regulatory charges arising 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 |   |

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 |

117

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

| 5. | Adjusted Free Cash Flow |

Adjusted Free Cash Flow is defined as net cash generated by operating activities adjusted for the net cash absorbed