Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 215

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 215
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1,944 |   |
| Adjusted EBITDA            |     |      | 1,025 |   |     |      | 1,105 |   |
| Adjusted EBITDA Margin (%) |     |      |  50.5 | % |     |      |  56.9 | % |

| 2. | Adjusted Net Debt |

Adjusted Net Debt is defined as current and non-current borrowings less cash and cash equivalents, all as disclosed on the consolidated statement of financial position, and also includes 50% of SES’s Perpetual Bonds (consistent with rating agencies’ methodology). SES believes that Adjusted Net Debt is useful to investors, since it gives an indication of the absolute level of non-equity funding of the business. 163

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 The following table reconciles Adjusted Net Debt to the relevant line items on the statement of financial position from which it is derived:

| €million                                                          |     | 2023 |        |   |     | 2022 |        |   |
| Borrowings – non-current                                          |     |      |  3,443 |   |     |      |  3,629 |   |
| Borrowings – current                                              |     |      |    716 |   |     |      |    719 |   |
| Borrowings – total                                                |     |      |  4,159 |   |     |      |  4,348 |   |
| 50% of SES’s €625 million (2022: €1.2 billion) of Perpetual Bonds |     |      |    313 |   |     |      |    588 |   |
| Less: Cash and cash equivalents                                   |     |      | (2,907 | ) |     |      | (1,047 | ) |
| Adjusted Net Debt                                                 |     |      |  1,565 |   |     |      |  3,889 |   |

| 3. | Adjusted Net Debt to Adjusted EBITDA ratio |

The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt divided by Adjusted EBITDA. SES believes that the Adjusted Net Debt to Adjusted EBITDA ratio is a useful measure to demonstrate to investors its ability to generate the recurring income needed to be able to settle