Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 372

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 372
---
2023: EUR 23 million). Note 31—Fixed assets suppliers

| € million   |     | 2024 |     |     | 2023 |     |
| Non-current |     |      | 426 |     |      | 313 |
| Current     |     |      | 184 |     |      | 455 |

Fixed assets suppliers represent liabilities for assets being either acquired directly through procurement contracts with asset manufacturers, or in the framework of agreements whereby the asset is being acquired by an intermediary but where in substance SES bears the risks and rewards of the procurement. In the latter case the Company accrues for construction-related liabilities on the basis of pre-determinedmilestones agreed between the manufacturer and the relevant parties, see also Note 30. Non-currentfixed assets suppliers are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. The main procurements under this caption are:

| • |     | Satellites for the mPOWER MEO constellation: EUR 233 million (2023: EUR 377 million) |

| • |     | Three replacement GEO satellites: EUR 347 million (2023: 330 million EUR) |

| • |     | One GEO satellite already in orbit: EUR 0 million (2023: EUR 31 million) |

mPOWER satellites In September 2017, the Company, jointly with its subsidiary O3b Networks Limited, entered as Procurement Agent into a Master Procurement Agency and Option Agreement with a financial institution in connection with the procurement by that financial institution of seven medium-Earth orbit satellites from a satellite manufacturer. At the end of the satellite construction period the Group has the right to acquire, or lease, the satellites from the financial institution or to direct their sale to a third-party. In August 2020 the Company exercised the option under the Purchase and Sale agreement to procure four additional O3b mPOWER satellites. The Company, again jointly with its subsidiary O3b Networks Limited, entered as Procurement Agent into a second Master Procurement Agency and Option Agreement with a financial institution in connection with the procurement by that financial institution of the additional satellites. At the end of the satellite construction period, foreseen in 2023, the Group again has the right to acquire, or lease, the satellites from the financial institution or to direct their sale to a third-party. In November 2023 the Company exercised the option under the Purchase and Sale agreement to procure two additional O3b mPOWER satellites to be delivered in