Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 242

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 242
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 and non-reimbursablecosts and offsetting income associated with Intelsat’s C-bandspectrum relocation efforts. Other operating income, net—C-bandincreased by $575.9 million to $643.9 million for the year ended December 31, 2023, as compared to $68.0 million for the year ended December 31, 2022, primarily due to following:

| • |     | the 2023 recognition of reimbursement income of $720.9 million as a result of Phase II Validation, and |

| • |     | lower expenses of $24.9 million primarily due to a decrease in expenditures as a result of Intelsat 
 completing the C-band spectrum clearing project in 2023; partially offset by                        |

| • |     | the 2022 recognition of income of $169.8 million related to the completion of clearing under a contract with 
 a third-party to which spectrum assignments were transitioned.                                               |

197

Interest Expense Interest expense increased by $57.3 million, or 15%, to $437.4 million for the year ended December 31, 2023, as compared to $380.1 million for the year ended December 31, 2022, primarily due to the following:

| • |     | an increase of $39.9 million related to lower capitalized interest resulting from a decreased number of 
 satellites and related assets under construction;                                                       |

| • |     | an increase of $16.3 million in interest expense primarily resulting from the issuance of the 2030 Jackson                                                                                                                                        
 Secured Notes (as defined below) and the 2029 Term Loans (as defined below) in the first quarter of 2022, as well as increases in the SOFR (as defined below), partially offset by the full repayment of the 2029 Term Loans in October 2023; and |

| • |     | an increase of $12.1 million related to interest costs on financing leases primarily resulting from new 
 finance leases that commenced during 2023; partially offset by                                          |

| • |     | a decrease of $10.9 million in interest expense related to the significant financing component identified in 
 customer contracts due to lower contract balances.                                                           |

| • |     | The non-cash portion of total interest expense was $92.7 million and                                                                                                                                  
 $80.5 million for the years ended December 31, 2022 and 2023, respectively, primarily consisting of interest