Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 35

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 35
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| • |     | the possibility of a decline of the credit ratings of the Combined Group following the completion of the 
 Acquisition.                                                                                             |

If SES is not able to successfully combine the businesses of SES and Intelsat within the anticipated time frame, or at all, the anticipated cost savings and other benefits of the Acquisition may not be realized fully or may take longer to realize than expected, and the Combined Group may not perform as expected. SES and Intelsat have operated and, until completion of the Acquisition will continue to operate, independently, and there can be no assurances that their businesses can be integrated successfully. It is possible that the integration process could result in the loss of key SES or Intelsat employees, the disruption of either company’s or both companies’ ongoing businesses or in unexpected integration issues, higher than expected integration costs and an overall post-completion integration process that takes longer than originally anticipated. Specifically, issues that must be addressed in integrating the operations of the Intelsat Group and SES in order to realize the anticipated benefits of the Acquisition, so the Combined Group performs as expected include, among others:

| • |     | combining the companies’ separate operational, financial, reporting and corporate functions; |

25

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

| • |     | integrating the companies’ technologies, products and services; |

| • |     | identifying and eliminating redundant and underperforming operations and assets; |

| • |     | harmonizing the companies’ operating practices, employee development, compensation and benefit programs, 
 internal controls and other policies, procedures and processes;                                          |

| • |     | addressing possible differences in corporate cultures and management philosophies; |

| • |     | maintaining employee morale and retaining key management and other employees; |

| • |     | attracting and recruiting prospective employees; |

| • |     | consolidating the companies’ corporate, administrative and information technology infrastructure; |

| • |     | coordinating sales, distribution and marketing efforts; |

| • |     | managing the movement of certain businesses and positions to different locations; |

| • |     | maintaining existing agreements with customers and vendors and avoiding delays in entering into new agreements 
 with prospective customers and vendors;                                                                        |

| • |     | coordinating geographically dispersed organizations; |

| • |     | consolidating facilities of Intelsat and SES that are currently in or near the same location; |

| • |     | effecting potential actions that may