Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 342

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 342
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 million. As GEO North America goodwill was fully impaired, this impairment 
 would affect GEO North America’s orbital slot rights.                                                                                                                                                                                           |

| • |     | For GEO International, a 1% decrease in the perpetuity growth rate would increase the impairment charge byEUR                                                                                                                                
 51 million and a 1% increase in the after-tax discount rate would increase the impairment charge by EUR 83 million; the combination of these two factors would increase the impairment charge by EUR                                         
 124 million. Taken separately from changes in discount and perpetuity growth rates, a 5% reduction in EBITDA would leadto additional impairment expense of EUR 32 million. As GEO International goodwill was fully impaired, this impairment 
 would affect GEO International’s orbital slot rights.                                                                                                                                                                                        |

For the 2022 testing:

| • |     | For GEO Europe, there would be no impairment even applying the most adverse combination of developments (a 1% 
 increase in after-tax discount rates and a 1% decrease in the perpetual growth rate).                         |

| • |     | For GEO North America, the recorded impairment would increase by EUR 17 million in the case of a 1% decrease                                                                                                                    
 in the perpetual growth rate, by EUR 47 million in the case of a 1% increase in the discount rate, and by EUR 60 million in the case of both a 1% decrease in the perpetual growth rate and a 1% increase in the discount rate. |

F-59

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

| • |     | For GEO International, there would not be an impairment in the case of a 1% decrease in the perpetuity growth                                                                                               
 rate. There would be an impairment charge of EUR 7 million in the case of a 1% increase in the discount rate and a combination of these developments would require an impairment charge of EUR 106 million. |

| • |     | For MEO, a 1% decrease in the perpetual growth rates (both the higher rate under the H-model and the terminal growth rate), would require an impairment of EUR 337 million. A 1% increase in the discount rate would require an impairment of EUR 498 million. An impairment of EUR 
 817 million would be required were there to be a combination of a 1% higher discount rate and a 1% lower perpetual