Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 190

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 190
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 |        |   |     |            |       |       |
| Owners of the parent                            |     |      |     15 |   |     |      |   (905 | )    |     |            |    920 |   |     |            |   n/m |       |
| Non-controlling interests                       |     |      |     12 |   |     |      |      1 |      |     |            |     11 |   |     |            |   n/m |       |
| Adjusted EBITDA(2)                              |     |      |  1,028 |   |     |      |  1,025 |      |     |            |      3 |   |     |            |   0.4 | %     |
| Adjusted EBITDA margin (%)(2)                   |     |      |   51.4 | % |     |      |   50.5 | %    |     |            |        |   |     |            |  +0.9 | % pts |

135

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

| (1) | Costs of €7 million in 2024 and €8 million in 2023 associated with satellite telemetry, tracking, and                                                                                                                                 
 control services which were previously included under ‘Other operating expenses,’ are now reported as part of ‘Cost of Sales’ to be consistent with the current-year presentation and better aligned with the nature of the expenses. |

| (2) | Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS measures. See                                                                                                                
 “SES—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-IFRS Financial Measures” of this prospectus for additional information about Adjusted 
 EBITDA and Adjusted EBITDA margin, as well as the reconciliations.                                                                                                                   |

n/m = not meaningful (a variance of more than 100% or less than -100%) Given that movements in foreign exchange rates have an impact on SES’s results of operations, SES’s management reviews the variance of certain elements of its results at constant rates of exchange. The following table sets forth SES’s comparative consolidated income statement for the periods shown, with figures for FY 2023 restated at constant exchange rates based on a re-translation of prior year measures at current year prevailing exchange rates for each corresponding month of the