Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 49

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 49
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Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 concentration of risk. SES may experience significant delays in procuring new satellites in the event satellite manufacturers experience prolonged problems, operational difficulties or financial difficulties. Furthermore, the difficulties caused by any technical problems with the design of a particular satellite model may be multiplied if several satellites of that design are purchased from that manufacturer. SES may experience significant delays in acquiring and launching new satellites in the event of prolonged problems at one of its secondary suppliers. The occurrence of any one of the defects or delays described in this paragraph could adversely affect SES’s business, financial condition and results of operations. SES may not be able to obtain adequate insurance or the desired level of coverage, and insurance premiums may increase. Satellite insurance is a cyclical market and the price, terms and availability of satellite insurance has fluctuated over the years. Losses experienced by this market in recent years have resulted in a significant hardening of market conditions, which could result in increases in the amount of insurance premiums paid by SES to cover its risks and affect its ability to obtain the desired levels of coverage. This would in turn increase SES’s costs and have an adverse effect on its business, risk profile, financial condition and results of operations. Satellites may be subject to damage or loss from events that might not be covered by insurance policies. SES maintains pre-launch,launch and initial in-orbitinsurance, as well as third party liability insurance for its satellites. The insurance policies generally contain customary market exclusions from losses resulting from:

| • |     | military or similar action; |

| • |     | any anti-satellite device; |

| • |     | electromagnetic and radio interference (except for physical damage to a satellite directly resulting from this 
 interference);                                                                                                 |

| • |     | confiscation by any governmental body; |

| • |     | insurrection and similar acts or governmental action to prevent such acts; |

| • |     | nuclear reaction or radiation contamination; |

| • |     | willful or intentional acts by the insured causing the loss or failure of satellites; |

| • |     | terrorism; and |

| • |     | cyber attacks. |

Furthermore, these insurance policies do not provide compensation for business interruption, loss of market share, reputational damage, incidental and consequential damages. In addition, SES’s third-party liability insurance (which covers losses arising from third party bodily injury and property damage caused by, amongst other things, launch