Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 325

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 325
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 the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Translation impact on investments in subsidiaries The elimination of the tax effect on the translation impact resulting from intercompany restructurings resulted in an income tax expense of EUR 0 million (2023: nil, 2022: EUR 33 million). OECD Pillar Two Regulations The Organization for Economic Co-operationand Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy. The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Luxembourg, the jurisdiction in which the Ultimate Parent Entity is incorporated and came into effect from January 1, 2024. Therefore, the Ultimate Parent Entity applies the Income Inclusion Rule for all jurisdictions where Pillar Two rules were not enacted. The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The top-uptax due under Pillar Two model rules was calculated based on the OECD transitional safe harbor rules except for a smaller jurisdiction where a full-fledged calculation was performed. According to these calculations SES should be liable to a top-uptax of EUR 20 thousand as of December 31,2024. No current tax based on Pillar Two model rules was calculated and booked as of December 31, 2023 and December 31, 2022 as the legislation was not effective at the reporting date. Note 10—Deferred tax balances The deferred tax positions included in the consolidated financial statements can be analyzed as follows:

| € million                               |     | Deferred tax 
 assets       
 2024         |     |   |     | Deferred tax 
 assets       
 2023         |     |   |     | Deferred tax 
 liabilities  
 2024         |      |   |     | Deferred tax 
 liabilities  
 2023         |      |   |
| Losses carried forward                  |     |              | 654 |   |     |              | 658 |   |     |              |    — |   |     |              |    — |   |
| Tax credits                             |     |              |  20 |   |     |              |   6 |   |     |              |