Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 153

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 153
---
 accordance with any generally accepted auditing standards.

We note that the adjustments made to convert
Intelsat’s financial information from U.S. GAAP to IFRS, as issued by IASB are based upon the limited information available to date, are preliminary and are subject to change once more detailed information is available. However, some material
differences may exist between U.S.

104

GAAP and IFRS that have not been disclosed because the effect would have been reversed through pro forma adjustments and would not influence the final figures. In addition, some differences have not been addressed as part of the conversion exercise when they related to items that will be re-measuredat fair value as part of the forthcoming purchase price allocation exercise, as detailed below. Rounding adjustments to the nearest one decimal place have been made and, therefore, figures shown as total may not be the exact arithmetic aggregation of the figures that preceded them. You should read the entire prospectus as a whole and not rely solely on the financial information contained in this section of the prospectus. The pro forma financial information has been derived from and should be read in conjunction with:

105

Unaudited pro forma condensed combined income statement For the year ended December 31, 2024

| €million                                                                    |     | Historical SES 
 Group          
 (IFRS)(Note 2) |        |   |     | Pro forma 
 Intelsat  
 Group     
 (IFRS)    
 (Note 3)  |        |   |     | Pro forma     
 acquisition   
 and financing 
 adjustments   
 (Note 4)      |      |   |     | Total Pro 
 forma     
 combined  |        |   |
| Revenue                                                                     |     |                |  2,001 |   |     |           |  1,794 |   |     |               | (143 | ) |     |           |  3,652 |   |
| C-band repurposing income                                                   |     |                |     88 |   |     |           |    158 |   |     |               |    — |   |     |           |    246 |   |
| Other income                                                                |     |                |      3 |   |     |           |     10 |   |     |               |    — |   |     |           |     13 |   |
| Cost of sales                                                               |     |                |   (461 | ) |     |           |   (495 | ) |     |