Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 191

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 191
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, an increase in equipment sales. |

C-bandrepurposing income C-bandrepurposing income decreased by €2,656 million, to €88 million for FY 2024 as compared to €2,744 million for FY 2023. Excluding the effects of foreign currency translation, C-bandrepurposing income decreased by €2,705 million (FY 2023 at constant FX: €2,793 million). This decrease is mainly attributable to Phase II ARP proceeds of €2,714 million received in 2023. 137

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Operating Expenses Cost of sales Cost of sales increased by €17 million, or 3.6%, to €461 million for FY 2024, as compared to €444 million for FY 2023. Excluding the effects of foreign currency translation, cost of sales increased by €20 million, or 4.4% (for FY 2023 at constant FX: €441 million), primarily due to the following:

| • |     | an increase of €18 million in rental of third-party satellite capacity, mainly driven by DRS GES 
 (€16 million);                                                                                   |

| • |     | an increase of €4 million in customer support such as hosting, monitoring, implementation, and 
 engineering work; and                                                                          |

| • |     | a decrease of €2 million in other cost of sales. |

Staff costs Staff costs decreased by €7 million, or 1.9%, to €402 million for FY 2024, as compared to €409 million for FY 2023. Excluding the effects of foreign currency translation, staff costs decreased by €7 million, or 1.7% (FY 2023 at constant FX: €409 million), primarily due to the following:

| • |     | a decrease of €3 million in share-based payment costs (excluding                                                                                 
 C-Band related personnel costs) primarily due to the decrease in share price and the fact that there were no cash-settled awards issued in 2024; |

| • |     | an increase of €27 million in restructuring costs related to the new organizational set up; and |

| • |     | a decrease of €29 million in C-Band related personnel costs, 
 mainly payroll.                                              |

Other operating expenses Other operating expenses decreased by €8 million, or 2.6%, to €236 million for FY 202