Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 188

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 188
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ers and acquisitions and vertical integration                        
 initiatives with the potential to unlock operational efficiencies, optimize capital expenditures, and improve return on investment; |

| • |     | continued growth in demand for reliable, high-performance data and connectivity solutions worldwide which is 
 expected to drive substantial industry growth;                                                               |

| • |     | demand for satellite capacity from defense and military agencies around the world; |

| • |     | rate of acceleration in upgrades and expansions of telecom and mobile services, as operators are looking to             
 satellite to extend their network reach by rolling out 4G and 5G cellular backhaul, as well as community WiFi services; |

133

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

| • |     | increased spending by governments driven by current geopolitical uncertainty, with an expected increase in 
 spending on commercial satellite communications for additional information gathering and analysis;         |

| • |     | continued demand for satellite-based connectivity in the aviation and maritime segments; |

| • |     | availability of financial, technical, human, natural, and other resources which affect the supply of satellite 
 capacity;                                                                                                      |

| • |     | decrease in barriers to entry as entrants face lower capital costs of procuring and launching a satellite and                                                      
 must maintain the financial and technical resources required to operate and market its services, while satisfying regulatory requirements in country of operation; |

| • |     | continued growth opportunities for our product and services in emerging markets where favorable economics and                                     
 efficient compression technologies position operators well to capture opportunities from content-hungry consumers with increasing spending power; |

| • |     | macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations; and |

| • |     | changes in laws, regulations, and interpretations affecting our business. |

Components of Our Results of Operations Revenue Revenues are generated predominantly from customer service agreements for the provision of satellite capacity over contractually agreed periods, including short-term occasional use capacity, with the associated uplinking and downlinking services as appropriate. Other revenue-generating activities mainly include sale of customer equipment; platform services; subscription revenue; income received in connection with satellite interim missions; installation and other engineering services; and proceeds from the sale of transponders if the revenue recognition criteria for the transaction are met. C-bandrepurposing income C-bandrepurposing income relates to income from successfully meeting the separate Phase 1 and Phase 2 C-bandAccelerated Relocation Payment deadlines, as