Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 41

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 41
---
, such as reports by industry analysts,       
 investor perceptions, or negative announcements by our customers or competitors regarding their own performance; |

30

| • |     | regulatory changes that could have an impact on the Combined Group; and |

| • |     | general economic, securities markets and industry conditions. |

You may not receive any payment on the CVRs. As described in more detail in the section entitled “ Related Agreements - Contingent Value Rights Agreement” beginning on page 86 of this prospectus, the form of CVR Agreement to be entered into sets forth the rights of Holders to receive payments under the CVRs. The nature of rights under the CVR Agreement is contractual, and the Holders have no rights except for those expressly set forth in the CVR Agreement. The events that could result in contingent payments may not occur due to numerous factors. Among other things:

| • |     | There may be no governmental order or legislation providing for the clearing of the C-band spectrum underlying the CVRs or any sale or transfer of SES and its subsidiaries usage rights for up to 100 MHz of the C-band downlink spectrum at 3.98-4.2 GHz which results in Gross Proceeds. If there is such an order, it may or may not provide for any payments to SES. |

| • |     | No payments will be made under the CVR Agreement until the Gross Proceeds are received by SES or any of its 
 affiliates, subject to the terms and conditions in the CVR Agreement.                                       |

| • |     | If SES is unable to receive the Gross Proceeds, there will be no CVR payments. |

Accordingly, the value, if any, of the CVRs is speculative, and the CVRs may ultimately have no value. SES may repurchase the CVRs, which may reduce the liquidity of the remaining outstanding CVRs. The CVR Agreement does not prohibit SES from acquiring the CVRs, whether in open market or private transactions. Such acquisitions by SES may prevent the development of an active public trading market for the remaining CVRs or reduce the liquidity of the remaining CVRs, if any, which could adversely affect the resale price of the CVRs. Regulatory agencies must approve the Acquisition and could impose conditions that affect the value of the CVRs. SES and Intelsat intend to comply with antitrust laws, telecommunications laws, foreign direct investment laws and other laws and regulations of the United States and any other jurisdiction in which the Acquisition may be subject to review.