Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 381

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 381
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.11                                             |     | Colombia     |     |            |   — |     |         | —    |     |            | — |     |         | — |     |            | — |     |         | — |
| MX1 (Thailand) Ltd11                                 |     | Thailand     |     |            |   — |     |         | —    |     |            | — |     |         | — |     |            | — |     |         | — |
| O3b Africa Limited 11                                |     | Mauritius    |     |            |   — |     |         | —    |     |            | — |     |         | — |     |            | — |     |         | — |

| 1. | Entity sold, merged, or liquidated in 2024 |

| 2. | Entity sold, merged or liquidated after the reporting date |

| 7. | Entity sold, merged, or liquidated in 2023 |

| 8. | Redu Operations Services S.A. is a service provider in the area of ground operations |

| 9. | Jio Space Technology Limited is a sales entity established in connection with SES’s cooperation with 
 Reliance Jio                                                                                         |

| 10. | Formerly SES Marketing India Private Limited |

| 11. | Entity sold, merged, or liquidated in 2022 |

| 12. | Entity acquired in 2022 |

| 13. | Change in legal form of entity in 2022 from General Partnership into a US corporation (‘Inc.’) |

| 14. | Formerly Sistemas Satelitales de Mexico S. de R.L. de C.V. |

| 15. | Formerly SES Government Solutions, Inc. |

| 16. | See Note 2, ‘Significant accounting judgments and estimates’ |

F-99

Independent Auditors’ Report

To the Shareholders and Board of Directors

Intelsat S.A.:

Opinion

We have audited the consolidated financial
statements of Intelsat S.A. and its subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, comprehensive income (loss), changes in
shareholders’ equity (deficit), and cash flows for the years ended December 31, 2024 and 2023 (Successor), the ten