Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 360

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 360
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 life to a definite life in the second half of 2024. Accordingly, the H-model,which assumes an indefinite life, no longer applies. Therefore, management applied a -3.8%declining growth rate through the assumed end of life of the mPOWER fleet in 2037, reflecting its estimate of price erosion on a static fleet size, with no perpetual capital expenditures or other cash flows thereafter. These rates reflect the most recent long-term planning assumptions approved by the Board of Directors and can be supported by reference to the trading performance over a longer period and incorporate also projected growth rates for wide-beam and high-throughput satellites markets from external data sources. F-58

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Impairment charges recorded for 2024

| i | Goodwill |

As a result of the impairment tests conducted as of December 31, 2024, no impairment charges against goodwill were recorded (2023: EUR 1,548 million, 2022: EUR 77 million). The balance of the Group’s goodwill is EUR 143 million (2023: EUR 140 million attributable to the former GEO Europe CGU, 2022: EUR 1,738 million) and allocable to the GEO CGU. Goodwill in the MEO CGU, as well as in the former GEO North America and GEO International CGUs, were fully impaired in the prior period. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation and cash flows projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. For the GEO CGU, the most recent testing showed that there would be no impairment even applying the most adverse combination of developments (a 1% increase in after-taxdiscount rates and a 1% decrease in the perpetual growth rate). Taken separately from changes in discount and perpetual growth rates, a 5% reduction in cash flows would