Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 7

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 7
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 date on September 12, 2032. The NC 5.25-yearnotes bear a coupon of 5.5% per annum and were priced at 99.473% of their nominal value, whereas the NC 8-yearnotes bear a coupon of 6% per annum and were priced at par. Both tranches have a final maturity date on September 12, 2054. NC 5.25 tranche is callable at par on any date from September 12, 2029 to December 12, 2029 and on every interest payment date thereafter. This tranche bears interest at a fixed rate of 5.5% for the period until the first reset date on December 12, 2029. Thereafter, the fixed rate will reset every five years at the prevailing 5-yearMidswap rate + 3.232% + step-up(when applicable). Interest is payable annually in arrears, commencing December 12, 2024. NC 8 tranche is callable at par on any date from June 12, 2032 to September 12, 2032 and on every interest payment date thereafter. This tranche bears interest at a fixed rate of 6% for the period until the first reset date on September 12, 2032. Thereafter, the fixed rate will reset every five years at the prevailing 5-yearMidswap rate + 3.586% + step-up(when applicable). Interest is payable annually in arrears, commencing September 12, 2025. Note 11 - Earnings Per Share, page F-45

| 14. | Please disclose the numerator used in calculating basic and diluted earnings per share for each of your                                                                                 
 Class A and Class B shares and provide a reconciliation of these amounts to total profit or loss attributable to the parent for each period presented. Refer to paragraph 70 of IAS 33. |

Response: The Company acknowledges the Staff’s comment and has revised Note 11 on pages F-45and F-46 of Amendment No. 1 accordingly. Note 35 - Subsequent Events Intelsat Acquisition, page F-91

| 15. | You disclose that the transaction is fully supportive of SES’s financial policy and is underpinned by 
 expected total synergies equivalent to 85% of the total equity value of the transaction.              |

Please further clarify this statement, including how you determined the assumptions used to calculate the expected synergies