Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 233

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 233
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 consist of the sale of ATG and satellite                                                                                                                                                                       
 connectivity equipment as well as the sale of entertainment equipment.                                                                                                                                                                         |

Intelsat markets its services on a global basis, with almost every populated region of the world contributing to its revenue. The diversity of Intelsat’s revenue allows it to benefit from changing market conditions and lowers its risk concentration in specific service applications and geographic regions. Trends Impacting Intelsat’s Revenue Intelsat’s revenue at any given time is dependent upon a number of factors, including, but not limited to, demand for Intelsat’s services from existing and emerging applications; the supply of capacity available on Intelsat’s fleet and those of Intelsat’s competitors in a given region, and the substitution of competing technologies such as fiber optic cable networks. Trends in revenue can be impacted by:

| • |     | Growth in demand from wireless telecommunications companies seeking to complete or enhance broadband      
 infrastructure, particularly those operating in developing regions or regions with geographic challenges; |

| • |     | Growth in demand for broadband connectivity for enterprises and government organizations, providing fixed and 
 mobile services and value-added applications on a global basis;                                               |

| • |     | Increased competition from non-geostationary orbit operators who have entered or are planning to enter markets 
 targeted by Intelsat and who have introduced new disruptive technologies like direct-to-device;                |

| • |     | Lower overall pricing for satellite-based services, resulting from non-geostationary orbit operators 
 oversupplying the market with capacity designed to achieve a lower cost per unit;                    |

| • |     | Satellite capacity needed to provide broadband connectivity for mobile networks on ships, planes and oil and gas 
 platforms;                                                                                                       |

| • |     | Global demand for television content in standard definition, high definition and ultra-high definition television                                                           
 formats, which uses Intelsat’s satellite network and IntelsatOne terrestrial services for distribution, in some regions offset by next generation compression technologies; |

| • |     | Increased popularity of                                                                                                                              
 “over-the-top” or “OTT” content distribution, which may increase the demand for broadband infrastructure in the developing world, but could decrease 
 demand in developed markets over the mid to long-term as niche and ethnic programming transitions from satellite to internet distribution;           |

| • |     | Use of commercial satellite services by governments for military and other operations, which has partially slowed 
 as a result of the tempo of military operations and recent changes in the U.S. budget