Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 221

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 221
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9—Shareholders’ Equity of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus. Cash Flow Items Intelsat’s cash flows consisted of the following for the periods shown (in thousands):

|                                                                               |     |   |   Year Ended 
 December 31, 
         2023 |   |     |   |   Year Ended 
 December 31, 
         2024 |   |
|:------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Net cash provided by operating activities                                     |     | $ |    3,846,741 |   |     | $ |      825,577 |   |
| Net cash used in investing activities                                         |     |   |     (594,928 | ) |     |   |     (415,034 | ) |
| Net cash used in financing activities                                         |     |   |   (2,835,044 | ) |     |   |     (669,149 | ) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |     |   |          953 |   |     |   |       (4,764 | ) |
| Net change in cash, cash equivalents and restricted cash                      |     | $ |      417,722 |   |     | $ |     (263,370 | ) |

Net Cash Provided by Operating Activities Net cash provided by operating activities decreased by $3.0 billion to $0.8 billion for the year ended December 31, 2024, as compared to $3.8 billion for the year ended December 31, 2023. The decrease was due to 160

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

a $2.9 billion decrease from changes in operating assets and liabilities, and a $167.7 million decrease in net income and non-cash items. The
decrease from changes in operating assets and liabilities was primarily a result of receiving the Phase II ARP in 2023.

Net Cash Used in Investing Activities

Net cash used in investing activities decreased by $179.9 million to $415.0 million for the year
ended December 31, 2024, as compared to $594.9 million for the year ended December 31, 2023, primarily due to