Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 55

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 55
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 in a reduction in SES’s business in such regions.

SES’s
business is vulnerable to increasing presence from non-traditional video distribution options, new Direct-to-Consumer
(“D2C”) offers and other online video players. While relying on a distribution architecture that does not include satellites, in most cases, these options provide SES’s customers with alternative and increasingly favored means of
reaching their audiences than via satellite.

Developments and increasing competition in the media segment could result in a demand
reduction for SES’s satellite services and/or pricing changes resulting in a significant negative impact on its revenues. Content providers that utilize satellite services for traditional broadcast and cable distribution are investing heavily
in making their content available via Internet-based streaming and on-demand services. As a result, viewers are increasingly “cutting the cord” on cable and satellite TV services and switching from
linear TV consumption facilitated by satellite to on-demand consumption via various streaming platforms over the Internet. These shifting consumer preferences and the emergence of terrestrial technological
substitution, particularly non-linear over-the-top (“OTT”) services, could result in a reduction in demand for
satellite-based distribution.

SES also faces competition from other forms of communications technology and services, such as providers of
mobile satellite communications solutions as well as terrestrial (fixed and wireless) networks, including cable, fiber optic, digital subscriber line (“DSL”), radio relay broadcasting, very-high-frequency/ultra-high-frequency transmission,
worldwide interoperability for microwave access (“WiMAX”), advanced Wi-Fi, 2G, 3G, 4G/long-term evolution (“LTE”) and 5G. Any increase in the technical and commercial effectiveness or
geographic spread of these competing service providers and technologies could result in a reduction in demand for SES’s satellite service offering and could make it more difficult for SES to retain or develop its customer portfolio.

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Some terrestrial (fixed and wireless) operators may receive federal or state aid and subsidies not available to SES, which could give them a competitive advantage over SES.

The technological advancement of competitors to bolster cost efficiency, the disruption of existing business models by non-satellite players, and significant competition between satellite solution providers could lead to an oversupply of the services we provide, greater pressure on prices of such services or a reduction in the
demand for SES’s services, which could negatively impact our profits or revenue. These could in turn have a material adverse effect on SES’s business, financial condition and results of operations.

Changes in technology or the satellite communications market could make