Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 208

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 208
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 following CGUs: GEO North America of €989 million (2022: €77 million), GEO International of €340 million (2022: nil), and MEO of €219 million (2022: nil). The impairment booked in 2023 was mainly triggered by the                                  
 recognition of the income from the Phase II U.S. C-band Accelerated Relocation Payment (ARP), as well as other business developments described in Note 15 - Intangible assets. The impairment booked in 2022 was mainly driven by the higher discount 
 rates; and                                                                                                                                                                                                                                            |

| • |     | an increase of €1,551 million of impairment on orbital slot license rights was mainly related to MEO                                                                              
 CGU in amount of €1,166 million (2022: nil), as well as GEO International in amount of €466 million (2022: €9 million) and GEO North America of €45 million (2022: €117 million). |

Net financing costs Net financing costs decreased by €46 million, or 52.6%, to €42 million for FY 2023, as compared to €88 million for FY 2022, primarily due to the following:

| • |     | an increase in interest income of €45 million; |

| • |     | a decrease in interest expense (excluding capitalized interest) of €16 million, reflecting the 
 combination of lower financing expenses and higher interest capitalized;                       |

| • |     | an increase of €31 million due to lower net foreign exchange (FX) gains; and |

| • |     | a decrease of €15 million in respect of fair value losses on financial assets recognized for FY 2022. |

Income tax expense Income tax expense increased by €89 million, to €176 million for FY 2023, as compared to €87 million for FY 2022. The increase is mainly due to the valuation allowance recognized on a deferred tax asset for investment tax credits and additional taxes to be paid on C-band proceeds. Non-IFRS Financial Measures SES regularly uses non-IFRS financial measures to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes and in the framework of company-wide bonus programs. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Debt, Adjusted Net Debt to Adjusted EBITDA ratio, Adjusted Net Profit, Adjusted Earnings per Share, Adjusted Free Cash Flow and Constant FX are not measures defined by IFRS. These measures have