Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 4

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 4
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pper and ATLAS Infrastructure Partners (UK) Ltd.            |

Response: The Company acknowledges the Staff’s comment and has revised page 152 of the F-4 accordingly. Financial Statements of SES S.A. - Notes to Consolidated Financial Statements Note 2 - Summary of Material Accounting Policies Revenue Recognition, page F-26

| 12. | Your disclosure indicates that for contracts in which you sell multiple goods and services, you evaluate at                                                                                                                                             
 contract inception whether the goods and services represent separate performance obligations. Please revise your disclosures to clarify the goods and services that are sold together, the factors you considered in determining whether they represent 
 distinct performance obligations, and how you recognize revenue for each bundle of distinct goods and services identified.                                                                                                                              |

In your response, clarify how you considered the factors in paragraphs 27 through 30 of IFRS 15 in making this determination. Response: The Company respectfully advises the Staff that the Company has revised the disclosure on pages F-26,F-27 and F-28 to clarify the goods and services that are sold together, the factors in paragraphs 27 through 30 of IFRS 15 considered in determining whether they represent distinct performance obligations, and how the Company recognizes revenue for each bundle of distinct goods and services identified, which is as follows:

Laura Veator Stephen Krikorian January 17, 2025 Page 5

| • |     | The Group offers contracts for the provision of satellite capacity services, sale of equipment and a bundle of                                                                                                                                          
 satellite capacity services, equipment, and services such as service-type warranties. Revenue is recognized separately for capacity, equipment, and services such as service-type warranties as the goods and services are separately identifiable, and 
 the customer can benefit from the goods or services on their own or with other readily available resources.                                                                                                                                             |

| • |     | For the Group’s contracts to provide satellite capacity, the Company has clarified that the increments of                                                                                                                                           
 time can vary from hours to months. This applies whether the Company provides the satellite capacity services for a contract using a single transponder or multiple transponders, or for a contract using a single beam or multiple beams on one or 
 several satellites. The distinct units of volume of satellite capacity for each contract are substantially the same and have the same pattern of transfer to the customer and therefore are treated as a single performance obligation.             |

| • |     | When equipment is sold on a bundle basis together with other services, the Group determines the level of                                                                                                                                                  
 customization of the equipment