Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 200

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 200
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), primarily due to the following:

| • |     | an increase of €40 million in payroll costs (excluding C-Band related personnel costs) primarily due to                 
 the DRS GES Acquisition in August 2022 (€20 million), as well as the 2023 indexation and inflation effects on salaries; |

| • |     | an increase of €17 million in restructuring costs related to the Phased Retirement Programme and the 
 new organizational set up; and                                                                       |

| • |     | an increase of €18 million in C-Band related personnel costs, mainly payroll. |

162

Other operating expenses Other operating expenses increased by €47 million, or 22.7%, to €252 million for FY 2023, as compared to €205 million for FY 2022. Excluding the effects of foreign currency translation, other operating expenses increased by €49 million, or 24.3% (FY 2022 at constant FX: €203 million), primarily due to the following:

| • |     | an increase of €20 million in regulatory costs, mainly driven by DRS GES Acquisition 
 (€18 million), primarily related to USF, ITU and USAC fees;                          |

| • |     | an increase of €8 million in maintenance & software costs, primarily related to MS Azure 
 software;                                                                                |

| • |     | an increase of €5 million in consultancy costs primarily due to the support required for various IT        
 applications that have been put in service as well as additional support for the U.S. Government business; |

| • |     | an increase of €5 million in travel and marketing & communication costs primarily due to lower 
 pandemic restrictions in 2023;                                                                 |

| • |     | an increase of €4 million in other personnel, primarily driven by lower capitalized labor. |

| • |     | an increase of €6 million in costs associated with the development and / or implementation of merger 
 and acquisition activities;                                                                          |

| • |     | an increase of €2 million in premise & telecom costs; and |

| • |     | an increase of €9 million in specific business taxes of a non-recurring nature; partially offset by a 
 decrease of €5 million in regulatory charges arising.                                                 |

Depreciation expense Depreciation expense decreased by €39 million, or 6.1%, to €603 million for FY 2023, as compared to €642 million for FY 2022. Excluding the effects of