Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 191

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 191
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 business, and available undrawn facilities. The following table reconciles Adjusted Net Debt to the relevant line items on the statement of financial position from which it is derived:

| €million                                                           |     | 2024 |        |   |     | 2023 |        |   |
| Borrowings – non-current                                           |     |      |  4,247 |   |     |      |  3,443 |   |
| Borrowings – current                                               |     |      |    273 |   |     |      |    716 |   |
| Borrowings – total                                                 |     |      |  4,520 |   |     |      |  4,159 |   |
| Add: 50% of €588 million of Perpetual Bond (2023: €625 million)    |     |      |    294 |   |     |      |    313 |   |
| Deduct: 50% of €1 billion Hybrid Bond (2023: nil)                  |     |      |   (500 | ) |     |      |      — |   |
| Deduct: Cash and cash equivalents                                  |     |      | (3,521 | ) |     |      | (2,907 | ) |
| Add: Cash and cash equivalents subject to contractual restrictions |     |      |    300 |   |     |      |      — |   |
| Adjusted Net Debt                                                  |     |      |  1,093 |   |     |      |  1,565 |   |

143

| 3. | Adjusted Net Debt to Adjusted EBITDA ratio |

The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt divided by Adjusted EBITDA. SES believes that the Adjusted Net Debt to Adjusted EBITDA ratio is a useful measure to demonstrate to investors its ability to generate the recurring income needed to be able to settle its borrowings as they fall due. Adjusted Net Debt for FY 2024 was €1,093 million, representing an Adjusted Net Debt to Adjusted EBITDA ratio of 1.06 times, compared with 1.53 times for FY 2023, mainly driven by a €717 million repayment of gross debt in FY 2024.

| €million                                   |     |       2024 |       |     |       2023 |       |
| Adjusted Net Debt