Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 174

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 174
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 reliability, and flexibility to meet our customers’ requirements worldwide. SES also provides access to LEO via its partnerships.

Competition

SES operates in a
highly competitive and dynamic market and competition from new entrants and new satellite-based offerings is increasing in response to significant growth opportunities in our industry. SES and many of its competitors are growing their capabilities
with launches of high throughput Satellite offerings in GEO and new satellite constellations in MEO and LEO. Each of these offerings have different capabilities and represent varying value propositions and strategic focus areas across a variety of
target markets and applications.

Technology innovations have facilitated the production of more capable and cost-effective space-based
infrastructure, enabling operators to offer an improved customer value proposition with more value for money, higher data rates, better performance, greater flexibility, and scalability to quickly expand into previously unconnected markets and
geographies. In turn, many of these innovations are delivering profitable growth and attractive return on investment prospects for our industry. At the same time, the sector is seeing consolidation among incumbent satellite operators where there is
a logic to increasing scale, unlocking operational efficiencies, optimizing capital expenditures, improving return on investment, and delivering better services for customers. Satellite operators are also seeking to get closer and more integral to
customers in their target market segments through vertical integration initiatives, such as our own acquisition of DRS Global Enterprise Solutions in 2022.

SES’s competitors include other satellite operators operating in various orbits, such as Starlink, Viasat-Inmarsat, Eutelsat OneWeb,
EchoStar and its subsidiary Hughes, and Telesat, as well as many national and regional operators. SES also faces vigorous competition from suppliers of terrestrial communications (fibre, copper lines or coaxial cables, 2G/3G/4G/5G or microwave).

Employees and Human Capital Resources

SES’s human capital resources objectives include identifying, recruiting, retaining, incentivizing and integrating its existing and new
employees, in addition to offering attractive & fair compensation and benefits to its employees. SES engages contractors and third-party service providers in connection with its business operation and certain of its employees are a party to
collective bargaining agreements.

As of December 31, 2024, SES employed more than 2,000 people worldwide, a majority of which are
based in Luxembourg and in the U.S. About 90 different nationalities are represented at SES. Per number of employees, U.S., Germany, Israel, France and Romania are the top five nationalities represented