Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 422

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 422
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 June 6, 2023. (c) Intelsat 33e Anomaly InOctober 2024, the Intelsat 33e satellite (in service since 2017) experienced an anomaly that resulted in a total loss of the satellite. In accordance with our existing satellite anomaly contingency plans, we restored service F-138

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

for most Intelsat 33e customers on other satellites in our network, as well as on third-party satellites. We recorded a non-cash impairment charge of
$100.9 million in the fourth quarter of 2024, which is included within “Satellite impairment” in our consolidated statements of operations, of which $97.0 million related to the full carrying value of the satellite and
$3.9 million related to prepaid coordination fees.

A failure review board has been formed with the satellite’s manufacturer,
Boeing, to complete a comprehensive analysis of the most likely cause of the anomaly. The analysis is still ongoing.

(d) Intelsat 30

In February 2025, the Intelsat 30 satellite experienced a mechanical malfunction.

Events (Unaudited) Subsequent to the Date of the Auditors’ Report

In March 2025, we completed the troubleshooting process, and the satellite is functioning nominally. The malfunction did not have any impact to
the provision of services to our customer.

Note 6—Investments

We have an ownership interest in three entities that meet the criteria of a variable interest entity (“VIE”): Horizons Satellite
Holdings LLC (“Horizons Holdings”), Horizons-3 Satellite LLC (“Horizons 3”) and Horizons-4 Satellite LLC (“Horizons 4”), which are
discussed in further detail below, including our analyses of the primary beneficiary determination as required under ASC 810, Consolidation(“ASC 810”). We also own noncontrolling investments in debt and equity securities and loan
receivables as discussed further below.

(a) Horizons Holdings

Horizons Holdings is a joint venture with JSAT that consists of two investments: Horizons-1 Satellite
LLC and Horizons-2 Satellite LLC. We have determined that this joint venture meets the criteria of a VIE under ASC 810, and we have concluded that we are the primary beneficiary because decisions relating to
any future relocation of the Horizons 2 satellite, the most