Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 167

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 167
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   |     |      |   (904 | )    |     |            |    931 |   |     |            |   n/m |       |
| Attributable to:                                |     |      |        |   |     |      |        |      |     |            |        |   |     |            |       |       |
| Owners of the parent                            |     |      |     15 |   |     |      |   (905 | )    |     |            |    920 |   |     |            |   n/m |       |
| Non-controlling interests                       |     |      |     12 |   |     |      |      1 |      |     |            |     11 |   |     |            |   n/m |       |
| Adjusted EBITDA(2)                              |     |      |  1,028 |   |     |      |  1,025 |      |     |            |      3 |   |     |            |   0.4 | %     |
| Adjusted EBITDA margin (%)(2)                   |     |      |   51.4 | % |     |      |   50.5 | %    |     |            |        |   |     |            |  +0.9 | % pts |

| (1) | Costs of €7 million in 2024 and €8 million in 2023 associated with satellite telemetry, tracking, and                                                                                                                                 
 control services which were previously included under ‘Other operating expenses,’ are now reported as part of ‘Cost of Sales’ to be consistent with the current-year presentation and better aligned with the nature of the expenses. |

| (2) | Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS measures. See                                                                                                                
 “SES—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-IFRS Financial Measures” of this prospectus for additional information about Adjusted 
 EBITDA and Adjusted EBITDA margin, as well as the reconciliations.                                                                                                                   |

n/m = not meaningful (a variance of more than 100% or less than -100%) 110

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Given that movements in foreign exchange rates have an impact on SES’s results of operations, SES’s management reviews the variance of certain elements