Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 473

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 473
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 jurisdictions, including Luxembourg, the U.S. and the United Kingdom (“UK”). We recorded a full valuation allowance against all Luxembourg DTAs as of both December 31, 2023 and 2024. The difference between “Income tax benefit (expense)” reported in the consolidated statements of operations and tax computed at statutory rates is attributable to the valuation allowance on losses generated in Luxembourg, the provision for foreign taxes, which were principally in the U.S. and the UK, rate changes in certain jurisdictions as well as withholding taxes on revenue earned in some of the foreign markets in which we operate. Effective January 1, 2025 the statutory rate for Luxembourg is decreasing to 23.87%. This rate change was substantially enacted in December 2024 and the impact of this is included in our rate reconciliation. The following table details the composition of the net deferred tax balances on our consolidated balance sheets as of December 31, 2023 and 2024 (in thousands):

|                                    |     |   | As of December 31, 
               2023 |   |     |   | As of December 31, 
               2024 |   |
|:-----------------------------------|:----|:--|-------------------:|:--|:----|:--|-------------------:|:--|
| Long-term deferred tax assets      |     | $ |             23,424 |   |     | $ |             22,884 |   |
| Long-term deferred tax liabilities |     |   |            (29,660 | ) |     |   |            (38,416 | ) |
| Net deferred taxes                 |     | $ |             (6,236 | ) |     | $ |            (15,532 | ) |

F-161

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 The components of the net deferred tax asset were as follows (in thousands):

|                                                     |     |   | As of December 31, 
               2023 |   |     |   | As of December 31, 
               2024 |   |
|:----------------------------------------------------|:----|:--|-------------------:|:--|:----|:--|-------------------:|:--|
| Deferred tax assets:                                |     |   |                    |   |     |   |                    |   |
| Accruals and advances                               |     | $ |             37,627 |