Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 189

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 189
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 year, and also the higher discount rate applied to assets with predominantly USD cash inflows. Assets in the course of construction impairment For FY 2024, no assets in the course of construction impairment charges were recorded, whereas in FY 2023, €425 million was recorded. In FY 2023, the impairment was recorded against the assets under construction related to certain mPOWER satellites, reflecting technical issues arising on those satellites during on-orbittesting and the impact of those issues on the commercialization assumptions of the overall program. Amortization expense Amortization expense increased by €67 million, or 75.2%, to €156 million for FY 2024, as compared to €89 million for FY 2023. Excluding the effects of foreign currency translation, the amortization expense increased by €110 million (FY 2023 at constant FX: €46 million) mainly driven by the change in accounting estimate as of January 1, 2024 concerning the prospective treatment of all orbital slot rights as definite-life intangible assets. Intangible asset impairment Intangible asset impairment decreased by €3,318 million to become a €93 million intangible asset impairment reversal for FY 2024 versus a €3,225 million intangible asset impairment charge for FY 2023, driven by the following:

| • |     | a decrease of €1,548 million of goodwill impairment, due to no impairment charges against goodwill                                                                                                            
 recorded in FY 2024. In 2023, a goodwill impairment expense of €1,548 million was recorded, comprising impairment charges to GEO North America of €989 million, GEO International of €340 million, and MEO of 
 €219 million. The goodwill impairment charge recorded in 2023 was mainly triggered by the recognition of the income from the Phase II U.S. C-Band Accelerated Relocation Payment (ARP) and                    |

| • |     | a decrease of €1,770 million of impairment on orbital slot license rights was mainly related to net                                                                                                                                  
 impairment reversal recorded for orbital slot license rights of an amount of €93 million comprising of €186 million reversals of previous impairment charges, partly offset by €93 million of additional impairment charge. In 2023, 
 orbital slot license rights net impairment charge of €1,677 million comprising of MEO CGU in amount of €1,166 million, GEO International in amount of €466 million, and GEO North America of €45 million. The                        
 impairment charge on orbital slot license rights recorded