Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 428

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 428
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 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 significant asset of the joint venture, are effectively controlled by us. In accordance with ASC 810, as the primary beneficiary, we consolidate Horizons Holdings within our consolidated
financial statements.

We have a revenue sharing agreement with JSAT related to services sold on the Horizons 1 and Horizons 2 satellites.
We are responsible for billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to JSAT. Amounts payable to JSAT related to the revenue sharing agreement, net of
applicable fees and commissions, from the Horizons 1 and Horizons 2 satellites were $2.4 million and $0.7 million as of December 31, 2023 and 2024, respectively.

Total assets of Horizons Holdings included in our consolidated balance sheets were $10.6 million and $1.2 million as of
December 31, 2023 and 2024, respectively. Total liabilities of Horizons Holdings included in our consolidated balance sheets were $1.7 million as of December 31, 2023, with no comparable amount as of December 31, 2024.

(b) Horizons 3 and Horizons 4

Horizons 3 and Horizons 4 are each 50% owned by each of Intelsat and JSAT, who in turn have a joint share of management authority and equal
rights to