Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 216

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 216
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 |     |      |  8 |     |      |  8 |   |
| Total                                                               |     |      | 13 |     |      | 45 |   |

SES uses certain financial instruments to manage its exposure to fluctuations in foreign currency exposure rates. Examples used to mitigate such exposures are the spot or forward buying and selling of foreign currencies, 173

creating natural hedges (for example intercompany loans, quasi-equity qualification of such intercompany loans, intercompany dividend distributions), and external hedging, whereby speculative foreign exchange trading is disallowed under internal policies. SES may enter into forward currency contracts to eliminate or reduce the currency exposure arising from individual capital expenditure projects such as satellite procurements, tailoring the maturities to each milestone payment to maximize effectiveness. Depending on the functional currency of the entity with the capital expenditure commitment, the foreign currency risk may be in euro or in U.S. dollar. The forward contracts are in the same currency as the hedged item and can cover up to 100% of the total value of the contract. It is SES’s policy not to enter into forward contracts until a firm commitment is in place. SES has a corresponding exposure in the consolidated income statement, excluding the impacts of C-band repurposing, of €1,239 million or 60.9% of the SES’s revenue and other income (2022: €1,111 million or 57.0%) and €567 million or 54.0% of its operating expenses (2022: €393 million or 45.8%) being denominated in U.S. dollars. SES does not enter into derivative instruments to hedge these currency exposures. The following table demonstrates the sensitivity to a +/- 20% change in the U.S. dollar exchange rate on the nominal amount of SES’s U.S. dollar net investment, with all other variables held constant. All value changes are eligible to be recorded in other comprehensive income with no impact on profit and loss. Both 2022 and 2023 were marked by EUR/USD fluctuation. The macro-outlook and global uncertainties along with worries regarding high energy prices and inflation result in the maintenance of a wide sensitivity range.

| December 31, 2023                             |     | Amount in   
 USD million |       |   |     | Amount in       
 EUR million     
 at closing rate 
 of 1.105        |       |     | Amount in       
 EUR million     
 at rate of 1.33 |       |   |     |