Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 230

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 230
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 to $200.0 million aggregate amount for which shares may be repurchased (the “Share Repurchase Program”). During the year ended December 31, 2023, Intelsat repurchased 220,000 common shares for $6.5 million at an average price per share of $29.75. Intelsat did not repurchase any common shares under the Share Repurchase Program during the year ended December 31, 2024. As of December 31, 2024, approximately $193.5 million remained available under the Share Repurchase Program. The Share Repurchase Program does not obligate Intelsat to acquire a minimum amount of shares. Refer to Note 9—Shareholders’ Equity of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus. Cash Flow Items Intelsat’s cash flows consisted of the following for the periods shown (in thousands):

|                                                                               |     |   |   Year Ended 
 December 31, 
         2023 |   |     |   |   Year Ended 
 December 31, 
         2024 |   |
|:------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Net cash provided by operating activities                                     |     | $ |    3,846,741 |   |     | $ |      825,577 |   |
| Net cash used in investing activities                                         |     |   |     (594,928 | ) |     |   |     (415,034 | ) |
| Net cash used in financing activities                                         |     |   |   (2,835,044 | ) |     |   |     (669,149 | ) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |     |   |          953 |   |     |   |       (4,764 | ) |
| Net change in cash, cash equivalents and restricted cash                      |     | $ |      417,722 |   |     | $ |     (263,370 | ) |

Net Cash Provided by Operating Activities Net cash provided by operating activities decreased by $3.0 billion to $0.8 billion for the year ended December 31, 2024, as compared to $3.8 billion for the year ended December 31, 2023. The decrease was due to 191

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