Company: SGBAF
Filing Date: 2025-03-07
Form Type: DRSLTR
Source: 0000950123-25-003017
Chunk: 1

Company: SES S.A.
Filing Date: 2025-03-07
Form: DRSLTR
Chunk 1
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 consideration that meets the definition of a financial instrument either as equity or as a financial liability in accordance with the definitions of an equity instrument and a financial liability set out in paragraph 11 of IAS 32. Gibson, Dunn & Crutcher LLP 200 Park Avenue | New York, NY 10166-0193 | T: 212.351.4000 | F: 212.351.4035 | gibsondunn.com

As such, pursuant to paragraph 11 of IAS 32, the Company will classify the CVRs as a financial liability at the acquisition date in its consolidated financial statements because the CVRs represent contingent consideration which will be settled in cash. The CVR liability will then be remeasured to fair value each quarter, with subsequent changes in fair value being accounted for as follows:

| • |     | subsequent changes that qualify as measurement period adjustments will be recorded through purchase price 
 accounting during the initial 12-month measurement period, and                                            |

| • |     | subsequent changes in the fair value of the contingent consideration that do not qualify as a measurement period 
 adjustment will be recognized through the consolidated income statement until settled.                           |

With regards to the valuation of the CVRs, SES currently does not have sufficient information to estimate a reasonable fair value to present in the pro forma financial information. The primary drivers behind the lack of sufficient information to determine a reasonable fair value are as follows:

| • |     | Absence of official policy announcements that the Federal Communications Commission (“FCC”) will                                                                                                                                                                                                                                 
 initiate a follow-on repurposing program to the previous ‘Report and Order and Order of Proposed Modification’ issued in Q1 2020 which resulted in the repurposing of a band of C-band downlink spectrum between 3,700 and 3,980 MHz to support the rapid deployment of terrestrial 5G services in the contiguous United States. |

| • |     | Coordination and discussions between the FCC and all parties involved (including the potential acquirers of the                                                                                              
 spectrum and the existing users of the spectrum) in connection with the follow-up repurposing program will need to take place. Technical and economic transitional arrangements would need to be agreed with 
 existing users of the spectrum currently procuring satellite broadcasting services using the remaining C-Band spectrum attributed to satellite operators.                                                    |

| • |     | Visibility and decision by the FCC as to how much of the C-Band spectrum                                               
 between 4,000 MHz and 4,200 MHz