Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 239

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 239
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 in the 
 number of 2Ku satellite units and ATG units sold.                                              |

Operating Expenses Direct Costs of Revenue (Excluding Depreciation and Amortization) Direct costs of revenue increased by $29.2 million, or 4%, to $833.8 million for the year ended December 31, 2023, as compared to $804.6 million for the year ended December 31, 2022, primarily due to the following:

| • |     | an increase of $23.2 million in equipment costs primarily due to an increase in airline shipments; |

| • |     | an increase of $20.2 million in office and operational expenses primarily due to computer-related and 
 circuits costs as well as occupancy expenses; and                                                     |

| • |     | an increase of $13.4 million in costs related to the revenue sharing agreements with JSAT International, Inc 
 (see Note 7—Investments for further discussion); partially offset by                                         |

| • |     | a decrease of $24.6 million in staff-related expenses. |

Selling, General and Administrative

| • |     | Selling, general and administrative expenses increased by $33.2 million, or 8%, to $467.3 million for                                 
 the year ended December 31, 2023, as compared to $434.1 million for the year ended December 31, 2022, primarily due to the following: |

| • |     | an increase of $35.0 million due to the reversal of a litigation accrual in 2022; |

| • |     | an increase of $29.1 million in staff-related expenses; |

| • |     | an increase of $4.5 million in computer-related costs; |

| • |     | an increase of $4.4 million in sales and marketing expenses; and |

| • |     | an increase of $3.4 million in research and development costs; partially offset by |

| • |     | a decrease of $16.7 million due to the write-off of excess inventory 
 in 2022;                                                             |

198

| • |     | a decrease of $16.0 million in insurance expense largely as a result of the elimination of prepaid director                                                                                                                          
 and officer insurance policies related to the Predecessor in accordance with the Fourth Amended Joint Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates (the “Final