Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 167

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 167
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 1 and Phase 2 C-bandAccelerated Relocation Payment deadlines, as well as income arising from settlements from the Clearinghouse. Other income Other income refers to settlements under insurance claims and decreases in provisions for in-orbitincentives which we recognize, when they are virtually certain of being realized. Other income is presented as part of revenue due to its relative insignificance. Cost of sales Cost of sales, which excludes staff costs and depreciation, represents expenditures that generally align with revenue. They are incurred in delivering services to customers and include a variety of expenses such as rental of third-party satellite capacity, third-party teleports, connectivity, equipment and equipment rental, customer support costs such as hosting, monitoring, implementation, engineering work. Other cost of sales mainly include commissions, as well as C-bandrepurposing related expenses. 108

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Staff costs Staff costs include gross salaries and employer’s social security payments, payments into pension schemes for employees, charges arising under share-based payment schemes, as well as staff-related restructuring charges and C-bandrepurposing related expenses. Other operating expenses Other operating expenses are, by their nature, less variable with revenue and include office-related and technical facility costs, in-orbitinsurance, marketing, general and administrative expenditure, consulting charges, travel-related expenditure and movements in debtor provisions.Other operating expenses also include C-bandrepurposing expenses, costs associated with the development and / or implementation of merger and acquisition activities and specific business taxes of a non-recurringnature. The 2022 charge included regulatory charges arising outside ongoing operations. Results of Operations Consolidated income statement The discussion of the SES’s results of operations is based on its historical results. Except as set out below, the financial data discussed in this section for the years ended December 31, 2023 (“FY 2023”) and December 31, 2022 (“FY 2022”) has been prepared in accordance with IFRS. The discussion should be read in conjunction with the “Presentation of Financial and Other Information” and “Information About SES,” of this prospectus, respectively. The following table sets forth SES’s comparative consolidated income statement and non-IFRSmeasures for the periods shown with the increase / (decrease) and percentage changes.

| €million                                        |     | 2023 |        |   |     | 2022 |       |   |     | Change               
 Increase /(decrease) |       |