Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 376

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 376
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overlay licensees entered into two Settlement Agreements whereby the Group would retain its legal title to the two C-Bandsatellites SES-19and SES-23for an aggregate amount of USD 24 million (EUR 22 million). The Group records repurposing operating expenses as incurred and corresponding reimbursement income when the Group has obtained reasonable assurance that the costs will be reimbursed and that it will comply with any associated requirements. In 2024 the Group recorded C-bandrepurposing income of EUR 88 million (2023: EUR 2,744 million, 2022: EUR 184 million), including the Accelerated Relocation Payments mentioned above. C-band-relatedexpenses of EUR 5 million (2023: EUR 47 million, 2022: EUR 30 million) represent cost of sales of EUR 1 million (2023: EUR 2 million, 2022: EUR 3 million), accumulated staff costs is nil (2023: EUR 29 million, 2022: EUR 12 million) and other operating expenses (including travel and consulting charges) of EUR 4 million (2023: EUR 16 million, 2022: EUR 15 million). As of December 31, 2024, in connection with the operating expenses and capital expenditures above, the Group had other receivables of EUR 87 million (2023: EUR 350 million) related to the C-bandrepurposing project. Of the outstanding amount, EUR 79 million is expected to be received in March 2025 with the balance received later in 2025. As of December 31, 2024, SES had no remaining commitments for C-bandrepurposing expenditures (2023: EUR 3 million). Note 37—Subsequent events Repurchase of Deeply Subordinated Fixed Rate Resettable Securities On January 23, 2025, SES S.A. announced it has repurchased in the open market an aggregate amount of EUR 100 million in principal amount of its EUR 625 million Deeply Subordinated Fixed Rate Resettable Securities issued on May 27, 2021. In accordance with the terms and conditions of the Securities, the purchased Securities will be canceled. Following these transactions, the outstanding principal amount of the Securities is EUR 525 million. There have been no other material events occurring between the reporting date and the date when the consolidated financial statements were approved by the Board of Directors. F-95

Consolidated financial statements as of and for the years ended