Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 281

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 281
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,231 million EUR. Management assesses at each
reporting date whether there is an indication that carrying amount of the assets may not be recoverable. If such an indication exists then the recoverable amount of the asset

F-3

or CGU is reviewed to determine the amount of the impairment, if any. Assets that suffered an impairment in previous periods are reviewed for possible reversal of the impairment at the end of
each reporting period. Impairments can arise from complete or partial failure of a satellite as well as other changes in expected discounted future cash flows. The recoverable amounts are determined based on a value in use calculation using the
five-year business plans approved by the Board of Directors. As disclosed by management, in 2024 the net impairment expense recorded for space segment assets was 216 million EUR. The calculations of value in use are most sensitive to revenue,
capital expenditure, discount rates and growth rates to calculate the present value of those cash flows.

The principal considerations for
our determination that performing procedures relating to the impairment assessment testing of space segment assets including assets under construction is a critical audit matter are (i) the significant judgment by management when developing the
value in use estimate of space segment assets including assets under construction; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to
revenue, capital expenditure, discount rates and growth rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the
consolidated financial statements. These procedures included, among others (i) testing management’s process for developing the value in use estimate of space segment assets including assets under construction; (ii) evaluating the
appropriateness of the value in use approach used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions
used by management related to revenue, capital expenditure, discount rates and growth rates. Evaluating management’s assumptions related to revenue and capital expenditure involved evaluating whether the assumptions used by management were
reasonable considering (i) the current and past performance of space segment assets, (ii) evaluation of significant business developments during the forecast period; (iii) the consistency with external market and industry data; and
(iv) review of satellites health reports and evaluation of their impact on the satellites capability to