Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 213

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 213
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 €63 million for FY 2022. Excluding the effects of foreign currency translation, amortization expense decreased by €26 million, or 42.3% (FY 2022 at constant FX: €63 million) driven by the DRS GES Acquisition in August 2022 (€11 million), as well as the accelerated amortization of certain intangible assets. 161

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Intangible assets impairment Intangible assets impairment increased by €3,022 million to €3,225 million for FY 2023, as compared to €203 million for FY 2022, driven by the following:

| • |     | an increase of €1,471 million of goodwill impairment, in connection with impairment charges to the                                                                                                                                                    
 following CGUs: GEO North America of €989 million (2022: €77 million), GEO International of €340 million (2022: nil), and MEO of €219 million (2022: nil). The impairment booked in 2023 was mainly triggered by the                                  
 recognition of the income from the Phase II U.S. C-band Accelerated Relocation Payment (ARP), as well as other business developments described in Note 15 - Intangible assets. The impairment booked in 2022 was mainly driven by the higher discount 
 rates; and                                                                                                                                                                                                                                            |

| • |     | an increase of €1,551 million of impairment on orbital slot license rights was mainly related to MEO                                                                              
 CGU in amount of €1,166 million (2022: nil), as well as GEO International in amount of €466 million (2022: €9 million) and GEO North America of €45 million (2022: €117 million). |

Net financing costs Net financing costs decreased by €46 million, or 52.6%, to €42 million for FY 2023, as compared to €88 million for FY 2022, primarily due to the following:

| • |     | an increase in interest income of €45 million; |

| • |     | a decrease in interest expense (excluding capitalized interest) of €16 million, reflecting the 
 combination of lower financing expenses and higher interest capitalized;                       |

| • |     | an increase of €31 million due to lower net foreign exchange (FX) gains; and |

| • |     | a decrease of €15 million in respect of fair value losses on financial assets recognized for FY