Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 371

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 371
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 |  8 |   |     |      |  8 |   |     |      |  — |   |
| Unused amount reversed                                             |     |                      | (31 | ) |     |      | (29 | ) |     |      | (16 | ) |     |                         | (2 | ) |     |      | (1 | ) |     |      | (4 | ) |
| Other movements                                                    |     |                      |   — |   |     |      |   — |   |     |      |   — |   |     |                         |  — |   |     |      | (3 | ) |     |      |  1 |   |
| Impact of currency translation                                     |     |                      |   3 |   |     |      |  (3 | ) |     |      |   5 |   |     |                         |  1 |   |     |      | (1 | ) |     |      |  1 |   |
| Balance as of December 31                                          |     |                      |  80 |   |     |      |  96 |   |     |      | 100 |   |     |                         | 34 |   |     |      | 18 |   |     |      | 14 |   |

F-70

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

| 6. | C-band repurposing receivables risk |

The Group records reimbursement receivables for capital expenditure and operational costs only when the expenses have been incurred and the Group has obtained reasonable assurance that the costs will be reimbursed and that it will comply with the requirements attached to the reimbursement. In both cases, the Group believes it obtains such reasonable assurance when either the Clearinghouse specifically validates the costs as being reimbursable, or the costs fall within cost ranges for the applicable costs as published by the FCC in a cost catalogue. Hence the Group believes the credit risk related to the C-bandrepurposing receivables at the end of 2024 and 2023 is insignificant and concluded that the expected credit losses is zero. (See also Note 36)

| 7. | Financial credit risk |

With respect to the credit risk relating