Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 302

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 302
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 Europe, 21% to GEO North America, 33% to GEO International, and 30% to MEO. This allocation of net book value remained unchanged in the current year. In the current impairment test, to allocate the value-in-use,management has directly allocated all revenue and costs related to MEO, such that no separate S&D allocation to MEO was necessary. Thus, management analysed the 2028 revenues of S&D, which resulted in an updated allocation of value-in-useof 37% to GEO Europe (2022: 16%), 22% to GEO North America (2022: 21%), 41% to GEO International (2022: 33%), and 0% to MEO (2022: 30%). This allocation changes each year based on an analysis of the terminal-year revenues. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount rates and growth assumptions of the valuation surplus, or deficit as the case may be. Both discount rates and terminal values are simulated up to 1% below and above the specific rate used in the base valuation. In this way, a matrix of valuations is generated which reveals any potential exposure to impairment for each CGU based on movements in the valuation parameters which are within the range of outcomes foreseeable at the valuation date. The 2023 testing showed that:

| • |     | For GEO Europe, there would be no impairment even applying the most adverse combination of developments (a 1%                                                                                              
 increase in after-tax discount rates and a 1% decrease in the perpetual growth rate). Taken separately from changes in discount and perpetuity growth rates, a 5% reduction in EBITDA would not lead to an 
 impairment expense in the GEO Europe CGU.                                                                                                                                                                  |

| • |     | For GEO North America, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR                                                                                                                                 
 21 million and a 1% increase in the after-tax discount rate would increase the impairment charge by EUR 35 million; the combination of these two factors would increase the impairment charge by EUR                                           
 52 million. Taken separately from changes in discount and perpetuity growth rates, a 5% reduction in EBITDA would lead to an additional impairment expense of EUR 54 million. As GEO North America goodwill is fully impaired, this impairment 
 would affect GEO North America’s orbital slot license rights.                                                                                                                                                                                  |

| • |     | For GEO International, a