Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 7

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 7
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udited financial and operating measures that are not defined or recognized under IFRS that we use to
assess the performance of our business. Explanations of these measures are set out below. For example, in this prospectus, SES presents non-IFRS financial measures such as Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Net Debt, Adjusted Net Debt to Adjusted EBITDA ratio, Adjusted Net Profit, Adjusted Earnings per Share, Adjusted Free Cash Flow and Constant FX, which we use to, among other things, evaluate the performance of our operations,
develop budgets, and measure our performance against those budgets. As there are no generally accepted accounting principles governing the calculation of non-IFRS financial and operating measures, other
companies may calculate such measures differently or may use such measures for different purposes than we do, and such measures should therefore not be used to compare us against another company.

Pro Forma Non-IFRS Financial Measures

This prospectus contains certain SES unaudited pro forma financial and operating measures that are not defined or recognized under IFRS that we
use to assess the performance of our business. Explanations of these measures are set out below. For example, in this prospectus, SES presents pro forma non-IFRS financial measures such as pro forma net debt, pro forma Adjusted EBITDA, pro forma
Adjusted EBITDA margin, pro forma operating profit and operating profit margin, pro forma Adjusted Net Debt, pro forma Adjusted Net Debt to Adjusted EBITDA ratio, which we use to, among other things, evaluate the performance of our operations,
develop budgets, and measure our performance against those budgets. As there are no generally accepted accounting principles governing the calculation of pro forma non-IFRS financial and operating measures, other companies may calculate such
measures differently or may use such measures for different purposes than we do, and such measures should therefore not be used to compare us against another company. These measures may not be indicative of our historical operating results or
financial condition, nor are such measures meant to be predictive of our future results or financial condition.

We believe that the above
non-IFRS financial measures and pro forma non-IFRS measures (collectively, the “non-IFRS measures”) assist in evaluating our trading performance, as these measures are regularly used by security analysts, institutional investors and other
interested parties in analyzing operating performance and prospects. These non-IFRS measures are used