Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 189

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 189
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150

The pro forma Adjusted Net Debt to pro forma Adjusted EBITDA ratio is defined as pro forma Adjusted Net Debt divided by pro forma Adjusted EBITDA. The Group believes that this ratio is a useful measure to demonstrate to investors its ability to generate the recurring income needed to be able to settle its borrowings as they fall due.

| €million                                             |     | Historical 
  SES Group |     |  Pro forma 
   Intelsat 
      Group |     |    Pro forma 
  acquisition 
          and 
    financing 
 adjustments* |     |  Total Pro 
      forma |
| Pro forma Adjusted Net Debt                          |     |      1,093 |     |      1,928 |     |        2,503 |     |      5,524 |
| Pro forma Adjusted EBITDA                            |     |      1,028 |     |        745 |     |            4 |     |      1,777 |
| Pro forma Adjusted Net Debt to Adjusted EBITDA ratio |     | 1.06 times |     | 2.59 times |     |            — |     | 3.11 times |

| * | Refer to unaudited pro forma condensed combined financial information for the nature of the pro forma 
 adjustment.                                                                                           |

LIQUIDITY AND CAPITAL RESOURCES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024 AND DECEMBER 31, 2023 Overview SES’s contractual obligations, commitments and debt service requirements over the next several years are described below. As of December 31, 2024, total borrowings were €4,520 million (2023: €4,159 million). Interest paid on borrowings for FY 2024 was €110 million (2023: €109 million). As of December 31, 2024, cash and cash equivalents were €3,521 million (2023: €2,907 million). SES’s cash flows from operations and cash on hand have been sufficient to fund interest obligations of €110 million and €109 million of coupon paid on perpetual bond and €49 million and €49 million of coupon for FY 2024 and 2023, respectively, and to fund investing activities amounting to €159 million and €370 million for FY 2024 and 2023, respectively. In connection with SES’s participation in the FCC’s process for accelerated clearing of the C-b