Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 190

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 190
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 |      |   253 |   |     |      |   431 |   |

| * | Includes payments in respect of costs associated with the development and / or implementation of merger and 
 acquisition activities, as well as restructuring                                                            |

| 6. | Constant FX |

As discussed above, movements in foreign exchange rates have an impact on SES’s results of operations. SES’s management reviews the variance of certain elements of its results, including revenue and Adjusted EBITDA, at constant rates of exchange. Thus, when analyzing performance against the prior-period figures, 144

these are presented both as reported and at ‘constant FX’, whereby they are recomputed using the prevailing exchange rates for each corresponding month of the current period. SES does not adjust for the normal transactional gains and losses in operations that are generated by exchange movements. Although SES does not believe that these measures are a substitute for IFRS measures, SES does believe that such an analysis which neutralizes the impact of currency fluctuations year-on-yearprovides additional useful information to investors regarding the underlying operating performance of the company. Accordingly, the constant rates of exchange financial measures appearing in the following discussion of the SES’s results of operations should be read in conjunction with the information provided in SES’s consolidated financial statements.

| €million                                        |     | 2023 |        |      |     | Foreign  
 exchange 
 impact   |      |   |     | Constant FX 
 2023        |        |   |
| Revenue                                         |     |      |  2,030 |      |     |          |  (10 | ) |     |             |  2,020 |   |
| C-band repurposing income                       |     |      |  2,744 |      |     |          |   49 |   |     |             |  2,793 |   |
| Other income                                    |     |      |      5 |      |     |          |    — |   |     |             |      5 |   |
| Cost of sales                                   |     |      |   (444 | )(1) |     |          |    3 |   |     |             |   (441 | ) |
| Staff costs                                     |     |      |   (409 | )    |     |          |    — |   |     |             |   (409 | ) |
| Other operating expenses                        |     |      |   (244 | )(1) |     |          |