Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 196

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 196
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 made at certain milestones. In
addition, the manufacturer may have to pay damages to SES in the event that construction of the satellite is not completed on time.

Launch Agreements

SES enters into launch agreements from time to time and has not entered into a multi-year agreement with a launcher provider.

Dividend and Dividend Policy

SES has a
stable to progressive dividend policy, with an annual payout dividend of €0.50 per Class A share and €0.20 per Class B share. On April 20, 2024, the board approved a shift to semi-annual dividend payments, as such, shareholders will
receive an additional interim dividend of €0.25 per Class A share and €0.10 per B-share in October 2024, followed by payments of at least €0.25 per Class A share and €0.10 per Class B share
in April (subject to shareholder approval) and October of 2025.

Share Buyback

On August 3, 2023, SES announced a share buyback program of €150 million under the authorization given by shareholders at the
Annual General Meeting of shareholders held on April 6, 2023, pursuant to which SES can purchase up to 20 million A-shares and up to 10 million B-shares
in equal proportion to maintain the ratio of two A-shares to one B-share, as required by its Articles of Association. The shares acquired are intended to be cancelled,
reducing the total number of voting and economic shares in issue. As of December 31, 2024, 23.95 million Class A shares had been purchased at an average price of €5.22 per share and 11,98 million Class B shares had been purchased
at an average price of €2.09 per share, resulting in a total cost of the program of €150 million.

Contracted Backlog

SES had a fully protected contract backlog (non-cancellable) of €3.7 billion (or gross
backlog of €4.8 billion including backlog with contractual break clauses) as of December 31, 2024 delivered by a strong customer base consisting predominantly of broadcasters in developed markets. This customer profile generates a
predictable, high-margin revenue stream, resulting in a strong cash flow conversion factor. As of December 31, 2024, the fully protected contract backlog was comprised of €1.9 billion for Networks and €1.8 billion for Video.

Out of the total gross