Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 223

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 223
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edges. As of December 31, 2023 and December 31, 2022, SES had no interest rate hedges outstanding. The table below summarizes the split of the carrying amount of SES’s debt between fixed and floating rate.

| €million                           |     | At fixed 
 rates    |       |     | At floating 
 rates       |     |     | Total |       |
| Borrowings as of December 31, 2023 |     |          | 4,009 |     |             | 150 |     |       | 4,159 |
| Borrowings as of December 31, 2022 |     |          | 4,198 |     |             | 150 |     |       | 4,348 |

Foreign Currency Risk SES’s main exposures to foreign currency at the end of the reporting period are in respect of balances denominated in U.S. dollars related to cash and cash equivalents (2023: €2,169 million; 2022: €673 million), intercompany balances (2023: €-1,859 million; 2022: €-94 million) and fixed assets suppliers (2023: €-342 million;2022: €-430 million). The aggregate net foreign exchange gains/ losses recognized in profit or loss were:

|                                                                     |     | 2023 |    |     | 2022 |    |   |
| Net foreign exchange gain included in main currencies               |     |      |  3 |     |      | 40 |   |
| Net foreign exchange gain/ (loss) included in other currencies      |     |      |  2 |     |      | (3 | ) |
| Net foreign exchange gain included in foreign exchange transactions |     |      |  8 |     |      |  8 |   |
| Total                                                               |     |      | 13 |     |      | 45 |   |

SES uses certain financial instruments to manage its exposure to fluctuations in foreign currency exposure rates. Examples used to mitigate such exposures are the spot or forward buying and selling of foreign currencies, 171

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 creating natural hedges (for example intercompany loans, quasi-equity qualification of such intercompany loans, intercompany dividend distributions), and external hedging, whereby speculative foreign exchange trading is disallowed under internal policies. SES may enter into forward currency contracts to eliminate or reduce the