Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 338

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 338
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 longer period and incorporate also projected growth rates for wide-beam and high-throughput satellites markets from external data sources. F-58

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Impairment charges recorded for 2024

| i | Goodwill |

As a result of the impairment tests conducted as of December 31, 2024, no impairment charges against goodwill were recorded (2023: EUR 1,548 million, 2022: EUR 77 million). The balance of the Group’s goodwill is EUR 143 million (2023: EUR 140 million attributable to the former GEO Europe CGU, 2022: EUR 1,738 million) and allocable to the GEO CGU. Goodwill in the MEO CGU, as well as in the former GEO North America and GEO International CGUs, were fully impaired in the prior period. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation and cash flows projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. For the GEO CGU, the most recent testing showed that there would be no impairment even applying the most adverse combination of developments (a 1% increase in after-taxdiscount rates and a 1% decrease in the perpetual growth rate). Taken separately from changes in discount and perpetual growth rates, a 5% reduction in cash flows would also not lead to an impairment expense. For the 2023 testing of the GEO CGUs:

| • |     | For GEO Europe, there would be no impairment even applying the most adverse combination of developments (a 1%                                                                                             
 increase in after-tax discount rates and a 1% decrease in the perpetual growth rate). Taken separatelyfrom changes in discount and perpetuity growth rates, a 5% reduction in EBITDA would not lead to an 
 impairment expense in the GEO Europe CGU.                                                                                                                                                                 |

| • |     | For GEO North America, a 1% decrease in the perpetuity growth rate would increase the impairment