Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 284

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 284
---
 more places with content that enriches their personal stories with knowledge, entertainment and opportunity.

These consolidated financial statements of SES were authorized for issue in accordance with a resolution of the Board of Directors on March 19,
2025. Under Luxembourg Law, the consolidated financial statements are approved by the shareholders at their Annual General Meeting.

Significant changes in the current period

Intelsat acquisition

On April 30, 2024, SES S.A. announced an agreement to purchase 100% of the equity of Intelsat Holdings S.à r.l. for a cash
consideration of USD 3.1 billion (EUR 2.8 billion) and certain contingent value rights. The transaction is subject to relevant regulatory filings and clearances as well as customary provisions concerning cooperation and measures in seeking such
regulatory clearances, which are expected to be received during the second half of 2025.

SES secured financing for the acquisition through
an initial EUR 3 billion bridge facility dated April 30, 2024 (the Bridge Facility), and a USD 1 billion Term Loan A Facility dated June 14, 2024 (“TLA”). Upon entering the TLA, EUR 930 million of the Bridge
Facility was canceled. Additionally, on September 12, 2024, the Company raised EUR 1 billion in Hybrid financing, which similarly led to the cancelation of an equivalent portion of the Bridge Facility.

Share buyback programme

A share buyback programme of EUR 150 million was completed in October 2024 in respect of Class-A
shares with 24 million A-shares being purchased at an average price of EUR 5.22 per A-share and 12 million B-shares
were purchased at an average price of EUR 2.09 per share The acquired shares will be canceled after the expiry of one year which will reduce the total number of voting and economic shares in issue.

Repurchase of Deeply Subordinated Fixed Rate Resettable Securities

Beginning on November 19, 2024 the Group initiated a programme to repurchase in the open market up to a nominal amount of EUR
100 million of its EUR 625 million Deeply Subordinated Fixed Rate Resettable Securities issued on May 27, 2021. These will be canceled in accordance with the terms and conditions of the Securities. See also Notes 24 and 37.

SpaceRISE signs concession contract to deliver Europe’s IRIS² connectivity network

On December 16, 2024 the SpaceRISE consortium