Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 200

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 200
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 risk may be in euro or in U.S. dollar. The forward contracts are in the same currency as the hedged item and can cover up to 100% of the total value of the contract. It is SES’s policy not to enter into forward contracts until a firm commitment is in place. SES has a corresponding exposure in the consolidated income statement, excluding the impacts of C-band repurposing, of €1,239 million or 60.9% of the SES’s revenue and other income (2022: €1,111 million or 57.0%) and €567 million or 54.0% of its operating expenses (2022: €393 million or 45.8%) being denominated in U.S. dollars. SES does not enter into derivative instruments to hedge these currency exposures. The following table demonstrates the sensitivity to a +/- 20% change in the U.S. dollar exchange rate on the nominal amount of SES’s U.S. dollar net investment, with all other variables held constant. All value changes are eligible to be recorded in other comprehensive income with no impact on profit and loss. Both 2022 and 2023 were marked by EUR/USD fluctuation. The macro-outlook and global uncertainties along with worries regarding high energy prices and inflation result in the maintenance of a wide sensitivity range.

| December 31, 2023                             |     | Amount in   
 USD million |       |   |     | Amount in       
 EUR million     
 at closing rate 
 of 1.105        |       |     | Amount in       
 EUR million     
 at rate of 1.33 |       |   |     | Amount in       
 EUR million     
 at rate of 0.88 |       |
|:----------------------------------------------|:----|:------------|------:|:--|:----|:----------------|------:|:----|:----------------|------:|:--|:----|:----------------|------:|
| USD statement of financial position exposure: |     |             |       |   |     |                 |       |     |                 |       |   |     |                 |       |
| SES Americas                                  |     |             |   281 |   |     |                 |   255 |     |                 |   212 |   |     |                 |   320 |
| SES Netherlands                               |     |             | 1,899 |   |     |                 | 1,718 |     |                 | 1,428 |   |