Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 229

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 229
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 Add (Subtract):               |     |   |              |   |     |   |              |   |
| Interest expense              |     |   |      437,384 |   |     |   |      267,244 |   |
| Interest income               |     |   |     (239,762 | ) |     |   |      (67,115 | ) |
| Income tax expense (benefit)  |     |   |       23,432 |   |     |   |       (5,832 | ) |
| Depreciation and amortization |     |   |      536,408 |   |     |   |      589,677 |   |
| EBITDA                        |     | $ |    1,578,933 |   |     | $ |      600,168 |   |

Liquidity and Capital Resources for the Years Ended December 31, 2024 and 2023 Overview Intelsat’s contractual obligations, commitments and debt service requirements over the next several years are significant. As of December 31, 2024, the aggregate principal amount of Intelsat’s debt outstanding not held by affiliates was $3.0 billion. Interest expense for the year ended December 31, 2024 was $267.2 million, which included $68.1 million of non-cashinterest expense. As of December 31, 2024, cash, cash equivalents and restricted cash were approximately $1.0 billion. Intelsat’s cash flows from operations and cash on hand have been sufficient to fund interest obligations of $391.8 million and $200.2 million for the years ended December 31, 2023 and 2024, respectively, and significant capital expenditures of $584.3 million and $376.1 million for the years ended December 31, 2023 and 2024, respectively. In connection with Intelsat’s participation in the FCC’s process for accelerated clearing of the C-bandspectrum pursuant to the FCC Final Order, Intelsat incurred significant upfront expenses for clearing activities well in advance of receiving reimbursement payments. As of December 31, 2024, Intelsat has incurred total (reimbursable and non-reimbursable) C-bandclearing costs of $1.9 billion, of which $1.8 billion of reimbursements has been received as of December 31, 2024. Intelsat has received all C