Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 200

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 200
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 | % |     |          | June 2024      |     |                   |     — |     |                   |   150 |
| Perpetual Bond (€550 million)                                               |     |                         |            5.625 | % |     |          | January 2024   |     |                   |     — |     |                   |   550 |
| Total                                                                       |     |                         |                  |   |     |          |                |     |                   | 4,520 |     |                   | 4,159 |

Capital Expenditure SES expects to continue to invest in satellites, both to replace existing satellites before their end of life, and to make available new capacity at new or existing orbital positions to meet growing demand. GEO-MEOcapital expenditure (growth and replacement capacity, excluding acquisitions, financial investments, and C-bandRepurposing) was €242 million in 2021, was €1,036 million in 2022 and was €483 million in 2023, reflecting growth investment (final SES-17milestones and O3b mPOWER), €480 million in 2024, and is expected to be between €425 to €475 million in 2025 and €325 million per year for the following years (excluding any future capital expenditure for IRIS2). The majority of projected future capital expenditure relates to satellite investment and is based on SES’s current launch and service schedule in respect of procured satellites. The financing of ongoing satellite procurement programs is done through a range of structures, including, without limitation, through a mix of available resources, cash flow from operations, and drawings under existing or new funding arrangements where needed. 154

mPOWER satellite insurance claim

SES has submitted a claim and is engaging with insurers regarding a claim totaling $472 million regarding the technical challenges
observed in the operation of the O3b mPOWER satellites 1-4.

Guarantees

On December 31, 2024, SES had outstanding bank guarantees of €39 million (2023: €48 million) with respect to performance
and warranty guarantees for services of satellite operations.

Procurement Contracts

SES regularly enters into satellite construction contracts to procure satellites from manufacturers. The typical time required to manufacture
and launch a satellite is approximately 30-36 months (but can take more time depending on the complexity of the satellite). These contracts generally provide for payments to be made at certain milestones. In
addition, the manufacturer may have to pay damages to SES in