Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 169

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 169
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 to the new organizational set up; and |

| • |     | a decrease of €29 million in C-Band related personnel costs, 
 mainly payroll.                                              |

Other operating expenses Other operating expenses decreased by €8 million, or 2.6%, to €236 million for FY 2024, as compared to €244 million for FY 2023. Excluding the effects of foreign currency translation, other operating expenses decreased by €7 million, or 2.8% (FY 2023 at constant FX: €243 million), primarily due to the following:

| • |     | a decrease of €19 million in other operating expenses due to a €15 million decrease in regulatory 
 costs, mainly driven by USF, ITU, and USAC fees and a €4 million decrease in development costs;   |

| • |     | a decrease of €3 million in consultancy costs; |

| • |     | a decrease of €9 million in travel and marketing & communication costs primarily due to                      
 savings initiatives and additional decreases in digital marketing, events, advertisements, and sponsorships; |

| • |     | a decrease of €7 million in bad debt expenses; |

| • |     | a decrease of €3 million in insurance costs, mainly driven by the termination of in-orbit insurance policies 
 in November 2023;                                                                                            |

| • |     | an increase of €46 million in costs associated with the development and/or implementation of merger and 
 acquisition activities;                                                                                 |

| • |     | a decrease of €2 million in premise & telecom costs; |

| • |     | a decrease of €12 million in C-Band related other operating expenses, mainly in consultancy and premise 
 & telecom;                                                                                              |

| • |     | an increase of €9 million in non-staff restructuring expenses primarily due to the SES’s ongoing 
 optimization program; and                                                                        |

| • |     | a decrease of €6 million in other non-recurring expenses when comparing a €3 million one-off                             
 infrastructure charge recorded in FY 2024 to €9 million of specific business taxes of a non-recurring nature in FY 2023. |

113

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Depreciation expense The depreciation expense increased by €47 million, or 8.0%, to €650 million for FY 2024, as compared to €603 million for FY 2023. Excluding the effects of foreign