Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 174

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 174
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 | 2022 |       |   |
| Revenue                    |     |      | 2,030 |   |     |      | 1,944 |   |
| Adjusted EBITDA            |     |      | 1,025 |   |     |      | 1,105 |   |
| Adjusted EBITDA Margin (%) |     |      |  50.5 | % |     |      |  56.9 | % |

| 2. | Adjusted Net Debt |

Adjusted Net Debt is defined as current and non-currentborrowings less cash and cash equivalents, all as disclosed on the consolidated statement of financial position, and also includes 50% of SES’s Perpetual Bonds (consistent with rating agencies’ methodology). SES believes that Adjusted Net Debt is useful to investors, since it gives an indication of the absolute level of non-equityfunding of the business. The following table reconciles Adjusted Net Debt to the relevant line items on the statement of financial position from which it is derived:

| €million                                                          |     | 2023 |       |     | 2022 |       |
| Borrowings – non-current                                          |     |      | 3,443 |     |      | 3,629 |
| Borrowings – current                                              |     |      |   716 |     |      |   719 |
| Borrowings – total                                                |     |      | 4,159 |     |      | 4,348 |
| 50% of SES’s €625 million (2022: €1.2 billion) of Perpetual Bonds |     |      |   313 |     |      |   588 |

115

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| €million                        |     | 2023 |        |   |     | 2022 |        |   |
| Less: Cash and cash equivalents |     |      | (2,907 | ) |     |      | (1,047 | ) |
| Adjusted Net Debt               |     |      |  1,565 |   |     |      |  3,889 |   |

| 3. | Adjusted Net Debt to Adjusted EBITDA ratio |

The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt divided by Adjusted EBITDA. SES believes that the Adjusted