Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 65

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 65
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 reduce or delay the
completion or expansion of the satellite fleet, sell assets, obtain additional equity capital or restructure its debt. Any such action could have a material adverse effect on SES’s business, financial condition and results of operations.

SES’s financial results may be materially adversely affected by unforeseen additional tax assessments or other tax liabilities.

SES does business in many different countries and is subject to tax liabilities on its business operations in multiple tax jurisdictions. SES
makes provisions in its accounts for current and deferred tax liabilities and tax assets based on a continuous assessment of tax laws relating to it.

SES may become subject to unforeseen material tax claims, including late payment interest and/or penalties, and in some cases retroactive tax
assessments.

If SES becomes subject to a significant amount of unanticipated tax liabilities or has its transfer pricing arrangements
successfully challenged, it could have a material adverse effect on SES’s effective tax rate, business, financial condition and results of operations.

SES is exposed to liquidity, currency and foreign exchange, interest rate and counterparty risks.

SES is exposed to risks in relation to liquidity, foreign currency, interest rates, credit risk on financial assets, financial credit from
counterparties and capital management. Failure to adequately manage these risks could have a material adverse effect on SES’s business, financial condition and results of operations.

SES is exposed to impairment of intangible assets, property plant & equipment and assets in the course of construction.

SES’s intangible assets, satellites and ground segment assets are valued at historical cost less amortization, depreciation and
accumulated impairment charges. Impairment testing procedures are performed annually, or

45

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The SES Group determines an estimate of the recoverable amount, as the higher
of: (1) the fair value less cost of disposal and, (2) its value-in-use, to determine whether the recoverable amount exceeds the carrying amount included in the
consolidated financial statements.

As a result of the impairment tests conducted as of December 31, 2024, no impairment charges
against goodwill were recorded (2023: €1,548 million). In addition, the SES Group recorded €93 million of impairment reversal related to orbital slot license rights for the year ended December 31, 2024 (2023:
€1,677 million of