Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 430

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 430
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|                                        |     |                                                                   |     | Predecessor |   Two Months 
        Ended 
 February 28, 
         2022 |     | Successor  |   Ten Months 
        Ended 
 December 31, 
         2022 |     |            |        Year Ended 
 December 31, 2023 |     |            |       |     |            |        Year Ended 
 December 31, 2024 |     |            |       |
|:---------------------------------------|:----|:------------------------------------------------------------------|:----|:------------|-------------:|:----|:-----------|-------------:|:----|:-----------|------------------:|:----|:-----------|------:|:----|:-----------|------------------:|:----|:-----------|------:|
|                                        |     | Classification                                                    |     | Horizons 3  |              |     | Horizons 3 |              |     | Horizons 3 |                   |     | Horizons 4 |       |     | Horizons 3 |                   |     | Horizons 4 |       |
| Expenses                               |     |                                                                   |     |             |              |     |            |              |     |            |                   |     |            |       |     |            |                   |     |            |       |
| JSAT revenue share(1)                  |     | Direct costs of revenue (excluding depreciation and amortization) |     | $           |        4,676 |     | $          |       24,328 |     | $          |            31,960 |     | $          | 1,856 |     | $          |            33,326 |     | $          | 8,861 |
| Satellite capacity & related purchases |     | Direct costs of revenue (excluding depreciation and amortization) |     |             |        2,923 |     |            |       15,547 |     |            |            20,502 |     |            |   717 |     |            |            18,867 |     |            | 2,098 |

| (1) | JSAT’s portion of the revenue share agreement may or may not approximate 50% of customer revenues per                                                                                 
 period due to timing differences of revenue and cost recognition. Revenue is generally recognized on a fixed price accrual basis while costs are accrued when the customer is billed. |

The investment balance exceeded our equity in the net assets