Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 279

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 279
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 notes are an integral part of the consolidated financial statements. F-12

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Consolidated financial statements

as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

Notes to the consolidated financial statements

Note 1—Corporate information

SES S.A. (‘SES’ or ‘the Company’) was incorporated on March 16, 2001 as a limited liability company
(Société Anonyme) under Luxembourg Law. References to ‘the Group’ in the following notes are to the Company and its subsidiaries. SES trades under ‘SESG’ on the Luxembourg Stock Exchange and Euronext, Paris. The
registered office of the Company is at: Château de Betzdorf, L-6815 Betzdorf, Luxembourg.

SES is a leader in global content connectivity solutions, leveraging a vast and intelligent network spanning satellite and ground
infrastructure to create, deliver and manage video and data solutions enabling customers to connect more people in more places with content that enriches their personal stories with knowledge, entertainment and opportunity.

These consolidated financial statements of SES were authorized for issue in accordance with a resolution of the Board of Directors on March 19,
2025. Under Luxembourg Law, the consolidated financial statements are approved by the shareholders at their Annual General Meeting.

Significant changes in the current period

Intelsat acquisition

On April 30, 2024, SES S.A. announced an agreement to purchase 100% of the equity of Intelsat Holdings S.à r.l. for a cash
consideration of USD 3.1 billion (EUR 2.8 billion) and certain contingent value rights. The transaction is subject to relevant regulatory filings and clearances as well as customary provisions concerning cooperation and measures in seeking such
regulatory clearances, which are expected to be received during the second half of 2025.

SES secured financing for the acquisition through
an initial EUR 3 billion bridge facility dated April 30, 2024 (the Bridge Facility), and a USD 1 billion Term Loan A Facility dated June 14, 2024 (“TLA”). Upon entering the TLA, EUR 930 million of the Bridge
Facility was canceled. Additionally, on September 12, 2024, the Company raised EUR 1 billion in Hybrid financing, which similarly