Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 331

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 331
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 1% increase in the after-taxdiscount rate would increase the impairment by EUR 49 million. Taken together, a 1% increase F-53

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 in the after-taxdiscount rate and a 1% decrease in the declining growth rates would increase the impairment by EUR 64 million. Taken separately from changes in discount and declining growth rates, a 5% reduction in cash flows would increase the impairment by EUR 61 million. For 2024, for MEO satellites, the most recent testing showed that a 1% decrease in the declining growth rates would increase the impairment by EUR 40 million. A 1% increase in the after-taxdiscount rate would increase the impairment by EUR 85 million. Taken together, a 1% increase in the after-taxdiscount rate and a 1% decrease in the declining growth rates would increase the impairment by EUR 122 million. Taken separately from changes in discount and declining growth rates, a 5% reduction in cash flows would increase the impairment by EUR 73 million. For 2023, the testing showed that for GEO satellites, under the least favorable combination of the circumstances above (namely a 1% higher discount rate in conjunction with a 5% lower EBITDA projection) an incremental impairment of EUR 74 million would be recorded. A 1% increase in the discount rate at a constant EBITDA level would increase satellite impairments by EUR 31 million. Taken separately, a 5% decrease in EBITDA would increase satellite impairments by EUR 39 million. For 2022, the testing showed that for GEO satellites, under the least favorable combination of the circumstances above (namely a 1% higher discount rate in conjunction with a 5% lower EBITDA projection) an incremental impairment of EUR 113 million would be recorded. A 1% increase in the discount rate at a constant EBITDA level would increase satellite impairments by EUR 38 million. Taken separately, a 5% decrease in EBITDA would increase satellite impairments by EUR 50 million. Note 15—Assets in the course of construction

| € million                                       |     | Land and  
 Buildings |     |   |     | Space   
 segment |