Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 368

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 368
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 were settled in December 2024.

Note 32—Commitments and contingencies

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.

Intelsat or SES may be required to pay the other party a Breach Termination Fee of USD 300 million plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is terminated under certain circumstances, Intelsat may be required to pay SES a Vote Condition Termination Fee of USD
300 million, plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is terminated under certain circumstances, and SES may be required to
pay Intelsat a Regulatory Condition Termination Fee of USD 250 million, plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is
terminated under certain other circumstances.

IRIS 2Concession Agreement

On December 16, 2024, the European Commission awarded the SpaceRISE consortium (“Consortium”), consisting of SES ASTRA S.A.
(Consortium Lead Member), a subsidiary of the Company, Eutelsat and Hispasat, the Concession Agreement to design, deliver, and operate IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) programme for the next 12
years, EU’s new state-of-the-art multi-orbit connectivity system.

SES’s contribution to IRIS² will be to develop, procure, and operate 18 new MEO satellites. The initial phases of IRIS² will
benefit from upfront public funding with limited need for private financing in the early years of design and procurement. In total, SES expects to contribute approximately 40%—50% of the MEO

F-87

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 cost while having the benefit of commercialising over 90% of the M