Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 281

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 281
---
 world. See also Notes, 23, 29 and 32.

Note 2—Summary of material accounting policies

Basis of preparation

The consolidated
financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 have been prepared in compliance with IFRS Accounting Standards as issued by the International Accounting Standards Board
(‘IASB’).

The consolidated financial statements have been prepared on a historical cost basis, except where fair value is
required by IFRS Accounting Standards.

The consolidated financial statements are presented in euro (EUR). Unless otherwise stated, all
amounts are rounded to the nearest million, except share and earnings per share data and audit and non-audit fee disclosures.

Changes in accounting policies

The
accounting policies adopted for the year ended December 31, 2024 are consistent with those of the previous financial years, except for the following new and amended IFRS Accounting Standards, effective from January 1, 2024 and adopted by
the Group, as well as changes in the accounting policy of orbital slot rights, as disclosed under “Significant accounting judgments and estimates”, below. Any new IFRS Accounting Standards amendments, effective from January 1, 2024
and not mentioned below are not applicable to the Group.

Amendments to IAS 1 on classification of liabilities as current or non-current

On January 23, 2020, the IASB issued “Classification of Liabilities as Current
or Non-Current (Amendments to IAS 1)”. The amendment will affect the presentation of liabilities in the consolidated statements of financial position. The amendment clarifies that the classification of a
liability as current or non-current should be based on rights in existence at the end of the reporting period to defer settlement of a liability by at least 12 months. The amendment also clarifies that the
classification of a liability should be unaffected by the entity’s expectations regarding whether it will exercise its rights to defer payment. The amendments are effective for annual reporting periods beginning on or after January 1,
2024. The adoption of these amendments did not have any material impact on the Group’s consolidated financial statements.

Amendments to IAS 1 on non-currentliabilities with covenants

On October 31, 2022, the IASB issued “Non-current Liabilities with Covenants”. These
amendments clarify how conditions with