Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 189

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 189
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 USA, and its telephone number is (703)-559-6800.

128

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

INTELSAT – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with Intelsat’s audited consolidated financial statements and notes thereto for the fiscal years ended December 31, 2023 and December 31, 2022 included in the section titled “Index to Financial Statements of Intelsat S.A” included elsewhere in this prospectus.

Company Overview

Intelsat operates world-leading satellite communication services businesses, providing a critical layer in the global communications
infrastructure.

Intelsat provides diversified communications services to the world’s leading media companies, fixed and wireless
telecommunications operators, data networking service providers for enterprise and mobile applications in the air and on the seas, multinational corporations and internet service providers. Intelsat is also a leading provider of commercial satellite
capacity to the U.S. government and other select military organizations and their contractors.

Intelsat’s customers use its global
network for a broad range of communication applications, from global distribution of content for media companies, to providing the transmission layer for commercial aeronautical consumer broadband connectivity and to enabling essential network
backbones for telecommunications providers in high-growth emerging regions.

Intelsat’s network solutions are a critical component of
Intelsat’s customers’ infrastructures and business models. In recent years, mobility services providers have contracted for services on Intelsat’s fleet that support broadband connections for passengers on commercial flights and
cruise ships. In addition, Intelsat’s satellite neighborhoods provide its media customers with efficient and reliable broadcast distribution that maximizes audience reach. In developing regions, Intelsat’s satellite solutions often provide
higher reliability than is available from local terrestrial telecommunications services and allow its customers to reach geographies that they would otherwise be unable to serve.

Through Intelsat’s commercial aviation business (“Intelsat CA”), it is a global provider of
in-flight connectivity solutions to the commercial aviation industry. In-flight services provided by Intelsat’s Intelsat CA business include passenger connectivity,
which allows passengers to connect to the Internet from their personal Wi-Fi-enabled devices; passenger entertainment, which offers passengers the opportunity to enjoy a
broad selection of in-flight entertainment (“IFE”) options on their laptops and personal Wi-Fi-enabled devices; and
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