Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 173

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 173
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DA Margin is defined as Adjusted EBITDA divided by revenue. SES believes that Adjusted EBITDA Margin is useful to investors to assist in evaluating a Company’s operating performance. The following table provides a reconciliation of the Adjusted EBITDA Margin:

| €million                   |     | 2024 |       |   |     | 2023 |       |   |
| Revenue                    |     |      | 2,001 |   |     |      | 2,030 |   |
| Adjusted EBITDA            |     |      | 1,028 |   |     |      | 1,025 |   |
| Adjusted EBITDA Margin (%) |     |      |  51.4 | % |     |      |  50.5 | % |

| 2. | Adjusted Net Debt |

Adjusted Net Debt is defined as current and non-currentborrowings less cash and cash equivalents (excluding amounts subject to contractual restrictions) and excluding 50% of the Hybrid Bond (classified as borrowings) and including 50% of the Perpetual Bond (classified as equity). The treatment of the Hybrid Bond and Perpetual Bond is consistent with rating agency methodology. SES believes that Adjusted Net Debt is relevant to investors since it gives an indication of the absolute level of non-equityfunding of the business. This can be compared to the income and cash flows generated by the business, and available undrawn facilities. 116

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 The following table reconciles Adjusted Net Debt to the relevant line items on the statement of financial position from which it is derived:

| €million                                                           |     | 2024 |        |   |     | 2023 |        |   |
| Borrowings – non-current                                           |     |      |  4,247 |   |     |      |  3,443 |   |
| Borrowings – current                                               |     |      |    273 |   |     |      |    716 |   |
| Borrowings – total                                                 |     |      |  4,520 |   |     |      |  4,159 |   |
| Add: 50% of €588 million of Perpetual Bond (2023: €625 million)    |     |      |    294 |   |     |      |    313 |   |
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