Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 49

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 49
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 generated by such satellite reduced, thus, resulting in a reduction in the return on investment on the satellite, which in turn could have a material adverse effect SES’s business, financial condition and results of operations. SES relies on a limited number of launch providers to launch its satellites. SES relies on a limited number of launch service providers. As such, delays may be incurred in launching satellites in the event of a prolonged unavailability of service from a launch service provider. Any prolonged unavailability of a launch provider could cause a global shortage in launch service capacity, which in turn could adversely affect SES’s business, financial condition and results of operations. SES is reliant on a small number of satellite manufacturers and secondary suppliers. SES relies on a small number of satellite manufacturers for the construction of its satellites and suppliers of key components of communications satellites (referred to as secondary suppliers). Dependency on a small number of satellite manufacturers and secondary suppliers may reduce SES’s negotiating power and access to advanced technologies and result in increased satellite procurement risk (for example, due to technical difficulties and design problems with a particular satellite model). SES’s reliance may also result in a higher 34

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 concentration of risk. SES may experience significant delays in procuring new satellites in the event satellite manufacturers experience prolonged problems, operational difficulties or financial difficulties. Furthermore, the difficulties caused by any technical problems with the design of a particular satellite model may be multiplied if several satellites of that design are purchased from that manufacturer. SES may experience significant delays in acquiring and launching new satellites in the event of prolonged problems at one of its secondary suppliers. The occurrence of any one of the defects or delays described in this paragraph could adversely affect SES’s business, financial condition and results of operations. SES may not be able to obtain adequate insurance or the desired level of coverage, and insurance premiums may increase. Satellite insurance is a cyclical market and the price, terms and availability of satellite insurance has fluctuated over the years. Losses experienced by this market in recent years have resulted in a significant hardening of market conditions, which could result in increases in the amount of insurance premiums paid by SES to cover its risks and affect its ability to obtain the desired levels of coverage. This would in turn increase SES’s costs and have an adverse effect on its business, risk profile, financial condition and results of operations. Satellites may be subject to damage or loss from events that might not be covered by insurance policies. SES maintains pre-launch,