Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 424

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 424
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, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to the other party. In connection with our investments in Horizons 3 and Horizons 4, we entered into capital contribution and subscription agreements, which require us to fund our 50% share of the amounts due in order to maintain our respective 50% interest in the joint ventures. On October 12, 2023, we made a contribution to Horizons 4 consisting of a contribution in kind of $46.5 million for the Ku-bandpayload project costs and a $5.0 million cash contribution for the amount equal to the price of the license for Horizons 4 to utilize power on the Galaxy 37 satellite until it is deorbited. JSAT subsequently reimbursed the Company in cash for 50% of the total contribution. We made a cash contribution of $2.9 million to Horizons 3 during the year ended December 31, 2024 to cover the Intelsat portion of escalating principal payments that Horizons 3 is required to pay JSAT under a loan agreement, and we expect additional contributions to be made in 2025 and 2026. No other contributions were made to nor distributions received from either of the joint ventures during the two months ended February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023, and year ended December 31, 2024. The Company purchases satellite capacity and related services from the joint ventures, and then sells that capacity to its customers. Subsequently, we remit 50% of the revenue, less applicable fees and commissions, to JSAT. The Company recognizes net fees related to engineering, billing, licensing, and commissions. We also sell managed ground network services to the joint ventures and provide program management services for a fee. The following tables summarizes the relevant supplemental information related to the Company’s investments in Horizons 3 and Horizons 4 (in thousands):

|                        |     |                                          |     |            |             As of 
 December 31, 2023 |     |            |        |     |            |             As of 
 December 31, 2024 |     |            |        |
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