Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 455

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 455
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 operating loss carryforwards of $2.7 billion and, of this amount, $1.7 billion expires between 2035 and 2041. These Luxembourg net operating loss carryforwards were caused primarily by our interest expense, satellite depreciation and amortization and impairment charges related to investments in subsidiaries, goodwill and other intangible assets. Our research and development credits of $13.9 million expire between 2040 and 2043. Our foreign tax credits of $6.2 million expire in 2025. Our valuation allowance as of December 31, 2023 and 2024 was $2.9 billion and $2.8 billion, respectively. Almost all of the valuation allowance relates to Luxembourg net operating loss carryforwards and deferred tax assets created by differences between the U.S. GAAP and the Luxembourg tax basis in our assets. Certain operations of our subsidiaries are controlled by various intercompany agreements which provide these F-162

subsidiaries with predictable operating profits. Other subsidiaries, principally Luxembourg and U.S. subsidiaries, are subject to the risks of our overall business conditions which make their earnings less predictable. Our valuation allowance as of December 31, 2024 also relates to certain deferred tax assets in our U.S. subsidiaries, including foreign tax credit carryforward and disallowed interest expense carryforward. The following table summarizes the activity related to our unrecognized tax benefits (in thousands):

|                                                                  |     | Predecessor |  Two Months Ended 
 February 28, 2022 |   |     | Successor |  Ten Months Ended 
 December 31, 2022 |   |     |   |        Year Ended 
 December 31, 2023 |   |     |   |        Year Ended 
 December 31, 2024 |   |
|:-----------------------------------------------------------------|:----|:------------|------------------:|:--|:----|:----------|------------------:|:--|:----|:--|------------------:|:--|:----|:--|------------------:|:--|
| Balance at beginning of period                                   |     | $           |            63,039 |   |     | $         |            67,275 |   |     | $ |            66,067 |   |     | $ |            73,589 |   |
| Increases (decreases) related to current year tax positions      |     |             |             4,092 |   |     |           |