Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 175

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 175
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 Net Debt to Adjusted EBITDA ratio is a useful measure to demonstrate to investors its ability to generate the recurring income needed to be able to settle its borrowings as they fall due. Adjusted Net Debt (including 100% of €550 million and 50% of €625 million of hybrid bonds as debt) for FY 2023 was €1,565 million and represented an Adjusted Net Debt to Adjusted EBITDA ratio of 1.5 times, compared with 3.5 times FY 2022, mainly driven by the U.S. C-bandrelocation payments received in October 2023.

| €million                                   |     |       2023 |       |     |       2022 |       |
| Adjusted Net Debt                          |     |            | 1,565 |     |            | 3,889 |
| Adjusted EBITDA                            |     |            | 1,025 |     |            | 1,105 |
| Adjusted Net Debt to Adjusted EBITDA ratio |     | 1.53 times |       |     | 3.52 times |       |

| 4. | Adjusted Net Profit and Adjusted Earnings per Share |

Adjusted Net Profit is defined as profit or loss of the period attributable to shareholders of the parent adjusted to exclude the after-taximpact of C-bandnet income, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities, regulatory charges arising outside ongoing operations, and impairment expenses and related valuation allowance adjustments on deferred tax assets on ITCs, as well as the tax impact of impairment expenses on shareholdings arising at the Company or subsidiary level. The tax rate applied to the pre-taximpact of the C-bandoperating expenses is the US tax rate. The rate applied for other non-recurringitems and impairment expenses represents the computed weighted average tax rate of the relevant jurisdictions. SES believes that Adjusted Net Profit is useful to investors to assist in evaluating a Company’s operating performance. 116

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

| €million                                                                                |     | 2023 |        |   |     | 2022 |      |   |
| Loss of the group attributable to shareholders of the parent                            |     |      |   (905 | ) |