Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 338

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 338
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 fleet and are caused by the disaggregation of the former regional grouping of orbital slot rights, changes in the underlying business plans for these rights as compared to the prior year, and the higher discount rate applied to rights with predominantly USD cash inflows. As the Group now tests its orbital slot rights together with its satellites, the applicable amounts and discount rates for orbital slot rights for 2024 are presented together with the same information for satellites in Note 14. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation and cash flows projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. See Note 14 for the 2024 sensitivity analysis on GEO orbital slot license rights as they are grouped with GEO satellites. MEO orbital slot license rights were fully impaired in 2023 and combined with goodwill testing in 2022. For the 2023 testing of GEO orbital slot license rights:

| • |     | For GEO Europe and GEO North America, the least favorable case – a combination of lower terminal growth rate 
 and higher discount rates – would not lead to any impairment charges.                                        |

| • |     | For GEO International, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR                                                                                        
 6 million and a 1% increase in the discount rate would increase the impairment charge by EUR 33 million; the combination of these two factors would increase the impairment charge by EUR 37 million. |

F-60

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 For the 2022 testing of GEO orbital slot license rights:

| • |     | For GEO Europe, the least favorable case – a combination of lower terminal growth rate and higher discount 
 rates – would not lead to any impairment charges.                                                          |

| • |     | For GEO North America, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR