Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 4

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 4
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, or presented in accordance with, IFRS. The SES Group presents non-IFRS                                                                
 measures because they are used by SES’s management in monitoring SES’s business and because SES believes that they and similar measures are frequently used by securities analysts, investors and other interested parties in evaluating 
 companies in its industry; and                                                                                                                                                                                                           |

| (2) | The consolidated financial statements of Intelsat S.A. and its subsidiaries as of December 31, 2024 and                                                                                                                                          
 2023, and for the years ended December 31, 2024 and 2023 (Successor), the ten-month period ended December 31, 2022 (Successor), and the two-month period ended February 28, 2022 (Predecessor), prepared in accordance with U.S. GAAP, which are 
 considered by SES not to be materially different than the financial statements of Intelsat Holdings S.à r.l and its subsidiaries. However, we refer to EBITDA and Adjusted EBITDA. These are not measures defined by U.S. GAAP and have been     
 defined in “Intelsat—Management’s Discussion and Analysis of Financial Conditions and Results of Operations.”                                                                                                                                    |

This prospectus also contains the following unaudited pro forma condensed combined financial information:

The pro forma financial information includes (i) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, and (ii) reclassifications to conform the Intelsat Group’s historical accounting policies and presentation to the SES Group’s accounting policies and presentation, for known material items. For more information, see the section of this prospectus entitled “ Unaudited Pro Forma Condensed Combined Financial Information” beginning on page 103. Unless indicated otherwise, financial data presented in this prospectus has been taken from the audited consolidated financial statements of SES and Intelsat. IFRS Unless otherwise stated, SES’s financial information in this prospectus has been prepared in accordance with IFRS as issued by the IASB. Presentation of financial information in accordance with IFRS requires SES management to make various estimates and assumptions which may impact the values shown in the historical financial information and the respective notes thereto. The actual values may differ from such assumptions. 2

Non-IFRSFinancial Measures

This prospectus contains certain SES unaudited financial and operating measures that are not defined or recognized under IFRS that we use to
assess the performance