Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 172

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 172
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4, as compared to €0 million for FY 2023, due to the following:

| • |     | an increase of €17 million in income from structured financing and |

| • |     | a net increase of €4 million in respect of fair value gains on financial assets recognized for FY 2024. |

Income tax expense Income tax expense decreased by €121 million, to €55 million for FY 2024, as compared to €176 million for FY 2023. The decrease is mainly due to the taxation of C-bandproceeds in FY 2023. Non-IFRSFinancial Measures SES regularly uses non-IFRSfinancial measures to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes and in the framework of company-wide bonus programs. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Debt, Adjusted Net Debt to Adjusted EBITDA ratio, Adjusted Net Profit, Adjusted Earnings per Share, Adjusted Free Cash Flow and Constant FX are not measures defined by IFRS. These measures have limitations as analytical tools and should not be considered as an alternative to profit for the year, profit from operations or liquidity as determined in accordance with IFRS Accounting Standards (“IFRS”). These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these performance measures in isolation from, or as a substitute analysis for, SES’s results of operations as determined in accordance with IFRS. 115

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| 1. | Adjusted EBITDA and Adjusted EBITDA margin |

Adjusted EBITDA is defined as profit or loss for the period before tax, before the impact of depreciation and impairment expense, amortization and impairment expense, net financing costs and other non-operating income / expenses (net), adjusted to exclude the impact of C-Bandrepurposing income, other income, C-bandrepurposing expenses, restructuring charges, costs associated with the development and / or implementation of merger and acquisition activities, specific business taxes of a non-recurringnature, as well as one-off infrastructure costs. SES believes that Adjusted EBITDA is useful to investors to assist in evaluating a Company’s operating performance. Adjusted EBITDA increased by €3 million, or 0.4%, to €1,028 million for FY 2024, as compared to