Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 176

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 176
---
 (15 | ) |     |             |   (440 | ) |
| Amortization expense                            |     |      |    (89 | )    |     |          |   43 |   |     |             |    (46 | ) |
| Intangible assets impairment                    |     |      | (3,225 | )    |     |          | (125 | ) |     |             | (3,350 | ) |
| Operating profit/(loss)                         |     |      |   (686 | )    |     |          |  (50 | ) |     |             |   (736 | ) |
| Adjusted EBITDA                                 |     |      |  1,025 |      |     |          |   (6 | ) |     |             |  1,019 |   |

| (1) | Costs of €7 million in 2024 and €8 million in 2023 associated with satellite telemetry, tracking and                                                                                                                                  
 control services which were previously included under ‘Other operating expenses,’ are now reported as part of ‘Cost of Sales’ to be consistent with the current-year presentation and better aligned with the nature of the expenses. |

LIQUIDITY AND CAPITAL RESOURCES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024 AND DECEMBER 31, 2023 Overview SES’s contractual obligations, commitments and debt service requirements over the next several years are described below. As of December 31, 2024, total borrowings were €4,520 million (2023: €4,159 million). Interest paid on borrowings for FY 2024 was €110 million (2023: €109 million). As of December 31, 2024, cash and cash equivalents were €3,521 million (2023: €2,907 million). SES’s cash flows from operations and cash on hand have been sufficient to fund interest obligations of €110 million and €109 million of coupon paid on perpetual bond and €49 million and €49 million of coupon for FY 2024 and 2023, respectively, and to fund investing activities amounting to €159 million and €370 million for FY 2024 and 2023, respectively. In connection with SES’s participation in the FCC’s process for accelerated clearing of the C-bandspectrum, SES incurred significant upfront expenses for clearing activities well in advance of receiving reimbursement payments. SES has incurred total C-bandclearing costs of €1.