Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 29

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 29
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 integration-related costs in connection with the Acquisition. |

| • |     | The indebtedness of the Combined Group following completion of the Acquisition will be substantially greater than                                                                                                                        
 SES’s indebtedness on a stand-alone basis and greater than the combined indebtedness of SES and Intelsat existing prior to the announcement of the Acquisition. This increased level of indebtedness could adversely affect the Combined 
 Group’s business flexibility and increase its borrowing costs and any resulting downgrades in SES’s credit ratings could adversely affect SES and/or the Combined Group’s respective businesses, cash flows, financial condition and     
 operating results.                                                                                                                                                                                                                       |

| • |     | SES may not be able to service all of the Combined Group’s indebtedness and may be forced to take other                                                                                                                         
 actions to satisfy SES’s obligations under SES’s indebtedness, which may not be successful. SES’s failure to meet its debt service obligations could have a material adverse effect on the Combined Group’s business, financial 
 condition and results of operations.                                                                                                                                                                                            |

| • |     | SES and Intelsat may have difficulty attracting, motivating and retaining executives and other key employees who 
 are critical to their respective businesses in light of the Acquisition.                                         |

| • |     | Intelsat’s executive officers and directors have interests in the Acquisition that may be different from the 
 interests of shareholders of Intelsat.                                                                       |

17

| • |     | The Share Purchase Agreement contains provisions that make it more difficult for Intelsat to pursue alternatives                                 
 to the Acquisition and may discourage other companies from trying to acquire Intelsat for greater consideration than what SES has agreed to pay. |

| • |     | The unaudited pro forma combined financial information included in this prospectus are presented for illustrative                                                                                                                             
 purposes only and do not represent the actual financial position or results of operations of the Combined Group following completion of the Acquisition or reflect the effect of any divestitures that may be required in connection with the 
 Acquisition.                                                                                                                                                                                                                                  |

| • |     | The Combined Group will be subject to the risks that Intelsat faces, in addition to the risks faced by SES. |

| • |     | Intelsat shareholders will have limited recourse against Intelsat and its management and directors for any claims 
 relating to the Transactions under the U.S. federal securities laws.                                              |

Risks Relating to the CVRs

| • |     | You will not be able to immediately determine the amount of cash to be received under the CVRs,