Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 48

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 48
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 to retain existing customers or attract new customers. The occurrence of any of the risks in this paragraph could have a material adverse effect on SES’s business, financial condition and results of operations. The actual longevity of SES’s satellites may be shorter than their estimated initial design lives. The initial design life of a satellite is typically 15 years for GEO satellites and 12 years for medium earth orbit (“MEO”) satellites. The value of a satellite is normally depreciated on a straight-line basis over this period. Changes in the expected fuel life of a satellite, in-orbitanomalies or other technical or commercial factors, may result in its actual life being shorter than designed. If this were to occur, depreciation of the satellite may be accelerated, the lifetime revenue generated by such satellite reduced, thus, resulting in a reduction in the return on investment on the satellite, which in turn could have a material adverse effect SES’s business, financial condition and results of operations. SES relies on a limited number of launch providers to launch its satellites. SES relies on a limited number of launch service providers. As such, delays may be incurred in launching satellites in the event of a prolonged unavailability of service from a launch service provider. Any prolonged unavailability of a launch provider could cause a global shortage in launch service capacity, which in turn could adversely affect SES’s business, financial condition and results of operations. SES is reliant on a small number of satellite manufacturers and secondary suppliers. SES relies on a small number of satellite manufacturers for the construction of its satellites and suppliers of key components of communications satellites (referred to as secondary suppliers). Dependency on a small number of satellite manufacturers and secondary suppliers may reduce SES’s negotiating power and access to advanced technologies and result in increased satellite procurement risk (for example, due to technical difficulties and design problems with a particular satellite model). SES’s reliance may also result in a higher 34

concentration of risk. SES may experience significant delays in procuring new satellites in the event satellite manufacturers experience prolonged problems, operational difficulties or financial difficulties. Furthermore, the difficulties caused by any technical problems with the design of a particular satellite model may be multiplied if several satellites of that design are purchased from that manufacturer. SES may experience significant delays in acquiring and launching new satellites in the event of prolonged problems at one of its secondary suppliers. The occurrence of any one of the defects or delays described in this paragraph could adversely affect SES’s business, financial condition and results of operations. SES may not be able to obtain adequate insurance or the desired level of coverage,