Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 57

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 57
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’s business, financial condition and results of operations.

If SES or its customers fail to obtain and maintain required regulatory approvals, SES may not be able to operate its existing satellites or maintain or expand its operations.

SES must obtain and maintain approvals from authorities to operate or offer satellite capacity or services.
This often involves significant time and expense. For example, SES must obtain authorization or market access (i.e., permission to offer services or capacity) in certain countries to permit SES’s satellites to transmit or receive signals to,
from or within these countries. The failure to obtain or maintain the necessary authorizations to operate satellites or to obtain the requisite market access or approvals to provide services in certain countries could lead to loss of revenue. In
addition, licensing authorities may revoke rights to use frequencies at an orbital location if that orbital location is left vacant beyond the period permitted by such regulator. If SES cannot obtain, is delayed in obtaining or does not maintain in
good standing, the required regulatory approvals or loses authorizations as a result of changes to regulations or other government actions, it may not be able to provide existing or future services to customers or expand to new customers or into new
services.

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In addition, customers are responsible for obtaining and maintaining certain regulatory
approvals for their operations. As a result, there may be governmental regulations of which SES is not aware or which may adversely affect the operations of customers. SES could lose revenue if customers fail to comply with such approvals, if
regulations are changed and customers are unable to satisfy the terms of any new regulations, if necessary, approvals are not granted on a timely basis or at all, in any jurisdictions in which customers wish to operate or provide services or if
applicable restrictions in those jurisdictions become unduly burdensome.

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.

There may be less publicly available information relating to SES than there is for issuers that are not foreign private issuers because SES, as a foreign private issuer, is exempt from a number of rules under the Exchange Act, and is permitted to file less information with the SEC than issuers that are not foreign private issuers.

As a foreign private issuer under the Exchange Act, SES is exempt from certain rules under
the Exchange Act, and is not required to file periodic reports and financial statements with the SEC as frequently or as promptly as companies whose securities are registered under the Exchange Act but are not foreign private issuers, or to