Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 48

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 48
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 financial statements.

The level of customer credit risk faced by SES may increase as it grows revenue in developing markets because credit risk tends to be higher
in these markets. Any failure of SES’s customers to fulfil their contractual commitments to SES could have a material adverse effect on SES’s business, financial condition and results of operations.

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Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 SES may experience a launch delay or failure or other satellite damage or destruction during launch, which could lead to a total or partial loss of the satellite. Launch delays are a possibility. Satellite launch and in-orbitinsurance policies do not compensate for lost revenues and other consequential losses. There is always a small but inherent risk of launch or early-orbit failure, resulting in a reduced satellite lifetime and/or functionality or the total loss of a satellite. A launch delay or failure could result in significant delays in the deployment of satellites because we will need to secure another launch opportunity, whereas a launch failure will require us to construct a replacement satellite, which will involve significant replacement cost, that may or may not be covered by insurance and could take two years or longer to replace. Although it may be possible in some cases to transfer such launch to another launch service provider, the limited number of launch service providers and the process of scheduling a replacement launch may result in further delays and may limit SES’s options. Launch failure or delays may cause the loss of frequency rights at certain orbital positions, reduce satellite lifetime in the case of an incorrect orbit injection, reduce functionality of the satellite, result in total loss of a mission and, to the extent that there are no other satellites that can be readily redeployed to carry the traffic that we were contracted for, could result in delays in the onset of projected revenue streams or loss of revenue. In addition, since commercial agreements are signed ahead of launch and generally include provisions allowing a customer to terminate the agreement if such launch fails, is delayed or launch failures are not remedied before an agreed date, any launch failure or delay could cause SES to lose customers to competing satellite operators. Even where launch failures or delays are remedied, such failures or delays could damage SES’s reputation. Satellite launch and in-orbitinsurance policies generally do not compensate for lost revenue due to the loss of customers to competitors because of interruption to services or for consequential losses resulting from any launch delay or failure. The occurrence of launch failures and launch delays could therefore have a material adverse effect on SES’s business, financial condition and results of operations