Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 246

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 246
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decessor in accordance with the Fourth Amended Joint Chapter 11 Plan of Reorganization of Intelsat S.A. and Its Debtor Affiliates (the “Final Plan”) that occurred during 2022; and |

| • |     | a decrease of $14.3 million in bad debt expense primarily due to the establishment of the bad debt reserve                                            
 in connection with Intelsat’s adoption of fresh start accounting (“Fresh Start Accounting”) upon emergence from bankruptcy that occurred during 2022. |

Depreciation and Amortization

| • |     | Depreciation and amortization expense decreased by $29.9 million, or 5%, to $536.4 million for the year                      
 ended December 31, 2023, as compared to $566.3 million for the year ended December 31, 2022, primarily due to the following: |

| • |     | a decrease of $41.3 million in depreciation expense due to the impacts of the adoption of Fresh Start 
 Accounting, including lower fair values of satellites and other property and equipment; and           |

| • |     | a decrease of $37.8 million in depreciation expense due to the timing of certain satellites, teleport assets 
 and data center assets becoming fully depreciated; partially offset by                                       |

| • |     | an increase of $35.2 million in depreciation expense resulting from the impact of satellites and other 
 assets placed into service; and                                                                        |

| • |     | an increase of $13.8 million in depreciation expense due to new finance leases that commenced during 2023. |

Satellite Impairment Intelsat recognized an impairment charge of $5.2 million for the year ended December 31, 2022 related to the Galaxy 15 satellite, with no comparable amount for the year ended December 31, 2023. Impairment of Goodwill, Non-AmortizableIntangibles and Other Assets Intelsat recognized an impairment charge of $321.3 million for the year ended December 31, 2022 relating to goodwill for the Intelsat CA reporting unit. Intelsat recognized an impairment charge of $6.4 million for the year ended December 31, 2023 related to certain supplemental type certificates and other assets. Other Operating Expense (Income), Net—C-band Other operating income, net—C-bandconsists of reimbursable and non-reimbursablecosts and offsetting income associated with Intelsat’s C-b