Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 326

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 326
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3, or 2022. F-40

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Note 5—Operating expenses The operating expense categories disclosed include the following types of expenditure:

| 1 | Cost of sales, which excludes staff costs and depreciation, represents expenditures which generally vary                                                                                                                                                                
 directly with revenue. They are incurred in delivering services to customers and include a variety of expenses such as rental of third-party satellite capacity, third-party teleports, connectivity, equipment and equipment rental, customer support                  
 costs such as hosting, monitoring, implementation, engineering work. Other cost of sales detailed below mainly include commissions, as well as an amount of EUR 1 million (2023: EUR 2 million ,2022: EUR 3 million) for C-band repurposing related expenses (Note 36). |

| € million                                |     | 2024 |      |   |     | 2023 |      |     |     | 2022 |      |    |
| Rental of third-party satellite capacity |     |      | (157 | ) |     |      | (140 | )** |     |      | (94  | )  |
| Customer support costs                   |     |      | (238 | ) |     |      | (236 | )** |     |      | (199 | )* |
| Other cost of sales                      |     |      | (66  | ) |     |      | (68  | )   |     |      | (67  | )* |
| Total cost of sales                      |     |      | (461 | ) |     |      | (444 | )   |     |      | (360 | )  |

| * | 2023 Customer support costs have been changed in order to include indirect customer related expenses,                                                   
 reclassified from Other cost of sales. An amount of EUR 90 million in 2022 has been reclassified from “Other cost of sales” to “Customer support costs” |

| ** | Costs of EUR 7 million in 2024, EUR 8 million in 2023 and EUR 9 million in 2022 associated with                                                                                                                                
 satellite telemetry, tracking and control services which were previously included under ‘Other operating expenses,’ are now reported as part of ‘Cost of Sales’ to be consistent with the current year presentation and better 
 aligned with the nature of the