Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 53

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 53
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 sabotage, terrorist attacks and natural disasters.

As a satellite operator, SES is subject to a number of risks that could impair its operations and systems, including sabotage,
terrorist acts, piracy, attack by anti-satellite devices, jamming, unintentional interference and natural disasters.Such occurrences are generally excluded from SES’s insurance coverage.See “—Risks Relating to SES’s Business—Satellites may be subject to damage or loss from events that might not be covered by insurance policies”.

The occurrence of any of these risks may lead to a temporary or permanent interruption in service and/or result in a loss of customers,
reputational damage or reduced revenue, any of which could have a material adverse effect on SES’s business, financial condition and results of operations.

36

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

SES is exposed to risks inherent in doing business in developing markets.

The current geopolitical risk environment is high, with active conflict in the Middle East and in Ukraine, and the possibility of more in
Europe, the Middle East and the Pacific. The ongoing changing landscape in relation to U.S. politics may also drive implications on U.S. and European defense policy and expenditure.

SES’s development strategy involves targeting new geographical areas and developing markets, such as in Africa, Latin America and Asia
and potentially developing joint ventures or partnerships with local telecommunications, media and financial businesses in such markets in order to improve market access for its services.

Expansion into these regions may not be successful, and even if successful, SES is exposed to the inherent risks of doing business in those
regions, such as instability arising from political or economic factors or differences in legal and regulatory regimes. See “—Risks Relating to SES’s Business—SES’s international operations are subject to a number of risks that could negatively affect future operating results or subject SES to criminal and civil enforcement actions,”for additional information.

Such instability could cause difficulties in SES’s ability to operate, increase costs or lead to an unexpected reduction in the demand
for SES’s services. In addition, in some developing markets, customers may be less financially secure and run a higher risk of insolvency than in more developed markets. The failure of a customer to make payments for SES’s services or
honor its agreements would lead to a reduction in SES’s revenue. Protectionist policies on foreign satellite capacity (national operator preference) as well as sanction regimes in certain countries pose further risks, mainly in developing
markets.

The occurrence