Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 45

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 45
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 that, were a payment to be
treated as being with respect to the sale of a capital asset, a portion of such payment would constitute imputed interest.

Accordingly,
there will be some uncertainty as to the amount, timing and character of any gain or loss recognized by a Holder. For a more detailed summary of the U.S. federal income tax treatment of the CVRs, see “U.S. Federal Income Tax Considerations of the Transactions —U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning on page 96 of this prospectus.

RISKS RELATING TO SES’S BUSINESS

SES has several large customers, the loss of any of which could materially reduce its revenue and materially adversely affect its business.

SES generates its revenue primarily from commercial agreements that provide satellite transponder capacity and associated services and
solutions to its customers. Certain customers have major or significant contracts with SES. However, SES’s customer base is subject to constant change, both in terms of volume and type of service purchased. Some of SES’s major customers
could decide not to renew their contracts, seek to renew them on scope or terms that are less favorable to SES or, where a contract contains an early-termination right, may terminate a contract before the end of its term. Given the fast-changing
nature of the industry, if a customer decides not to renew an agreement (for example, as a result of developing or increasing relationships with other operators or moving to other telecommunications solutions), it may take a number of years before
SES has the opportunity to replace that business. Also, if key customers cease or reduce their purchases from SES by developing or increasing relationships with other satellite solution providers (or moving to other telecommunications solutions) and
such key customer cannot be replaced, SES’s revenue may be impacted negatively.

In addition, key customers may go bankrupt or
combine with other customers through mergers and acquisitions. Consolidation in the industries in which SES’s customers operate may increase their bargaining power and leverage when negotiating agreements with SES, leading to pressure on
pricing. Budget cuts may also be imposed on SES’s governmental customers.

The loss of large customers or the reduction in demand for
our services from customers for any of the reasons described in this paragraph could have a material adverse effect on SES’s business, financial condition and results of operations.

SES is exposed to general customer counterparty risk, especially in developing markets.

SES is exposed to risks associated with the financial condition of its customers and their ability to fulfil their contractual obligations