Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 366

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 366
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 Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 The aggregate net foreign exchange gains/ losses recognized in profit or loss were:

|                                                                     |     | 2024 |    |   |     | 2023 |    |     | 2022 |    |   |
| Net foreign exchange gain included in main currencies               |     |      |  2 |   |     |      |  3 |     |      | 40 |   |
| Net foreign exchange gain/ (loss) included in other currencies      |     |      | (1 | ) |     |      |  2 |     |      | (3 | ) |
| Net foreign exchange gain included in foreign exchange transactions |     |      |  4 |   |     |      |  8 |     |      |  8 |   |
| Total                                                               |     |      |  5 |   |     |      | 13 |     |      | 45 |   |

SES uses certain financial instruments to manage its exposure to fluctuations in foreign currency exposure rates. Examples used to mitigate such exposures are the spot or forward buying and selling of foreign currencies, creating natural hedges (for example intercompany loans, quasi-equity qualification of such intercompany loans, intercompany dividend distributions), and external hedging, whereby speculative foreign exchange trading is disallowed under internal policies. The Group may enter into forward currency contracts to eliminate or reduce the currency exposure arising from individual capital expenditure projects such as satellite procurements, tailoring the maturities to each milestone payment to maximize effectiveness. Depending on the functional currency of the entity with the capital expenditure commitment, the foreign currency risk may be in euro or in US dollar. The forward contracts are in the same currency as the hedged item and can cover up to 100% of the total value of the contract. The Group has a corresponding exposure in the consolidated income statements, excluding the impacts of C-bandrepurposing, of EUR 1,209 million or 60.4% of the Group’s revenue and other income (2023: EUR 1,239 million or 60.9%, 2022: EUR 1,111 million or 57.0%) and EUR 492 million or 45.0% of its operating expenses (