Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 161

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 161
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 from the beginning of 2030.

IRIS is expected to play a transformative role in reinforcing Europe’s resilience, digital sovereignty, and low-latency connectivity for all EU Member States
and is intended to enhance Europe’s ability to respond to crises, protect essential infrastructure, and bridge the digital divide.

SES’s contribution to IRIS will be to develop, procure, and operate 18 new MEO
satellites providing 100% pole-to-pole coverage with carrier-grade connectivity solutions. SES will have rights to commercialize the MEO capacity and part of the LEO capacity of the IRIS system.
The compelling combination of high-throughput data rates, low latency, service flexibility, and managed solutions will cater to EU’s sophisticated requirements, as well as allied nations and SES’s customers around the world.

The initial phases of IRIS will benefit from upfront public funding with limited need
for private financing in the early years of design and procurement. In total, SES will contribute approximately 50% of the MEO cost while having the benefit of commercializing about 90% of the MEO capacity and part of the LEO capacity.

105

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

With deployment of SES’s O3b mPOWER anticipated to be completed in 2027 and
subsequent commercial ramp-up, the delivery of IRIS is well timed to provide next-generation MEO capabilities to serve expanding customer demand for SES’s high-performance connectivity
solutions, underpinning profitable growth into the next decade. The IRIS satellites will form the foundation for SES’s next-generation MEO capabilities.

The contract grants protections to support SES’s IRR including, but not limited to, i) a rendezvous point at the end of 2025 to validate
the project cost, technical requirements, and delivery timetable, whereby any party can exit in the event of excess expected cost, not meeting technical requirements, and/or delays to the in-service date; ii) mechanism to seek renegotiation to
protect the IRR for qualifying reasons, such as delay in start of service; iii) certain protections from annual cost overruns; and iv) the Commission will cover any extra cost resulting from launch failures up to in-orbit validation.

In December 2024 the Group received an initial funding (“Pre-financing”) of EUR 300 million (2023: EUR nil) from the European
Commission for IRIS program costs arising in the first year of the program for