Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 55

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 55
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 leading to customer dissatisfaction.

Any of these risks could
have a material adverse effect on SES’s business, financial condition and results of operations.

38

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Pursuing external growth opportunities or contracts may not yield the expected benefits.

As part of its strategy, SES regularly evaluates opportunities to make strategic acquisitions or to increase its stake in ventures in which it
currently has an interest. SES’s desired strategic investments may not yield expected benefits due to a number of factors including uncertain or changing market conditions, financing costs and legal and regulatory issues.

In addition, if SES were to enter into significant new contracts in the future (including in relation to the European Commission’s IRIS
European secure satellite connectivity project), these would carry execution, operational, market and financial risks associated with such projects, including additional capital expenditure.

Failure to pursue or complete strategic growth opportunities or the potentially significant expenditure incurred in entering new contracts may
prevent SES from growing its business, which could in turn result in a material adverse effect on SES’s business, financial condition and results of operations.

The telecommunications industry is highly competitive, and SES faces competition from satellite (GEO, MEO and LEO), terrestrial (fixed and wireless) networks, and alternate distribution technologies.

SES is subject to a number of risks relating to competition. SES’s
competitors include other satellite operators, as well as many national and regional operators. In addition, competitive entry by various in-orbit and planned LEO constellations is a highly disruptive
development in the satellite eco-system. Based on strong financial backing, vertical integration and technological advancements, such competitors have entered or are planning to enter market segments that SES
is targeting.

The development of national satellite programs may hinder SES’s ability to compete in those countries on standard
economic terms. The new capacity (which may be significant) may also negatively impact the transponder supply/demand dynamics in those markets and result in lower transponder capacity pricing. The implementation of national satellite systems may
also increase the risk that market access for foreign satellite operators will be restricted. In addition, some national operators enjoy advantages in their domestic markets, such as tax and regulatory advantages or government funding, that are not
available to SES. These or other competitive advantages could result in a reduction in SES’s business in such regions.

SES’s
business is vulnerable to increasing presence from non-traditional video distribution options, new Direct-to-Consumer
(“D2