Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 191

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 191
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 movements                        |     |      |   142 |   |     |      |   (123 | ) |     |            |    265 |   |     |            |   n/m |   |
| Net increase/(decrease) in cash                       |     |      |   614 |   |     |      |  1,860 |   |     |            | (1,246 | ) |     |            | -66.9 | % |
| Cash and cash equivalents at start of the year        |     |      | 2,907 |   |     |      |  1,047 |   |     |            |  1,860 |   |     |            |   n/m |   |
| Cash and cash equivalents at end of the year          |     |      | 3,521 |   |     |      |  2,907 |   |     |            |    614 |   |     |            |  21.1 | % |

n/m = not meaningful (a variance of more than 100% or less than -100%) Net cash generated by operating activities Net cash generated by operating activities decreased by €2,473 million to €1,006 million in FY 2024, as compared to €3,479 million for FY 2023. The decrease was mainly driven by €2.7 billion C-bandPhase 2 proceeds received in FY 2023, partly offset by €424 million C-bandrelated tax paid. Excluding C-bandand other acquisitions, and other non-recurringitems, net cash generated by operating activities was €886 million in 2024 compared with €1,059 million in 2023, as higher Adjusted EBITDA was offset by changes in working capital. Net cash absorbed by investing activities Net cash absorbed by investing activities decreased by €211 million to €159 million for FY 2024, as compared to €370 million for FY 2023, primarily due to C-bandrelated net reimbursements of €257 million in 2024 compared to net reimbursements of €78 million in FY 2023, as well as €31 million interest received in relation to U.S. C-bandclearing. Excluding C-band and other acquisitions, net cash absorbed by investing activities (excluding interest received) was €560 million (FY 2023: €493 million) mainly related to the investment in O3b mPOWER which began commercial services in Q2 202