Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 226

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 226
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 Other Operating Income, Net—C-band Other operating income, net—C-bandconsists of reimbursable and non-reimbursablecosts and offsetting income associated with Intelsat’s C-bandspectrum relocation efforts. Other operating income, net—C-banddecreased by $356.9 million, 55% to $287.0 million for the year ended December 31, 2024, as compared to $643.9 million for the year ended December 31, 2023, primarily due to a decrease in the recognition of reimbursement income of $416.6 million, partially offset by a decrease of $59.7 million in expenditures as a result of Intelsat completing the C-band spectrum clearing project in 2023. See Note 1—Background and Summary of Significant Accounting Policies of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus for further discussion. Interest Expense Interest expense decreased by $170.2 million, or 39%, to $267.2 million for the year ended December 31, 2024, as compared to $437.4 million for the year ended December 31, 2023, primarily due to the following:

| • |     | a decrease of $201.1 million in interest expense on notes payable primarily resulting from the full 
 repayment of the 2029 Term Loans in October 2023; and                                               |

| • |     | a decrease of $12.5 million in interest expense related to the significant financing component identified in 
 customer contracts due to lower contract balances; partially offset by                                       |

186

| • |     | an increase of $28.2 million related to interest costs on financing leases primarily resulting from leases that 
 commenced during the second half of 2023; and                                                                   |

| • |     | an increase of $15.2 million related to lower capitalized interest resulting from a decreased number of 
 satellites and related assets under construction.                                                       |

The non-cashportion of total interest expense was $80.5 million and $68.1 million for the years ended December 31, 2023 and 2024, respectively, primarily consisting of interest expense related to the significant financing component identified in customer contracts. Interest Income Interest income decreased by $172.7 million, or 72%, to $67.1 million for the year ended December 31, 2024, as compared to $239.8 million for the