Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 180

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 180
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 increase in 
 spending on commercial satellite communications for additional information gathering and analysis;         |

| • |     | continued demand for satellite-based connectivity in the aviation and maritime segments; |

| • |     | availability of financial, technical, human, natural, and other resources which affect the supply of satellite 
 capacity;                                                                                                      |

| • |     | decrease in barriers to entry as entrants face lower capital costs of procuring and launching a satellite and                                                      
 must maintain the financial and technical resources required to operate and market its services, while satisfying regulatory requirements in country of operation; |

| • |     | continued growth opportunities for our product and services in emerging markets where favorable economics and                                     
 efficient compression technologies position operators well to capture opportunities from content-hungry consumers with increasing spending power; |

| • |     | macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations; and |

| • |     | changes in laws, regulations, and interpretations affecting our business. |

Components of Our Results of Operations Revenue Revenues are generated predominantly from customer service agreements for the provision of satellite capacity over contractually agreed periods, including short-term occasional use capacity, with the associated uplinking and downlinking services as appropriate. Other revenue-generating activities mainly include sale of customer equipment; platform services; subscription revenue; income received in connection with satellite interim missions; installation and other engineering services; and proceeds from the sale of transponders if the revenue recognition criteria for the transaction are met. C-bandrepurposing income C-bandrepurposing income relates to income from successfully meeting the separate Phase 1 and Phase 2 C-bandAccelerated Relocation Payment deadlines, as well as income arising from settlements from the Clearinghouse. Other income Other income refers to settlements under insurance claims and decreases in provisions for in-orbitincentives which we recognize when they are virtually certain of being realized. Other income is presented as part of revenue due to its relative insignificance. 134

Cost of sales Cost of sales, which excludes staff costs and depreciation, represents expenditures that generally vary directly with revenue. They are incurred in delivering services to customers and include a variety of expenses such as rental of third-party satellite capacity, third-party teleports, connectivity, equipment and equipment rental, and customer support costs such as hosting, monitoring, implementation, and engineering work. Other cost of sales mainly include commissions, as well as C-bandrepurposing related expenses. Staff costs Staff costs include gross salaries and employer’s social security payments, payments