Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 204

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 204
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| Lease payments                                                     |     |      |   (22 | ) |     |      |    (17 | ) |
| Free cash flow before equity distributions and treasury activities |     |      | 2,929 |   |     |      |   (491 | ) |
| Exclude:                                                           |     |      |       |   |     |      |        |   |
| Payments for acquisition of subsidiary, net of cash acquired       |     |      |     — |   |     |      |   (435 | ) |
| C-band cash flows                                                  |     |      | 2,516 |   |     |      |    138 |   |
| Payments in respect of other non-recurring* items                  |     |      |   (18 | ) |     |      |    (13 | ) |
| Adjusted Free Cash Flow                                            |     |      |   431 |   |     |      |   (181 | ) |

| * | Includes payments in respect of costs associated with the development and / or implementation of merger and 
 acquisition activities, as well as restructuring                                                            |

| 6. | Constant FX |

As discussed above, movements in foreign exchange rates have impact on SES’s results of operations. SES’s management reviews the variance of certain of its results, including revenue and Adjusted EBITDA, at 168

constant rates of exchange. Thus, when analyzing the performance of SES against the prior period figures, these are presented both as reported and at ‘constant FX’, whereby they are recomputed using the prevailing exchange rates for each corresponding month of the current period. SES calculates these financial measures at constant rates of exchange based on a retranslation of prior year measures at current year prevailing exchange rates for each corresponding month of the current period. SES does not adjust for the normal transactional gains and losses in operations that are generated by exchange movements. Although SES does not believe that these measures are a substitute for IFRS measures, SES does believe that such results excluding the impact of currency fluctuations year-on-year provide additional useful information to investors regarding the operating performance on a local currency basis. Accordingly, the constant rates of exchange financial measures appearing in the following discussion of the SES’s results of operations should be read in conjunction with the information provided in SES’s consolidated financial statements.

| €million                                        |     | 2022 |       |   |     | Foreign  
 exchange 
 impact   |     |   |     | Constant FX 
 2022        |       |   |