Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 242

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 242
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 net income (loss) determined in accordance with U.S. GAAP, as an indicator of Intelsat’s operating performance, or as an alternative to cash flows from operating activities determined in accordance with U.S. GAAP, as an indicator of cash flows, or as a measure of liquidity. A reconciliation of net income (loss) to EBITDA for the year ended December 31, 2023, and year ended December 31, 2024 is as follows (in thousands):

|                               |     |   |   Year Ended 
 December 31, 
         2023 |   |     |   |   Year Ended 
 December 31, 
         2024 |   |
|:------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Net income (loss)             |     | $ |      821,471 |   |     | $ |     (183,806 | ) |
| Add (Subtract):               |     |   |              |   |     |   |              |   |
| Interest expense              |     |   |      437,384 |   |     |   |      267,244 |   |
| Interest income               |     |   |     (239,762 | ) |     |   |      (67,115 | ) |
| Income tax expense (benefit)  |     |   |       23,432 |   |     |   |       (5,832 | ) |
| Depreciation and amortization |     |   |      536,408 |   |     |   |      589,677 |   |
| EBITDA                        |     | $ |    1,578,933 |   |     | $ |      600,168 |   |

Liquidity and Capital Resources for the Years Ended December 31, 2024 and 2023 Overview Intelsat’s contractual obligations, commitments and debt service requirements over the next several years are significant. As of December 31, 2024, the aggregate principal amount of Intelsat’s debt outstanding not held by affiliates was $3.0 billion. Interest expense for the year ended December 31, 2024 was $267.2 million, which included $68.1 million of non-cashinterest expense. As of December 31, 2024, cash, cash equivalents and restricted cash were approximately $