Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 235

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 235
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 satellites continue to operate in accordance with contractual specifications. Intelsat capitalizes the present value of these payments as part of the cost of the satellites and record a corresponding liability to the satellite manufacturers. This asset is amortized over the useful lives of the satellites. Interest expense is recognized on the deferred financing and the liability is reduced as the payments are made. Intelsat’s total satellite performance incentive payment liability as of December 31, 2023 and 2024 was $107.1 million and $91.4 million, respectively. Capital Expenditures Intelsat’s capital expenditures depend on its business strategies and reflect its commercial responses to opportunities and trends in its industry. Intelsat’s actual capital expenditures may differ from its expected capital expenditures if, among other things, it enters into any currently unplanned strategic transactions. Levels of capital spending from one year to the next are also influenced by the nature of the satellite life cycle and by the capital-intensive nature of the satellite industry. For example, Intelsat incurs significant capital expenditures during the years in which satellites are under construction. Intelsat typically procures a new satellite within a timeframe that would allow the satellite to be deployed at least one year prior to the end of the service life of the satellite to be replaced. As a result, Intelsat frequently experiences significant variances in its capital expenditures from year to year. Payments for satellites and other property and equipment during the year ended December 31, 2024 were $376.1 million. Intelsat intends to fund its capital expenditure requirements through cash on hand and cash provided by operating activities. The following table compares Intelsat’s satellite-related capital expenditures to total capital expenditures from 2023 through 2024 (in thousands).

| Year  
 2023  
 2024  |     | Satellite-Related    
 Capital Expenditures | 350,777 
 210,869 |     | Total Capital 
 Expenditures  | 584,253 
 376,122 |
|:------|:----|:---------------------|--------:|:----|:--------------|--------:|
| Total |     | $                    | 561,646 |     | $             | 960,375 |

Off-BalanceSheet Arrangements Other than disclosed elsewhere in this prospectus, Intelsat has no material off-balancesheet arrangements that have or are reasonably likely to have a current or future effect or change on Intelsat’s financial condition, revenues or expenses, results of operations,