Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 31

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 31
---
 items in the United States. |

| • |     | SES’s ability to provide services in certain countries or to certain customers or end users may be 
 restricted or prohibited due to sanctions compliance laws and regulations.                         |

| • |     | SES is exposed to risks associated with macroeconomic conditions in the global economy, both in developing 
 markets and developed markets                                                                              |

18

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | Failure to generate cash flow or access other capital resources could force SES to reduce its operations or 
 default on debt service obligations.                                                                        |

| • |     | SES’s financial results may be materially adversely affected by unforeseen additional tax assessments or 
 other tax liabilities.                                                                                   |

| • |     | SES is exposed to liquidity, currency and foreign exchange, interest rate and counterparty risks. |

| • |     | SES is exposed to impairment of intangible assets, property plant & equipment and assets in the course 
 of construction.                                                                                       |

| • |     | SES has identified material weaknesses in its internal control over financial reporting. If SES is unable to                                                                                                                                              
 successfully remediate these material weaknesses, or if it identifies additional material weaknesses in the future or otherwise fails to maintain an effective system of internal control over financial reporting, SES may be subject to increased risks 
 and liabilities.                                                                                                                                                                                                                                          |

19

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This prospectus, and the documents to which SES and Intelsat refer to in this prospectus, contain forward-looking statements within the meaning of, and subject to the safe harbor created by, Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements regarding: (1) the Transactions between SES and Intelsat, including any statements regarding the expected timing to complete the Acquisition; (2) considerations taken into account by each of the SES Board and the Intelsat Board in approving the Acquisition and the Transactions; (3) the ability of each party to complete the Acquisition and the Transactions; (4) the expected benefits of the Acquisition (including, but not limited to, anticipated synergies, anticipated benefits or accretions to SES; please see the section of this prospectus titled “ About the Acquisition—Reason