Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 292

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 292
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 rights as indefinite life intangible assets, consistent with the approach taken for most of the GEO orbital slot rights. The Group continues to build out its MEO constellation as a key element of its commercial offering and strategic positioning with the latest generation of MEO satellites having entered service in April 2024 with the six initial mPOWER satellites. The upgraded second-generation constellation of seven mPOWER satellites is expected to be fully in service in 2027. These mPOWER satellites operate on an equatorial orbital plane using a combination of frequency filings which were assembled to facilitate operations on that plane. The Company currently expects future MEO operations to operate on multiple orbital planes offering full ‘pole-to-pole’coverage. This is the fleet configuration underpinning the Company’s proposal in the IRIS 2Concession Contract with the European Commission which was submitted in final form to the Commission in the third quarter of 2024 and which was incorporated in the final Concession Contract signed in December 2024. Given the above, management’s estimate for the useful economic life of current MEO orbital slot rights is that these should also be presented as definite-life intangible assets with a useful life anchored to the expected end of depreciation life of the upgraded second mPOWER constellation. The overall impact of the change in accounting estimate for GEO and MEO orbital slot rights has been an increase of EUR 63 million in the amortization versus what would have been recorded using the previous estimate (see Note 16).

| ii. | Disaggregation of regional cash-generating units used in the monitoring of GEO orbital slot rights |

In recent years the Company has tested the carrying value of its orbital slot rights by grouping them into three regional groupings (Europe, North America and International). These regional groupings were based on the assumption of inter-operability of the Group’s services from different slots within the same region F-18

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 and hence the view that these inflows did not meet the threshold for mutual independence required for separate cash generating units under IAS 38. Reflecting the comments in point i above, it is likely that less investment in specifically GEO orbit satellites will occur – and hence the options for interoperability of regional GEO operations will decline. Furthermore, there were few examples in recent years where the provision of customer services was switched between different satellites in the same region. For these reasons, management believes that