Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 299

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 299
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 mPower satellites, prompting SES to initiate insurance claims under its ‘Launch plus sixteen months’ insurance policies. The Company submitted Proof-of-Lossdocumentation to its insurers and negotiations with those companies were initiated in 2024 and will continue beyond the year-end.In the absence of formal acceptance of the claims by most of the external insurers, management is of the view that these claims qualify as contingent assets in the sense of IAS 37. Accordingly, income is only recognized when claims with individual insurers are agreed and settled.

| v | Reimbursement of costs associated with C-band repurposing |

As detailed in SES’s Transition Plan initially disclosed to the public in September 2021, SES’s strategy included the development of six satellites (four operational satellites and two spare satellites) to meet the deadlines for releasing the C-bandspectrum. This strategy incurred significant expenditures, which are being substantially reimbursed by the Relocation Payment Clearinghouse (‘RPC or ‘Clearinghouse’—refer also to Note 36). As of December 31, 2024, SES has received reimbursements totaling USD 1,314 million from the Clearinghouse. There remains an outstanding unpaid receivable of USD 91 million (EUR 87 million) as of December 31, 2024 (compared to EUR 350 million as of December 31, 2023) related to these reimbursements. Management believes that this outstanding balance will be refunded based on the track record of past refunds, which indicate that the majority of SES’s claims have been approved and refunded. Ongoing discussions with the Clearinghouse suggest a mutual interest in expediting the remaining satellite reimbursements. Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of the subsidiary is measured as the aggregate of the:

| • |     | fair value of the assets transferred; |

| • |     | fair value of liabilities incurred to the former owners of the acquired business; |

| • |     | fair value of equity interests issued by the Group; |

| • |     | fair value of any asset or liability resulting from a contingent consideration agreement; and |

| • |     | fair value of any pre-existing equity interest in the subsidiary. |

For each business combination, SES measures the non-controllinginterest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in other operating expenses. When the Group acquires a business, it assess