Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 57

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 57
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 make them more effective competition for satellites. See “—Risks Relating to SES’s Business— The telecommunications market is highly competitive and SES faces competition from satellite (GEO, MEO and LEO), terrestrial and wireless networks,” for additional information.

Similarly,
demand for the current generation and future generations of high definition television (HDTV) and ultra-high definition television (UHDTV) which SES expects to be a major driver of demand for satellite capacity in future periods, may fail to reach
the levels SES currently expects, which could lead to lower than expected demand for SES’s capacity.

If SES cannot quickly and
efficiently adapt to these changes, its satellites could become obsolete or less competitive, leading to an inability to retain existing customers or attract new customers, a reduction in demand for its services, and a negative impact on revenue.

Any of these risks could have a material adverse effect on SES’s business, financial condition and results of operations.

If SES or its customers fail to obtain and maintain required regulatory approvals, SES may not be able to operate its existing satellites or maintain or expand its operations.

SES must obtain and maintain approvals from authorities to operate or offer satellite capacity or services.
This often involves significant time and expense. For example, SES must obtain authorization or market access (i.e., permission to offer services or capacity) in certain countries to permit SES’s satellites to transmit or receive signals to,
from or within these countries. The failure to obtain or maintain the necessary authorizations to operate satellites or to obtain the requisite market access or approvals to provide services in certain countries could lead to loss of revenue. In
addition, licensing authorities may revoke rights to use frequencies at an orbital location if that orbital location is left vacant beyond the period permitted by such regulator. If SES cannot obtain, is delayed in obtaining or does not maintain in
good standing, the required regulatory approvals or loses authorizations as a result of changes to regulations or other government actions, it may not be able to provide existing or future services to customers or expand to new customers or into new
services.

39

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

In addition, customers are responsible for obtaining and maintaining certain regulatory
approvals for their operations. As a result, there may be governmental regulations of which SES is not aware or which may adversely affect the operations of customers. SES could lose revenue if customers fail to comply with such approvals, if
regulations are changed and customers are unable