Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 240

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 240
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 contracted backlog during the year ending December 31, 2025. The amount included in backlog represents the full service charge for the duration of the contract and does not include termination fees. The amount of the termination fees is generally calculated as a percentage of the remaining backlog associated with the contract. In certain cases of breach for non-paymentor customer bankruptcy, Intelsat may not be able to recover the full value of certain contracts or termination fees. Intelsat’s contracted backlog includes 100% of the backlog of its consolidated ownership interests, which is consistent with the accounting for its ownership interests in these entities. Intelsat believes this backlog and the resulting predictable cash flows in the FSS sector make its results less volatile than that of typical companies outside Intelsat’s industry. Intelsat’s contracted backlog as of December 31, 2024 was as follows (in millions):

| Year Ending December 31, 
 2025                     |     | Contracted 
 Backlog    |  1,419 |
|:-------------------------|:----|:-----------|-------:|
| 2026                     |     |            |    926 |
| 2027                     |     |            |    613 |
| 2028                     |     |            |    433 |
| 2029                     |     |            |    347 |
| Thereafter               |     |            |    464 |
| Total                    |     |            | $4,202 |

193

Intelsat’s contracted backlog by service type as of December 31, 2024 was as follows (in millions, except percentages):

| Service Type          |     | Total |        |     | Percent  
 of Total |    |   |
|:----------------------|:----|:------|-------:|:----|:---------|---:|:--|
| Transponder services  |     | $     |  2,663 |     |          | 63 | % |
| In-flight services    |     |       |    804 |     |          | 20 | % |
| Managed services      |     |       |    384 |     |          |  9 | % |
| Off-network and other |     |       |    351 |     |          |  8 | % |
| Total                 |     |       | $4,202 |     |          |    |   |

Satellite Performance Incentives Intelsat’s cost of satellite construction includes