Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 296

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 296
---
 the expected capital expenditure cycle, for example due to the technical degradation of a 
 satellite or the need for replacement capacity; and                                                      |

| • |     | any changes in satellite procurement, launch or cost assumptions, including launch schedules. |

| 2 | Changes in discount rates |

Discount rates reflect management’s estimate of the risks specific to each CGU. Management uses a pre-taxweighted average cost of capital as discount rate for each CGU. This reflects market interest rates of twenty-year bonds in the market concerned, the capital structure of businesses in the Group’s business sector, and other factors, as necessary, applied specifically to the CGU concerned.

| 3 | Changes in perpetuity growth rates assumptions |

Growth rate assumptions used to extrapolate cash flows beyond the business plan period are based on commercial experience relating to the CGUs concerned and the expectations for developments in the markets which they serve. Definition of cash-generating units for intangible assets Beginning in 2021, management disaggregated the previous single global ‘SES GEO operations’ cash-generating unit into three component regions (‘GEO Europe’, ‘GEO North America’ and ‘GEO International’) which have since then been applied for impairment testing procedures for both goodwill and orbital slot rights. This change in the impairment testing of goodwill reflected developments in the business environment of the Group, triggered by demand from market participants (primarily telecommunications companies) for bandwidth to support the provision of data connectivity services. These developments imply two paths being available to the Group in commercializing its portfolio of orbital slot rights:

| • |     | utilising these rights for the provision of services on its own satellite fleet; and |

| • |     | generating economic value through entering into transactions with third parties to make these rights available to 
 them in return for an appropriate financial compensation.                                                         |

A specific example has been the C-bandrepurposing project in the U.S. following the adoption by the Federal Communications Commission of its Report and Order and Order of Proposed Modification to clear a 300 MHz band of C-banddownlink spectrum between 3,700 and 4,000 MHz by December 2025. These repurposing activities were concluded in 2023 (see Note 34). Since the opportunities, and hence potential cash flows, arising from this kind of commercialization of orbital slot rights other than through conventional on-fleetoperations, are by their nature arrangements with regional regulatory authorities and market participants, and since the linkage to the orbital slot rights is so strong, management re-alignedthe approach