Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 224

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 224
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 and travel expenses; |

187

| • |     | a decrease of $8.5 million in bad debt expenses; and |

| • |     | a decrease of $8.4 million related to a decline in usage of third-party contractors; partially offset by |

| • |     | an increase of $9.3 million in staff-related expenses; |

| • |     | an increase of $3.4 million related to professional services expenses; |

| • |     | an increase of $3.2 million in licenses and fees expenses; and |

| • |     | an increase of $2.7 million in research and development costs. |

Depreciation and Amortization Depreciation and amortization expense increased by $53.3 million, or 10%, to $589.7 million for the year ended December 31, 2024, as compared to $536.4 million for the year ended December 31, 2023, primarily due to depreciation expense on finance leases that commenced during the third quarter of 2023 and new satellites and other property and equipment placed into service, partially offset by certain satellites and various building related and other assets becoming fully depreciated. Satellite Impairment Intelsat recognized an impairment charge of $100.9 million for the year ended December 31, 2022 related to the Intelsat 33e satellite, with no comparable amount for the year ended December 31, 2024. See Note 6—Satellites and Other Property and Equipment of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus for further discussion. Impairment of Goodwill and Other Intangible Assets Intelsat recognized an impairment charge of $290.7 million for the year ended December 31, 2024 related to goodwill, as compared to an impairment charge of $6.4 million for the year ended December 31, 2023 related to certain supplemental type certificates and other assets. See Note 7—Goodwill and Other Intangible Assets of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus for further discussion. Other Operating Income, Net—C-band Other operating income, net—C-bandconsists of reimbursable and non-reimbursablecosts and offsetting income associated with Intelsat’s C-bandspectrum relocation efforts. Other operating income, net—C-band