Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 234

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 234
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181

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | Intelsat’s use of third-party or off-network services to satisfy                                                                                                                                                                                   
 government demand for capacity not available on Intelsat’s network. These services are low risk in nature, with no required upfront investment and terms and conditions of the procured capacity which typically match the contractual commitments 
 from Intelsat’s customers. Demand for certain of these off-network services has declined with reductions in troop deployment in regions of conflict;                                                                                               |

| • |     | The pace and extent of adoption of Intelsat’s broadband connectivity and wireless IFE services for use on    
 domestic and international commercial aircraft by Intelsat’s current and new airline partners and customers; |

| • |     | The number of aircraft in service in Intelsat’s markets, including consolidation of the airline industry or 
 changes in fleet size by one or more of Intelsat’s commercial airline partners; and                         |

| • |     | The economic environment and other trends that affect air travel, including disruptions to supply chains and 
 installations.                                                                                               |

| • |     | Increased competition from non-geostationary orbit operators who are 
 planning to enter multiple markets targeted by Intelsat.             |

Pricing Pricing of Intelsat’s transponder services is based upon several factors, including, but not limited to, the region served by the capacity, the power and other characteristics of the satellite beam, the amount of demand for the capacity available on a particular satellite and the total supply of capacity serving any particular region. In 2024, overall pricing trends were down across all business units from prior year. Outside of media applications, the primary driver of the decline was increased supply in the market, particularly from non-geostationary orbit. Media rates in 2024 were lower than in the prior year, reflecting fewer renewals in the limited and highly coveted upper frequency C-bandcapacity, most of which came with long-term contracts. Government applications trended down just slightly with more activity in global government services for non-critical coverages versus areas of regional conflict. Mobility rates declined for both maritime and aeronautical broadband services as customers had more buying options. In networks, high-volume commitments from mobile network operators for cellular backhaul services continued to yield lower prices, further influenced by non-geostationaryalternatives in the market. Euroconsult forecasts continued price disruption for data and