Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 28

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 28
---
 in doing business in developing markets. |

| • |     | SES is subject to general risks associated with its strategic investments. |

| • |     | Pursuing external growth opportunities may not yield the expected benefits. |

| • |     | The telecommunications market is highly competitive, and SES faces competition from satellite (geostationary                                                    
 orbit (“GEO”), medium earth orbit (“MEO”), and low earth orbit (“LEO”)), terrestrial (fixed and wireless) networks, and associated value add service providers. |

| • |     | Changes in technology or the satellite communications market could make SES’s satellite telecommunications 
 system obsolete or subject to lower or reduced demand.                                                     |

| • |     | 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.                                                     |

| • |     | There may be less publicly available information relating to SES than there is for issuers that are not foreign                                                                                                              
 private issuers because SES, as a foreign private issuer, is exempt from a number of rules under the Exchange Act, and is permitted to file less information with the SEC than issuers that are not foreign private issuers. |

| • |     | SES’s business is subject to extensive regulation and is sensitive to regulatory changes in each of the 
 countries in which it provides services.                                                                |

| • |     | The International Telecommunication Union or national administrations may not allocate orbital slots and                                                 
 associated frequencies to permit SES to maintain or augment its satellite systems, or may restrict SES’s access to frequencies on its satellite systems. |

| • |     | SES’s ability to use a satellite at a given orbital location or a satellite system in its orbit and assigned 
 frequencies for its proposed service or coverage area may be adversely affected by coordination issues.      |

| • |     | If SES does not occupy unused orbital locations or satellite orbits by specified deadlines, or does not maintain                                               
 satellites in the orbital locations SES currently uses, those orbital locations or satellite orbits may become available for use by other satellite companies. |

| • |     | SES is subject to export control laws including those of the United States which may preclude exporting                                 
 satellites for launch, satellite-related hardware, technology, data and services or preclude sourcing these items in the United States. |

| • |     | SES’s ability to provide services in certain countries or to certain customers or end users may be 
 restricted or prohibited due to sanctions compliance laws and