Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 346

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 346
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 and cash flows projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. See Note 14 for the 2024 sensitivity analysis on GEO orbital slot license rights as they are grouped with GEO satellites. MEO orbital slot license rights were fully impaired in 2023 and combined with goodwill testing in 2022. For the 2023 testing of GEO orbital slot license rights:

| • |     | For GEO Europe and GEO North America, the least favorable case – a combination of lower terminal growth rate 
 and higher discount rates – would not lead to any impairment charges.                                        |

| • |     | For GEO International, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR                                                                                        
 6 million and a 1% increase in the discount rate would increase the impairment charge by EUR 33 million; the combination of these two factors would increase the impairment charge by EUR 37 million. |

F-60

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 For the 2022 testing of GEO orbital slot license rights:

| • |     | For GEO Europe, the least favorable case – a combination of lower terminal growth rate and higher discount 
 rates – would not lead to any impairment charges.                                                          |

| • |     | For GEO North America, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR                                                                                        
 3 million and a 1% increase in the discount rate would increase the impairment charge by EUR 22 million; the combination of these two factors would increase the impairment charge by EUR 24 million. |

| • |     | For GEO International, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR                                                                                         
 11 million and a 1% increase in the discount rate would increase the impairment charge by EUR 45 million; the combination of these two factors would increase the impairment charge by EUR 54 million. |

| iii | Definite-life intangible assets |

The definite-life intangible assets as at December 31, 2024 have a net book value by country as presented below:

|                          |     |           2024 |     |     |