Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 370

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 370
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as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

Since the underlying Satellite Purchase and Sale Agreements are directly between the
financial institutions and the satellite manufacturer, there is no contractual obligation on the side of the Procurement Agents during the satellite construction process. However, SES management takes the view that there is a constructive obligation
arising over the procurement period and hence the Group is accruing for the costs of this program.

SES has the right to nominate shortly
before the end of the construction period the entity within the Group which will acquire or lease those assets. SES management expects that the satellites will be acquired or leased in due course by the company SES mPOWER S.à r.l. in
Luxembourg, except satellites 12 and 13 which will be acquired or leased by SES Satellites Ventures S.à r.l..

Three replacement GEO satellites

In 2021, the Company entered into a procurement agreement for the acquisition of three GEO satellites. Payment of
milestones is done through signatures of a series of promissory notes with a maturity date of January 2025, 2026 and 2027, respectively.

GEO satellite already in orbit

In 2016, the Company entered into a procurement agreement for the acquisition of one of the Company’s GEO satellites. The final
obligations in connection with this satellite were settled in December 2024.

Note 32—Commitments and contingencies

Intelsat Acquisition

On
April 30, 2024, SES S.A. announced an agreement to purchase 100% of the equity of Intelsat Holdings S.à r.l. for a cash consideration of USD 3.1 billion (EUR 2.8 billion) and certain contingent value rights. The transaction is
subject to relevant regulatory filings and clearances as well as customary provisions concerning cooperation and measures in seeking such regulatory clearances, which are expected to be received during the second half of 2025.

Intelsat or SES may be required to pay the other party a Breach Termination Fee of USD 300 million plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is terminated under certain circumstances, Intelsat may be required to pay SES a Vote Condition Termination Fee of USD
300 million, plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is terminated under certain circumstances, and SES may be required to
pay Int