Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 192

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 192
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                          |     |            | 1,093 |     |            | 1,565 |
| Adjusted EBITDA                            |     |            | 1,028 |     |            | 1,025 |
| Adjusted Net Debt to Adjusted EBITDA ratio |     | 1.06 times |       |     | 1.53 times |       |

| 4. | Adjusted Net Profit and Adjusted Earnings per Share |

Adjusted Net Profit is defined as profit or loss of the period attributable to shareholders of the parent adjusted to exclude the after-taximpact of C-bandnet income, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities, specific business taxes of a non-recurring nature, one-off infrastructure costs, and impairment expenses and related valuation allowance adjustments on deferred tax assets on ITCs, as well as the tax impact of impairment expenses on shareholdings arising at the Company or subsidiary level. The tax rate applied to the pre-taximpact of the C-bandoperating expenses is the US tax rate. The rate applied for other non-recurringitems and impairment expenses represents the computed weighted average tax rate of the relevant jurisdictions. SES believes that Adjusted Net Profit is useful to investors to assist in evaluating a Company’s operating performance. 144

The following table reconciles Adjusted Net Profit to the relevant line items on the consolidated income statement from which it is derived:

| €million                                                                                |     | 2024 |     |   |     | 2023 |        |   |
| Profit/ (Loss) of the group attributable to shareholders of the parent                  |     |      |  15 |   |     |      |   (905 | ) |
| C-band net income                                                                       |     |      | (83 | ) |     |      | (2,697 | ) |
| Other income                                                                            |     |      |  (3 | ) |     |      |     (5 | ) |
| Restructuring charges                                                                   |     |      |  63 |   |     |      |     27 |   |
| Costs associated with the development and / or implementation of merger and acquisition 
 activities                                                                              |     |      |  55 |   |     |      |      9 |   |
| Specific business taxes of a non-recurring                                              
 nature                                                                                  |     |      |   — |   |     |      |      9 |   |
| One-off infrastructure costs