Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 55

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 55
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, financial condition and results of operations.

The telecommunications industry is highly competitive, and SES faces competition from satellite (GEO, MEO and LEO), terrestrial (fixed and wireless) networks, and alternate distribution technologies.

SES is subject to a number of risks relating to competition. SES’s
competitors include other satellite operators, as well as many national and regional operators. In addition, competitive entry by various in-orbit and planned LEO constellations is a highly disruptive
development in the satellite eco-system. Based on strong financial backing, vertical integration and technological advancements, such competitors have entered or are planning to enter market segments that SES
is targeting.

The development of national satellite programs may hinder SES’s ability to compete in those countries on standard
economic terms. The new capacity (which may be significant) may also negatively impact the transponder supply/demand dynamics in those markets and result in lower transponder capacity pricing. The implementation of national satellite systems may
also increase the risk that market access for foreign satellite operators will be restricted. In addition, some national operators enjoy advantages in their domestic markets, such as tax and regulatory advantages or government funding, that are not
available to SES. These or other competitive advantages could result in a reduction in SES’s business in such regions.

SES’s
business is vulnerable to increasing presence from non-traditional video distribution options, new Direct-to-Consumer
(“D2C”) offers and other online video players. While relying on a distribution architecture that does not include satellites, in most cases, these options provide SES’s customers with alternative and increasingly favored means of
reaching their audiences than via satellite.

Developments and increasing competition in the media segment could result in a demand
reduction for SES’s satellite services and/or pricing changes resulting in a significant negative impact on its revenues. Content providers that utilize satellite services for traditional broadcast and cable distribution are investing heavily
in making their content available via Internet-based streaming and on-demand services. As a result, viewers are increasingly “cutting the cord” on cable and satellite TV services and switching from
linear TV consumption facilitated by satellite to on-demand consumption via various streaming platforms over the Internet. These shifting consumer preferences and the emergence of terrestrial technological
substitution, particularly non-linear over-the-top (“OTT”) services, could result in a reduction in demand for
satellite-based distribution.

SES also faces competition from other forms of communications technology and services, such as providers of
mobile satellite communications solutions as well as terrestrial (fixed and wireless) networks