Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 313

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 313
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 identified asset for a period of time in exchange for consideration. Control is conveyed where the Group as lessee has both the right to direct the identified asset’s use and to obtain substantially all the economic benefits from that use. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

| • |     | fixed payments (including in-substance fixed payments), less any lease 
 incentives receivable;                                                 |

| • |     | variable lease payments that are based on an index or a rate; |

| • |     | amounts expected to be payable by the lessee under residual value guarantees; |

| • |     | the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and |

| • |     | payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. |

F-36

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate. At the commencement of a lease the Group recognizes a lease asset and a lease liability. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease. Lease payments are apportioned between the finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance costs are charged directly to expense. In its accounting policies the Group applies the following practical expedients:

| • |     | using a single discount rate for a portfolio of leases with similar characteristics; and |

| • |     | not accounting for leases ending within 12 months of the date of the initial application for low value assets. |

Note 3—Business combinations Acquisition of DRS Global Enterprise Solutions, Inc. (‘GES’) On March 22, 2022, SES announced its intention to acquire all the issued and outstanding share capital of GES, a US-basedsubsidiary of Leonardo DRS Inc. for USD 450 million via its subsidiary SES Space & Defense Inc. (‘SES SD’—formerly SES Government Solutions, Inc.). The transaction closed on August