Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 350

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 350
---
 entity with the capital expenditure commitment, the foreign currency risk may be in euro or in US dollar. The forward contracts are in the same currency as the hedged item and can cover up to 100% of the total value of the contract. The Group has a corresponding exposure in the consolidated income statements, excluding the impacts of C-bandrepurposing, of EUR 1,209 million or 60.4% of the Group’s revenue and other income (2023: EUR 1,239 million or 60.9%, 2022: EUR 1,111 million or 57.0%) and EUR 492 million or 45.0% of its operating expenses (2023: EUR 567 million or 54.0%, 2022: EUR 393 million or 45.8%) being denominated in US dollars.

| 3. | Hedge of net investment in foreign operations |

As of December 31, 2024 and 2023, certain borrowings denominated in US dollars were designated as hedges of the net investments in SES Global Americas Inc. in 2023 and SES Americom Inc. in 2024, following 2024 mergers of SES Global Americas Inc. into SES Global Americas Holdings Inc., which then merged into SES Americom Inc. and its subsidiaries (‘SES Americas’), SES Holdings (Netherlands) BV and its subsidiaries (‘SES Netherlands’) and MX1 Limited to hedge the Group’s exposure to foreign exchange risk on these investments. As of December 31, 2024, 2023 and 2022, all designated net investment hedges were assessed to be highly effective and a total gain of EUR 11 million, stated net of tax of EUR 4 million is included as part of other comprehensive income for the period (2023: gain of EUR 16 million, stated net of tax of EUR 6 million, 2022: loss of EUR 64 million, stated net of tax of EUR 24 million). The following table sets out the hedged portion of USD statement of financial position exposure as of December 31:

| $ million                                     |     | 2024 |       |   |     | 2023 |       |   |
| USD statement of financial position exposure: |     |      |       |   |     |      |       |   |
| SES Americas                                  |     |      |   225 |   |     |      |   281 |   |
| SES Netherlands