Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 450

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 450
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 “Other long-term liabilities,” respectively, in our consolidated balance sheets. Depending on our actual future health care claims, our actual costs may vary significantly from those projected above. As of December 31, 2024, the assumed health care cost trend rate for retirees who are not eligible for Medicare was 6.6%. This rate is expected to decrease annually to an ultimate rate of 3.9% by December 31, 2049. Effective January 1, 2019, Medicare eligible retirees and spouses receive an annual stipend in the form of a contribution to a health retirement account to be used as a reimbursement for qualified health care costs. Therefore, the value of the benefits provided to these participants is not affected by the assumed health care cost F-155

trend rate. While the terms of the plan do not guarantee increases to the stipend, the Company intends to evaluate the stipend annually. When valuing the benefit obligation as of December 31, 2024, we assumed an increase of 2.6% in 2025 and 2.2% thereafter. The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in thousands):

| Year(s) Ended December 31, |     | Pension  
 Benefits |         |     | Other Post-         
 retirement Benefits |        |
|:---------------------------|:----|:---------|--------:|:----|:--------------------|-------:|
| 2025                       |     | $        |  40,873 |     | $                   |  2,244 |
| 2026                       |     |          |  28,601 |     |                     |  2,198 |
| 2027                       |     |          |  27,904 |     |                     |  2,153 |
| 2028                       |     |          |  27,191 |     |                     |  2,102 |
| 2029                       |     |          |  26,253 |     |                     |  2,035 |
| 2030 to 2034               |     |          | 118,885 |     |                     |  8,944 |
| Total                      |     | $        | 269,707 |     | $                   | 19,676 |

(b) Other Retirement Plans We maintain a defined contribution retirement plan qualified under the provisions of Section 401(k)