Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 439

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 439
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| (1) | Discount rate is the incremental borrowing rate assessed for each lease. |

Lessor We have certain operating and sales-type leases that generate operating lease income and interest income, respectively. The lease expiration dates range from 2025 to 2038, and are primarily related to managed service contracts and teleport usage. In October 2024, the Company commenced a sales-type lease with an expiration date of January 1, 2034. We evaluated the lease and determined that it contains lease and non-leasecomponents. The leased assets are expected to have a residual value of $13.3 million. Interest income of $16.5 million will be recognized over the lease term. For the year ended December 31, 2024, the Company recorded revenue and direct costs of revenue of $15.1 million and $9.3 million, respectively, resulting in net income at commencement of the sales-type lease of $5.8 million. The Company recognized interest income on the sales-type lease of $0.2 million for the year ended December 31, 2024. As of December 31, 2024, the net investment in the lease was $7.9 million, consisting of $5.3 million of lease receivable and $2.6 million of an unguaranteed residual asset. In February 2022, the Company commenced a sales-type lease with an expiration date of February 14, 2027, with two one-yearrenewal options. We evaluated the lease and determined that it contained lease and non-lease F-149

components. The leased assets were not expected to have any residual value, and no interest income was recognized under the lease as consideration was received upfront. For the two months ended February 28, 2022, the Company recorded revenue and direct costs of revenue of $12.3 million and $9.5 million, respectively, resulting in net income at commencement of the sales-type lease of approximately $2.8 million. In September 2023, the Company entered into amendments to update the expiration date of the sales-type lease to January 31, 2024. In the first quarter of 2024, certain leased assets were returned to the Company following the lease termination, resulting in a $5.9 million reduction in direct costs of revenue. In September 2022, the Company signed a sales-type lease that commenced in November 2023, with an expiration date of December 31, 2026,