Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 226

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 226
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 FCC Final Order, with no similar activity in 2024; partially offset by |

| • |     | an increase of $33.9 million primarily due to higher invested funds and higher interest rates. |

Other Income (Expense), Net Other expense, net increased by $6.4 million to other income, net of $5.4 million for the year ended December 31, 2024, as compared to other expense, net of $1.0 million for the year ended December 31, 2023, primarily due to the following:

| • |     | an increase of $9.6 million due to expense recognized for the year ended December 31, 2023 related to                       
 the change in the fair value of contingent value rights, with no similar activity for the year ended December 31, 2024; and |

| • |     | an increase of $3.3 million due to higher income generated from Intelsat’s joint ventures (see Note                                                         
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); partially offset by |

| • |     | a decrease of $5.7 million due to foreign currency losses in 2024 as compared to gains in 2023; and |

| • |     | a decrease of $1.7 million due to higher investment impairments in 2024 as compared to 2023 (see Note                                   
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus). |

Gain on Disposition of ARP Rights Intelsat recognized a gain on disposition of ARP rights of $139.0 million for the year ended December 31, 2023 upon validation of the Phase II Certification of Accelerated Relocation under the FCC Final Order (“Phase II Validation”), with no comparable amount for the year ended December 31, 2024. Income Tax Expense (Benefit) Income tax expense decreased by $29.2 million to income tax benefit of $5.8 million for the year ended December 31, 2024, as compared to income tax expense of $23.4 million for the year ended December 31, 2023, primarily as a result of valuation allowance decreases offset by prior year adjustments, current year impairments, lower income from Intelsat’s U.S. subsidiaries and derecognition of uncertain tax