Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 63

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 63
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 adversely impact SES’s operations, particularly given SES’s presence across multiple jurisdictions. We are unable to predict the ultimate result or duration of any changes to tariffs imposed by the U.S. or any other country, or tariff countermeasures that may be taken by any country. SES is exposed to risks associated with macroeconomic conditions in the global economy, both in developing markets and developed markets. An economic slowdown in the countries where SES operates may have a negative effect on SES’s performance if potential customers face difficulties funding their business plans, which could in turn delay the onset of new revenue and have an impact on the demand for SES’s products and services. This situation could be further affected by measures concerning the currencies adopted in the countries where SES operates, as well as 44

by political instability and governments’ inability to take timely action to deal with the crisis. Where such risks materialize, this could have a material adverse effect on SES’s
business, financial condition and results of operations.

SES’s ability to provide services in certain countries or to certain customers or end users may be restricted or prohibited due to sanctions compliance laws and regulations.

As an international company, SES’s
business is subject to applicable financial and trade sanctions compliance laws and regulations. Sanctions laws and regulations restrict SES’s ability to provide services or export hardware or software in or to certain countries, persons or
specific entities. In some cases, SES may be able to obtain an authorization from the relevant sanctioning country in order to provide service that would otherwise be prohibited by sanctions; however, there is no guarantee that such authorization
will be granted. As a result, SES may be required to forgo commercial opportunities that are subject to sanctions.

SES has policies and
systems in place designed to monitor the company’s activities and to prevent engaging in prohibited activities or dealing with sanctioned parties. Failure to obtain or maintain required sanctions authorizations or failure to comply with
applicable sanctions laws and regulations could have a material adverse effect on SES’s business, financial condition and results of operations.

Failure to generate cash flow or access other capital resources could force SES to reduce its operations or default on debt service obligations.

If, for any reason, SES is not successful in implementing its business model, cash flow and capital resources may not be
sufficient to repay indebtedness. If SES were unable to meet debt service obligations or comply with covenants, a default under debt agreements would occur. To avoid a possible default or upon a default, SES could be forced to reduce or delay the
completion or expansion of