Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 187

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 187
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     5 |   |     |      |     47 |   |
| Add: Restructuring charges                                                                   |     |      |    63 |   |     |      |     27 |   |
| Add: Costs associated with the development and / or implementation of merger and acquisition 
 activities                                                                                   |     |      |    55 |   |     |      |      9 |   |
| Add: Specific business taxes of a non-recurring                                              
 nature                                                                                       |     |      |     — |   |     |      |      9 |   |
| Add: One-off infrastructure costs                                                            |     |      |     3 |   |     |      |      — |   |
| Adjusted EBITDA                                                                              |     |      | 1,028 |   |     |      |  1,025 |   |

Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. SES believes that Adjusted EBITDA Margin is useful to investors to assist in evaluating a Company’s operating performance. The following table provides a reconciliation of the Adjusted EBITDA Margin:

| €million                   |     | 2024 |       |   |     | 2023 |       |   |
| Revenue                    |     |      | 2,001 |   |     |      | 2,030 |   |
| Adjusted EBITDA            |     |      | 1,028 |   |     |      | 1,025 |   |
| Adjusted EBITDA Margin (%) |     |      |  51.4 | % |     |      |  50.5 | % |

| 2. | Adjusted Net Debt |

Adjusted Net Debt is defined as current and non-currentborrowings less cash and cash equivalents (excluding amounts subject to contractual restrictions) and excluding 50% of the Hybrid Bond (classified as borrowings) and including 50% of the Perpetual Bond (classified as equity). The treatment of the Hybrid Bond and Perpetual Bond is consistent with rating agency methodology. SES believes that Adjusted Net Debt is relevant to investors since it gives an indication of the absolute level of non-equityfunding of the business. This can be compared to the income and cash flows generated by the business, and available undrawn facilities. The following table reconciles Adjusted Net Debt to the relevant line items on the statement of financial position from which it is derived:

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