Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 298

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 298
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 based on the underlying legal entity expected to incur the expense. |

| • |     | As GEO and MEO costs are directly allocated between those CGUs, intercompany transactions between CGUs, which                                                    
 generally relate to cost charge-backs, are only included between the GEO CGUs based on the individual legal entities comprising the three geographical GEO CGUs. |

Discount rates applied The post-taxdiscount rates for each CGU are presented below:

|                   |     | 2023 |      |   |     | 2022 |      |   |
| GEO Europe        |     |      | 6.83 | % |     |      | 7.93 | % |
| GEO North America |     |      | 8.57 | % |     |      | 9.49 | % |
| GEO International |     |      | 8.53 | % |     |      | 9.42 | % |
| MEO               |     |      | 8.51 | % |     |      | 9.43 | % |

These discount rates were computed using market interest rates and commercial spreads, the capital structure of businesses in the Group’s business sector, and the specific risk profile of the businesses concerned. Generally, the lower discount rates are caused by lower market risk premiums and lower interest rates, primarily driven by lower corporate spreads. Perpetual Growth Rate (‘PGR’) assumptions Separate terminal growth rates were calculated for the GEO regions as follows: Europe -1.5%(2022: -2.2%);North America -5.2%(2022: -2.7%);and, International -1.9%(2022: +2.5%). F-54

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 For MEO, management has applied a ‘fading growth’ statistical model’, or ‘H-model’.Under this model, following the five-year business plan period, cash flows are expected to continue to grow at a higher rate for a time, which then reduces for a period until the terminal growth rate is reached. Management believes this is a valid assumption as the MEO fleet, specifically the mPOWER fleet which is in the middle of its launch campaign, will not reach its maximum utilisation projection until after the business plan period. In line with growth projections