Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 203

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 203
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 increase of €1,471 million of goodwill impairment, in connection with impairment charges to the                                                                                                                                                    
 following CGUs: GEO North America of €989 million (2022: €77 million), GEO International of €340 million (2022: nil), and MEO of €219 million (2022: nil). The impairment booked in 2023 was mainly triggered by the                                  
 recognition of the income from the Phase II U.S. C-band Accelerated Relocation Payment (ARP), as well as other business developments described in Note 15 - Intangible assets. The impairment booked in 2022 was mainly driven by the higher discount 
 rates; and                                                                                                                                                                                                                                            |

| • |     | an increase of €1,551 million of impairment on orbital slot license rights was mainly related to MEO                                                                              
 CGU in amount of €1,166 million (2022: nil), as well as GEO International in amount of €466 million (2022: €9 million) and GEO North America of €45 million (2022: €117 million). |

Net financing costs Net financing costs decreased by €46 million, or 52.6%, to €42 million for FY 2023, as compared to €88 million for FY 2022, primarily due to the following:

| • |     | an increase in interest income of €45 million; |

| • |     | a decrease in interest expense (excluding capitalized interest) of €16 million, reflecting the 
 combination of lower financing expenses and higher interest capitalized;                       |

| • |     | an increase of €31 million due to lower net foreign exchange (FX) gains; and |

| • |     | a decrease of €15 million in respect of fair value losses on financial assets recognized for FY 2022. |

Income tax expense Income tax expense increased by €89 million, to €176 million for FY 2023, as compared to €87 million for FY 2022. The increase is mainly due to the valuation allowance recognized on a deferred tax asset for investment tax credits and additional taxes to be paid on C-band proceeds. Non-IFRS Financial Measures SES regularly uses non-IFRS financial measures to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes and in the framework of company-wide bonus programs. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Debt, Adjusted Net Debt to Adjusted EBITDA ratio, Adjusted Net Profit, Adjusted Earnings per Share,