Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 326

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 326
---
. Therefore, no deferred tax asset was recorded in 2024 (2023: EUR 218 million
valuation allowance on a deferred tax asset for ITCs for the Luxembourg fiscal unity).

Considering the total tax losses carried forward
and future taxable income based on the most recent business plan information for LuxGovSat S.A., the Company has concluded that LuxGovSat S.A. can recognize a DTA of EUR 14 million for future use of ITCs (2023: EUR 6 million).

Other

No deferred income tax liabilities
have been recognized for withholding tax and other taxes which would be payable on the unremitted earnings of certain subsidiaries. Such amounts are permanently reinvested or not subject to taxation.

F-46

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Movement in deferred income tax assets and liabilities The movement in deferred income tax assets and liabilities during the years, without taking into consideration the offsetting of balances, is as follows:

| Deferred tax assets                        
 Balance as of January 1, 2022              |     | Losses  
 carried 
 forward | 301 |   |     | Tax     
 credits |  259 |   |     | Tangible 
 assets   | — |     | Intangible 
 assets     | 23 |   |     | Trade and   
 other       
 receivables | 19 |   |     | Other |  5 |     | Total | 607 |   |
|:-------------------------------------------|:----|:--------|----:|:--|:----|:--------|-----:|:--|:----|:---------|--:|:----|:-----------|---:|:--|:----|:------------|---:|:--|:----|:------|---:|:----|:------|----:|:--|
| (Charged)/credited to the income statement |     |         |  (7 | ) |     |         |  (53 | ) |     |          | — |     |            | (4 | ) |     |             | (5 | ) |     |       |  — |     |       | (69 | ) |
| Exchange difference1                       |     |         |   2 |   |     |         |    — |   |     |          | — |     |            |  1 |