Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 364

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 364
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 |  42 |   |
| Reversals of provision         |     |      | (33 | ) |     |      | (30 | ) |
| Utilised                       |     |      | (10 | ) |     |      |  (5 | ) |
| Other movements                |     |      |   — |   |     |      |  (3 | ) |
| Impact of currency translation |     |      |   4 |   |     |      |  (4 | ) |
| Balance as of December 31      |     |      | 114 |   |     |      | 114 |   |

Note 21—Financial instruments Fair value estimation and hierarchy The Group uses the following hierarchy levels for determining the fair value of financial instruments by valuation technique: Level 1—Quoted prices in active markets for identical assets or liabilities; Level 2—Other techniques for which all inputs which have a significant effect on the recorded fair value are observable either directly or indirectly; Level 3—Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. The fair value of investments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using F-64

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, 2024, December 31, 2023 and December 31, 2022 recent arm’s-lengthmarket transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis and option pricing models. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. As of December 31, 2024 and December 31, 2023, the Group does not have any financial derivatives outstanding. Fair values The fair value of borrowings has been calculated with the quoted market prices except for the LuxGovSat Fixed Term Loan Facility, SES Astra 1P Fixed Term Loan Facility, and SES Satellites Ventures Floating Term Loan Facility, for which the discounted expected future cash flows at prevailing interest rates has been used. The fair value of foreign currency contracts is calculated by reference to current forward exchange rates for contracts