Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 185

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 185
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 |      | 2,030 |     |             | 2,020 |     |            | (29 | ) |     |               | (19 | ) |     |            | -1.4 | % |     |               | -0.9 | % |

| 1 | Other includes revenue not directly applicable to SES Video or SES Networks |

n/m = not meaningful (a variance of more than 100% or less than -100%) By business unit, excluding the impact of foreign currency translation, SES’s revenue increased or decreased due to the following: Video Revenue in our Video business unit decreased by €50 million, or 5.3%, to €914 million for FY 2024 as compared to €964 million for FY 2023. The decrease in video business unit revenue reflects lower revenue in mature European and North American markets, stability in international revenue, and continued expansion of the Sports & Events business. Networks Revenue in our Networks business unit increased by €30 million, or 2.9%, to €1,085 million for FY 2024 as compared to €1,055 million for FY 2023, due to the following:

| • |     | Data-Fixed – a decrease of €23 million, or 8.7% in revenue driven by Energy services and equipment 
 sales in Europe and Latin America, partly offset by growing Cloud services;                        |

| • |     | Data-Mobile – an increase of €20 million, or 7.1% in revenue from mobility customers, primarily 
 due to the expansion of services in Aero and cruise lines; and                                  |

| • |     | Government – an increase of €33 million, or 6.4% in revenue from government customers in both U.S.                                                                            
 government and Global government. Increase was primarily due to new services, capacity upgrades, service transfers from transponder services, an increase in equipment sales. |

C-bandrepurposing income C-bandrepurposing income decreased by €2,656 million, to €88 million for FY 2024 as compared to €2,744 million for FY 2023. Excluding the effects of foreign currency translation, C-bandrepurposing income decreased by €2,705 million (FY 2023 at constant FX: €2,793 million). This decrease is mainly attributable to Phase II ARP proceeds of €2,714 million received in 2023. 137

Operating Expenses Cost of sales Cost of sales increased by €17 million, or