Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 425

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 425
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 agreement with a certain privately held company, whereby the company issued us a convertible promissory note in the amount of $15.0 million. The note bears interest at 5.0% annually and matures in February 2028. The principal and accrued interest shall be due and payable on or after the maturity date upon demand by the requisite note holders. For this investment, we elected the fair value option under ASC 825, Financial Instruments, where changes in fair value will be recorded through earnings. This election was made given the presence of at least one embedded feature and our inability to reliably identify and measure the embedded derivative. We consider the inputs used to determine the investment’s fair value to be Level 3 within the fair value hierarchy under ASC 820. In accordance with ASC 320, Investments—Debt Securities,we classified the investment as available-for-saleand its cost approximated its fair value as of December 31, 2024. The investment was recorded in “Other assets” in our consolidated balance sheets and had a total carrying value of $15.7 million as of December 31, 2024. (d) Investments in Equity Securities The Company holds noncontrolling equity investments in certain separate privately held companies, including investments in equity securities without readily determinable fair values. In accordance with ASC 321, Investments—Equity Securities, we use the measurement alternative to measure the fair value of our investments in equity securities without readily determinable fair values. Accordingly, these investments are measured at cost, less any impairment, and are adjusted for changes in fair F-141

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

value resulting from observable transactions for identical or similar investments of the same issuer. Changes in fair value are determined using Level 3 inputs within the fair value
hierarchy under ASC 820. These investments were recorded in “Other assets” in our consolidated balance sheets and had a total carrying value of $50.2 million and $47.4 million as of December 31, 2023 and 2024, respectively.

We recognized impairment losses related to these investments of $2.0 million and $2.8 million for the years ended
December 31, 2023 and 2024, respectively, which are recognized in “Other income (expense), net” in our consolidated statements of operations, with no comparable amounts for the two months ended February 28, 2022 or the ten months
ended