Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 46

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 46
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pricing. Budget cuts may also be imposed on SES’s governmental customers.

The loss of large customers or the reduction in demand for
our services from customers for any of the reasons described in this paragraph could have a material adverse effect on SES’s business, financial condition and results of operations.

SES is exposed to general customer counterparty risk, especially in developing markets.

SES is exposed to risks associated with the financial condition of its customers and their ability to fulfil their contractual obligations. If
any customer experiences financial difficulties or fails to fulfil its contractual

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Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 commitments to SES, SES may incur costs enforcing its contractual rights and may incur significant losses. SES has a number of customer contracts where the customer’s payments to SES are scheduled towards the end of the contractual term but the revenue is recognized in SES’s accounts on a linear basis under IFRS accounting standards. As a result, if a customer experiences financial difficulties or fails to fulfil its contractual commitments to SES, SES may not only fail to receive the revenue due from the customer but may also have to record a loss to offset the revenue already recognized in its financial statements. The level of customer credit risk faced by SES may increase as it grows revenue in developing markets because credit risk tends to be higher in these markets. Any failure of SES’s customers to fulfil their contractual commitments to SES could have a material adverse effect on SES’s business, financial condition and results of operations. SES may experience a launch delay or failure or other satellite damage or destruction during launch, which could lead to a total or partial loss of the satellite. Launch delays are a possibility. Satellite launch and in-orbitinsurance policies do not compensate for lost revenues and other consequential losses. There is always a small but inherent risk of launch or early-orbit failure, resulting in a reduced satellite lifetime and/or functionality or the total loss of a satellite. A launch delay or failure could result in significant delays in the deployment of satellites because we will need to secure another launch opportunity, whereas a launch failure will require us to construct a replacement satellite, which will involve significant replacement cost, that may or may not be covered by insurance and could take two years or longer to replace. Although it may be possible in some cases to transfer such launch to another launch service provider, the limited number of launch service providers and the process of scheduling a replacement launch may result in further delays and may limit SES’s options. Launch failure or delays may cause the loss of frequency rights