Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 344

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 344
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 policies The Group’s financial instruments comprise: a syndicated loan, Eurobonds, US dollar bonds (144A), a Euro-dominated Private Placement, German Bonds (‘Schuldschein’), deeply-subordinated loans, committed credit facilities for specified satellites and projects, cash, money market funds and short-term deposits. F-65

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 The main purpose of the debt instruments is to raise funds to finance the Group’s day-to-dayoperations, as well as for other general business purposes. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The main risks arising from the Group’s financial instruments are liquidity risks, foreign currency risks, interest rate risks and credit risks. The general policies are periodically reviewed and approved by the board.

| 1. | Liquidity risk |

The Group’s objective is to efficiently use cash generated to maintain borrowings at an appropriate level. In case of liquidity needs, the Group can call on commercial paper programs, committed syndicated and EIB loan, uncommitted loans. In addition, if deemed appropriate based on prevailing market conditions, the Group can access additional funds through the European Medium-Term Note program. The Group’s debt maturity profile is tailored to allow the Company and its subsidiaries to cover repayment obligations as they fall due. The Group operates a centralized treasury function which manages, amongst others, the liquidity of the Group to optimize the funding costs. This is supported by a daily cash pooling mechanism. Liquidity is monitored regularly through a review of cash balances, the drawn and issued amounts and the availability of additional funding under committed credit lines, the commercial paper program and the EMTN Programme (EUR 6,752 million as of December 31, 2024 and EUR 4,560 million as of December 31, 2023—more details in Note 27). The table below summarizes the projected contractual undiscounted cash flows of the non-derivativefinancial liabilities based on the maturity profile as of December 31, 2024 and December 31, 2023.

| € million                        
 Balance as of December 31, 2024: |     | Within 
 1 year |       |     | Between       
 1 and 5 years |       |     | After   
 5 years |       |     | Total |