Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 367

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 367
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 financial institution or to direct their sale to a third-party. In August 2020 the Company exercised the option under the Purchase and Sale agreement to procure four additional O3b mPOWER satellites. The Company, again jointly with its subsidiary O3b Networks Limited, entered as Procurement Agent into a second Master Procurement Agency and Option Agreement with a financial institution in connection with the procurement by that financial institution of the additional satellites. At the end of the satellite construction period, foreseen in 2023, the Group again has the right to acquire, or lease, the satellites from the financial institution or to direct their sale to a third-party. In November 2023 the Company exercised the option under the Purchase and Sale agreement to procure two additional O3b mPOWER satellites to be delivered in 2026. In December 2024, the Company exercised the option to purchase mPOWER satellite 8 and 11. F-86

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

Since the underlying Satellite Purchase and Sale Agreements are directly between the
financial institutions and the satellite manufacturer, there is no contractual obligation on the side of the Procurement Agents during the satellite construction process. However, SES management takes the view that there is a constructive obligation
arising over the procurement period and hence the Group is accruing for the costs of this program.

SES has the right to nominate shortly
before the end of the construction period the entity within the Group which will acquire or lease those assets. SES management expects that the satellites will be acquired or leased in due course by the company SES mPOWER S.à r.l. in
Luxembourg, except satellites 12 and 13 which will be acquired or leased by SES Satellites Ventures S.à r.l..

Three replacement GEO satellites

In 2021, the Company entered into a procurement agreement for the acquisition of three GEO satellites. Payment of
milestones is done through signatures of a series of promissory notes with a maturity date of January 2025, 2026 and 2027, respectively.

GEO satellite already in orbit

In 2016, the Company entered into a procurement agreement for the acquisition of one of the Company’s GEO satellites. The final
obligations in connection with this satellite