Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 177

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 177
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elsat of €1,305 million (the equivalent of $1,356 million) has been decreased to zero resulting in a the net effect to goodwill of €653 million which is presented under “Intangible assets” in the unaudited pro forma adjustments statement of financial position as at December 31, 2024.

| D. | Financing adjustments |

SES secured financing for the acquisition through an initial €3 billion bridge facility dated April 30, 2024 (the Bridge Facility), and a $1 billion Term Loan A Facility dated June 14, 2024 (the “TLA”). Upon entering the TLA, €930 million of the Bridge Facility was cancelled. Additionally, on September 12, 2024, the Company raised €1 billion in Hybrid financing, which similarly led to the cancellation of an equivalent portion of the Bridge Facility. Assuming the €1 billion subordinated hybrid notes (€500 million 30-year Non-Call 5.25-yeartranche and a €500 million 30-yearNC 8-yeartranche) were issued on January 1, 2024 with an coupon that reflects current interest rates (the NC 5.25-yearnotes bear a coupon of 5.5% per annum, while the NC 8-yearnotes will bear a coupon of 6% per annum), interest expense (including amortization of loan origination costs) of €40 million would have been incurred during the period starting from January 1, 2024 till September 11, 2024 and is reflected in the unaudited condensed combined pro forma income statement. An additional expense of €12 million was reflected in the unaudited condensed combined pro forma income statement in respect of loan origination costs related to the bridge facility and the subordinated hybrid notes. An accrual of €8 million representing additional expected loan origination costs related to the undrawn Bridge Facility are shown within “Trade and other payables”. 125

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Note 5 – Earnings per share Earnings per share is calculated by dividing the net profit or loss for the year attributable to ordinary shareholders of each class of shares by the weighted average number of shares outstanding during the year as adjusted to reflect the economic rights of each class of share. The net profit or loss for the year attributable to ordinary shareholders has been adjusted to include an assumed coupon, net of tax, on the Perpetual Bonds. Ass