Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 190

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 190
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 financial assets recognized for FY 2022. |

Income tax expense Income tax expense increased by €89 million, to €176 million for FY 2023, as compared to €87 million for FY 2022. The increase is mainly due to the valuation allowance recognized on a deferred tax asset for investment tax credits and additional taxes to be paid on C-band proceeds. Non-IFRS Financial Measures SES regularly uses non-IFRS financial measures to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes and in the framework of company-wide bonus programs. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Debt, Adjusted Net Debt to Adjusted EBITDA ratio, Adjusted Net Profit, Adjusted Earnings per Share, Adjusted Free Cash Flow and Constant FX are not measures defined by IFRS. These measures have limitations as analytical tools and should not be considered as an alternative to profit for the year, profit from operations or liquidity as determined in accordance with IFRS Accounting Standards (“IFRS”). These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these performance measures in isolation from, or as a substitute analysis for, the SES’s results of operations as determined in accordance with IFRS.

| 1. | Adjusted EBITDA and Adjusted EBITDA margin |

Adjusted EBITDA is defined as profit or loss for the period before tax, before the impact of depreciation and impairment expense, amortization and impairment expense and net financing costs, adjusted to exclude the impact of C-Band repurposing, other income, C-band repurchasing expenses, restructuring charges, costs associated with the development and / or implementation of merger and acquisition activities, specific business taxes of a non-recurring nature, as well as regulatory charges arising outside ongoing operations. SES believes that Adjusted EBITDA is useful to investors to assist in evaluating a Company’s operating performance. 133

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Adjusted EBITDA decreased by €80 million, or 7.3%, to €1,025 million for FY 2023, as compared to €1,105 million for FY 2022. Excluding the effects of foreign currency translation, Adjusted EBITDA decreased by €56 million, or 5.2% (FY 2022 at constant FX: €1,081 million), primarily attributable to