Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 359

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 359
---
 the Company makes dividend payments or other distributions in respect of
any junior obligations or parity obligations of the Company or the guarantor (SES Americom Inc.); whenever the Company or the guarantor elects to redeem, repurchase or otherwise acquire any junior obligations or parity obligations; whenever the
Company does not elect to defer all of the interest accrued in respect of the relevant interest period; or upon redemption or repayment of the securities.

Other reserves

In accordance with
Luxembourg legal requirements, a minimum of 5% of the yearly statutory net profit of the Company is transferred to a legal reserve which is non-distributable. This requirement is satisfied when the reserve
reaches 10% of the issued share capital. As of December 31, 2024 a legal reserve of EUR 70 million (2023: EUR 72 million, 2022: EUR 72 million) is included within other reserves.

Other reserves include a non-distributable amount of EUR 198 million (2023: EUR 95 million,
2022: EUR 80 million) linked to treasury shares, and an amount of EUR 54 million (2023: EUR 101 million, 2022: EUR 142 million) representing the net worth tax reserve for 2018-2019 (2023: representing the net worth tax reserve for
2018-2019, 2022: representing the net worth tax reserve for 2017-2019), for which the distribution would result in the payment of net worth tax at a rate of up to 20% of the distributed reserve in accordance with Luxembourg law requirement.

F-74

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Note 25—Non-controllinginterests Set out below is the summarized financial information for each subsidiary that has non-controllinginterests (NCI) that are material to the Group. The amounts disclosed for each subsidiary are before inter-company eliminations.

| € million                                   |     |  LuxGovSat 
       S.A. 
 (50% NCI)* |     |   |     |      |     |   |     |      Al Maisan 
      Satellite 
 Communications 
       LLC, UAE 
     (65% NCI)* |    |   |     |      |    |   |
| Summarized balance sheets                   |     |       2024 |     |