Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 200

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 200
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 FY 2023 as compared to €4 million for FY 2022; |

| • |     | Data-Mobile – an increase of €29 million, or 11.5% in revenue from mobility customers, primarily 
 due to the expansion of services to cruise lines; and                                            |

| • |     | Government – an increase of €132 million, or 34.2% in revenue from government customers in both                                                                                                                                                           
 U.S. government and Global government. Increase was primarily due to new services, capacity upgrades, service transfers from transponder services, an increase in equipment sales, as well due to the acquisition of the DRS Global Enterprise Solutions, 
 Inc. in August 2022 (the “DRS GES Acquisition”). The DRS GES Acquisition has well positioned SES, as a provider of scalable solutions serving the multi-orbit satellite communications needs of the U.S. Government.                                      |

C-band repurposing income C-band repurposing income increased by €2,560 million, to €2,744 million for FY 2023 as compared to €184 million for FY 2022. Excluding the effects of foreign currency translation, C-band repurposing income increased by €2,573 million (FY 2022 at constant FX: €171 million). This increase is attributable to Phase II ARP proceeds of €2,714 million received in 2023, partly offset by the 2022 proceeds for the Verizon accelerated clearing (€173 million). Operating Expenses Cost of sales Cost of sales increased by €85 million, or 24.1%, to €436 million for FY 2023, as compared to €351 million for FY 2022. Excluding the effects of foreign currency translation, cost of sales increased by €87 million, or 24.8% (for FY 2022 at constant FX: €349 million), primarily due to the following:

| • |     | an increase of €51 million in rental of third-party satellite capacity, mainly driven by the DRS GES 
 Acquisition in August 2022 (€56 million);                                                            |

| • |     | an increase of €35 million in customer support such as hosting, monitoring, implementation and 
 engineering work mainly driven by the DRS GES Acquisition in August 2022 (€36 million); and    |

| • |     | an increase of €1 million in other cost of sales. |

Staff costs Staff costs increased by €79 million, or 23.7%, to €