Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 245

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 245
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         2024 |   |
|:------------------------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| Net cash provided by operating activities                                     |     | $ |    3,846,741 |   |     | $ |      825,577 |   |
| Net cash used in investing activities                                         |     |   |     (594,928 | ) |     |   |     (415,034 | ) |
| Net cash used in financing activities                                         |     |   |   (2,835,044 | ) |     |   |     (669,149 | ) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |     |   |          953 |   |     |   |       (4,764 | ) |
| Net change in cash, cash equivalents and restricted cash                      |     | $ |      417,722 |   |     | $ |     (263,370 | ) |

Net Cash Provided by Operating Activities Net cash provided by operating activities decreased by $3.0 billion to $0.8 billion for the year ended December 31, 2024, as compared to $3.8 billion for the year ended December 31, 2023. The decrease was due to 189

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

a $2.9 billion decrease from changes in operating assets and liabilities, and a $167.7 million decrease in net income and non-cash items. The
decrease from changes in operating assets and liabilities was primarily a result of receiving the Phase II ARP in 2023.

Net Cash Used in Investing Activities

Net cash used in investing activities decreased by $179.9 million to $415.0 million for the year ended December
31, 2024, as compared to $594.9 million for the year ended December 31, 2023, primarily due to decreased capital expenditures of $208.1 million largely as a result of Intelsat completing the satellite launches under the C-band spectrum
clearing project in 2023, partially offset by $25.8 million in contributions received from a joint venture partner during the year ended December 31, 2023 with significantly lower activity during the year ended December 31, 2024.

Net Cash Used in Financing Activities

Net cash used in financing activities