Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 334

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 334
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.5 | % |     |            |  56 |   |
| 2023 – GEO Reversals |     |              | 177 |     |               |        10.5 | % |     |            | (30 | ) |
| 2023 – Net Impact    |     |              |     |     |               |             |   |     |            |  26 |   |
| 2022 – GEO Charges   |     |              | 994 |     |               | 7.5% - 11.1 | % |     |            | 194 |   |

The impairment charges and reversals recorded reflect updated business assumptions for the satellites through to the end of their useful economic lives. In general, these updated assumptions reflect a combination of revised commercial developments and expectations, updated assessments of the regulatory environment impacting certain assets (and hence the Group’s ability to achieve the forecast commercial exploitation), changes in the competitive environment in which the Group operates, and certain changes in the operation of the satellites (for example the decision to place a particular satellite into inclined orbit, or changes to the timing thereof) or associated ground segment infrastructure. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation and cash flows projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. For 2024, for GEO satellites and orbital slot rights taken together, the most recent testing showed that a 1% decrease in the declining growth rates would increase the impairment by EUR 15 million. A 1% increase in the after-taxdiscount rate would increase the impairment by EUR 49 million. Taken together, a 1% increase F-53

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 in the after-taxdiscount rate and a 1% decrease in the declining growth rates would increase the impairment by EUR 64 million. Taken separately from changes in discount and declining growth rates, a 5% reduction in cash flows would increase the impairment by EUR