Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 349

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 349
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 |               | 2,751 |     |         | 2,068 |     |       | 6,499 |

| 2. | Foreign currency risk |

SES is active in markets outside the Eurozone, with business operations in many locations throughout the world. The Group’s main exposures to foreign currency at the end of the reporting period are in respect of balances denominated in US dollars related to cash and cash equivalents (2024: EUR 2,338 million; 2023: EUR 2,169 million), intercompany balances (2024: EUR -2,048 million;2023: EUR -1,859million) and fixed assets suppliers (2024: EUR -192 million;2023: EUR -342million). F-66

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 The aggregate net foreign exchange gains/ losses recognized in profit or loss were:

|                                                                     |     | 2024 |    |   |     | 2023 |    |     | 2022 |    |   |
| Net foreign exchange gain included in main currencies               |     |      |  2 |   |     |      |  3 |     |      | 40 |   |
| Net foreign exchange gain/ (loss) included in other currencies      |     |      | (1 | ) |     |      |  2 |     |      | (3 | ) |
| Net foreign exchange gain included in foreign exchange transactions |     |      |  4 |   |     |      |  8 |     |      |  8 |   |
| Total                                                               |     |      |  5 |   |     |      | 13 |     |      | 45 |   |

SES uses certain financial instruments to manage its exposure to fluctuations in foreign currency exposure rates. Examples used to mitigate such exposures are the spot or forward buying and selling of foreign currencies, creating natural hedges (for example intercompany loans, quasi-equity qualification of such intercompany loans, intercompany dividend distributions), and external hedging, whereby speculative foreign exchange trading is disallowed under internal policies. The Group may enter into forward currency contracts to eliminate or reduce the currency exposure arising from individual capital expenditure projects such as satellite procurements, tailoring the maturities to each milestone payment to maximize effectiveness. Depending on the functional currency of the