Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 210

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 210
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 Net Profit and Adjusted Earnings per Share |

Adjusted Net Profit is defined as profit or loss of the period attributable to shareholders of the parent adjusted to exclude the after-tax impact of C-band net income, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities, regulatory charges arising outside ongoing operations, and impairment expenses and related valuation allowance adjustments on deferred tax assets on ITCs, as well as the tax impact of impairment expenses on shareholdings arising at the Company or subsidiary level. 166

The tax rate applied to the pre-tax impact of the C-band operating expenses is the US tax rate. The rate applied for other non-recurring items and impairment expenses represents the computed weighted average tax rate of the relevant jurisdictions. SES believes that Adjusted Net Profit is useful to investors to assist in evaluating a Company’s operating performance. The following table reconciles Adjusted Net profit to the relevant line items on the consolidated income statement from which it is derived:

| €million                                                                                |     | 2023 |        |   |     | 2022 |      |   |
| Loss of the group attributable to shareholders of the parent                            |     |      |   (905 | ) |     |      |  (34 | ) |
| C-band net income                                                                       |     |      | (2,697 | ) |     |      | (154 | ) |
| Other income                                                                            |     |      |     (5 | ) |     |      |    — |   |
| Restructuring charges                                                                   |     |      |     27 |   |     |      |    9 |   |
| Costs associated with the development and / or implementation of merger and acquisition 
 activities                                                                              |     |      |      9 |   |     |      |    3 |   |
| Specific business taxes of a non-recurring nature                                       |     |      |      9 |   |     |      |    — |   |
| Regulatory charges arising outside ongoing operations                                   |     |      |      — |   |     |      |    5 |   |
| Impairment expenses                                                                     |     |      |  3,676 |   |     |      |  397 |   |
| Add: Total significant special items                                                    |     |      |  1,019 |   |     |      |  260 |   |
| Tax on C-band net income, at 18% (2022:18.3