Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 2

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 2
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 For more information, please see the sections entitled “Related Agreements—Contingent Value Right Agreement” beginning on page 86 and “U.S. Federal Income Tax Considerations of the Transactions— U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning on page 96.

As of April 11, 2025, according to Intelsat, there were 68,388,120 shares of Intelsat common shares outstanding, 1,929,380 PSUs outstanding
and 615,165 RSUs outstanding. Accordingly, we have calculated that a maximum of approximately 70,932,665 CVRs will be issuable by SES pursuant to the Share Purchase Agreement. It is currently anticipated that the Acquisition will close in the second
half of 2025.

This is not a proxy statement. We are not asking you for a proxy and you are requested not to send us a proxy. This document is a prospectus for SES’s CVRs that will be issued to Intelsat as part of the consideration for the Acquisition. The accompanying disclosure documents contain detailed information about the Acquisition and the CVRs. You should read this prospectus carefully in its entirety. In particular, please read the section titled “Risk Factors” beginning on page 24 for a discussion of risks that you should consider in evaluating the Acquisition, the transactions contemplated thereby and the CVRs described in this prospectus.

Neither the Securities and Exchange Commission (the
“SEC”) nor any state securities commission has approved or disapproved of the securities offered in this prospectus, passed on the merits or fairness of the transaction, or passed upon the adequacy or accuracy of this prospectus. Any
representation to the contrary is a criminal offense.

The date of this prospectus is May 14, 2025.

TABLE OF CONTENTS

| IMPORTANT NOTE ABOUT THIS PROSPECTUS                                        |     |     1 |
| PRESENTATION OF FINANCIAL AND OTHER INFORMATION                             |     |     2 |
| QUESTIONS AND ANSWERS ABOUT THE ACQUISITION AND THE CONTINGENT VALUE RIGHTS |     |     5 |
| SUMMARY                                                                     |     |    10 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS                   |     |    21 |
| RISK FACTORS                                                                |     |    24 |
| RISKS RELATING TO THE TRANSACTIONS                                          |     |    24 |
| RISKS RELATING TO THE CVRS