Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 213

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 213
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 of new or amended sales-type leases (see Note 10—Leases of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus), partially offset by non-renewals and the termination of services. |

155

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Off-networkand Other Revenues:

| • |     | Transponder, MSS and other off-network services—an aggregate                                                                                                                                                                                 
 increase of $19.6 million, primarily attributable to a $26.2 million net increase in revenue from government customers mainly due to new services, partially offset by a $4.9 million net decrease in revenue from mobility customers mainly 
 due to service transfers to transponder services.                                                                                                                                                                                            |

| • |     | Satellite-related services—an aggregate increase of $9.4 million, primarily due to revenue recognized                                                                                                                                          
 as a result of a new sales-type lease (see Note 10—Leases of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus) and new services, partially offset by professional services 
 supporting third-party satellites, primarily related to teleport relocation services in 2023 with no similar activity in 2024.                                                                                                                 |

In-flightServices Revenues:

| • |     | Services—an aggregate decrease of $26.9 million, primarily attributable to continued aircraft                                                                                                                                                
 de-installations from a previously disclosed customer termination, partially offset by net increased service revenue across the remaining customer base due to higher aircraft in-service and increased average annual revenue per aircraft. |

| • |     | Equipment—an aggregate increase of $2.0 million, primarily attributable to shipments of new 
 Electronically Steered Array antennas.                                                      |

Operating Expenses Direct Costs of Revenue (Excluding Depreciation and Amortization) Direct costs of revenue decreased by $6.7 million, or 1%, to $827.1 million for the year ended December 31, 2024, as compared to $833.8 million for the year ended December 31, 2023, primarily due to the following:

| • |     | a decrease of $20.2 million in third-party satellite related and capacity services; |

| • |     | a decrease of $8.0 million in staff-related expenses; |

| • |     | a decrease of $6.7 million in office and operational expenses primarily related to computer hardware,