Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 312

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 312
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 in December 2024. Given the above, management’s estimate for the useful economic life of current MEO orbital slot rights is that these should also be presented as definite-life intangible assets with a useful life anchored to the expected end of depreciation life of the upgraded second mPOWER constellation. The overall impact of the change in accounting estimate for GEO and MEO orbital slot rights has been an increase of EUR 63 million in the amortization versus what would have been recorded using the previous estimate (see Note 16).

| ii. | Disaggregation of regional cash-generating units used in the monitoring of GEO orbital slot rights |

In recent years the Company has tested the carrying value of its orbital slot rights by grouping them into three regional groupings (Europe, North America and International). These regional groupings were based on the assumption of inter-operability of the Group’s services from different slots within the same region F-18

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 and hence the view that these inflows did not meet the threshold for mutual independence required for separate cash generating units under IAS 38. Reflecting the comments in point i above, it is likely that less investment in specifically GEO orbit satellites will occur – and hence the options for interoperability of regional GEO operations will decline. Furthermore, there were few examples in recent years where the provision of customer services was switched between different satellites in the same region. For these reasons, management believes that this interoperability premise – and resultant regional groupings of orbital slot rights for the impairment testing of orbital slot rights—should be revised. Whilst this switch of investment to non-GEOconstellations has been a trend for some time, the significant additional investments in the new mPOWER satellites on mid-Earthorbit are very much reinforcing that trend. Hence management has elected with effect from January 1, 2024, to disaggregate those regional cash-generating units and instead look at the carrying value of our orbital slot rights on a slot-by-slotbasis; combined as a cash-generating unit (‘CGU’) with the satellite(s) operating at that specific orbital position as described in section i above.

| iii. | Grouping of regional cash-generating units used in the impairment testing of GEO goodwill |

For the financial years from 2021 to