Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 39

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 39
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 results of operations of the Combined Group following completion of the Acquisition or reflect the effect of any divestitures that may be required in connection with the Acquisition.

The unaudited pro forma combined financial information contained in this prospectus is presented for illustrative
purposes only, contains a variety of adjustments, assumptions and preliminary estimates and does not represent the actual financial position or results of operations of SES and Intelsat prior to the Acquisition or that of the Combined Group
following the Acquisition for several reasons.

Among other things, the unaudited pro forma combined financial information does not
reflect the effect of any potential divestitures that may occur prior to or subsequent to completion of the Acquisition, the projected realization of cost savings following completion of the Acquisition or any changes in applicable law (including
applicable tax law) after April 29, 2025. Please see the section titled “Certain Unaudited Pro Forma Condensed Combined Financial Statements” beginning on page 103 of this prospectus. The actual financial positions and
results of operations of SES and Intelsat prior to the Acquisition and that of the Combined Group following the Acquisition may not be consistent with, or evident from, the unaudited pro forma combined financial informationincluded in this
prospectus.

29

In addition, the assumptions used in preparing the unaudited pro forma combined financial information included in this prospectus may not be realized and may be affected by other factors, which could lead to material changes to the Combined Group’s business that are not reflected in the unaudited pro forma combined financial information. Intelsat shareholders will have limited recourse against Intelsat and its management and directors for any claims relating to the Transactions under the U.S. federal securities laws. Intelsat is neither an issuer of the CVRs in connection with the Transactions nor otherwise subject to the rules and regulations of the SEC that are applicable to a U.S. public company. Furthermore, upon Intelsat’s completion of the Liquidation (See “The Liquidation” beginning on page 64 of this prospectus for a more detailed description of the Liquidation), Intelsat will cease to exist as a Luxembourg société anonyme under applicable law. Accordingly, Intelsat shareholders will have limited recourse against Intelsat and its management and directors for any claims relating to the Transactions under the U.S. federal securities laws. RISKS RELATING TO THE CVRS You will not be able to immediately determine the amount of cash to be received under the CVRs, which makes