Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 217

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 217
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 | an increase of $3.3 million due to higher income generated from Intelsat’s joint ventures (see Note                                                         
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); partially offset by |

| • |     | a decrease of $5.7 million due to foreign currency losses in 2024 as compared to gains in 2023; and |

| • |     | a decrease of $1.7 million due to higher investment impairments in 2024 as compared to 2023 (see Note                                   
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus). |

Gain on Disposition of ARP Rights Intelsat recognized a gain on disposition of ARP rights of $139.0 million for the year ended December 31, 2023 upon validation of the Phase II Certification of Accelerated Relocation under the FCC Final Order (“Phase II Validation”), with no comparable amount for the year ended December 31, 2024. Income Tax Expense (Benefit) Income tax expense decreased by $29.2 million to income tax benefit of $5.8 million for the year ended December 31, 2024, as compared to income tax expense of $23.4 million for the year ended December 31, 2023, primarily as a result of valuation allowance decreases offset by prior year adjustments, current year impairments, lower income from Intelsat’s U.S. subsidiaries and derecognition of uncertain tax benefits for which the statute of limitations has expired. 158

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Cash received for income taxes, net of payments, totaled $4.1 million for the year ended December 31, 2024, as compared to cash paid for income taxes, net of refunds, which totaled $64.3 million for the year ended December 31, 2023. EBITDA EBITDA consists of earnings before net interest, taxes and depreciation and amortization. EBITDA is a measure commonly used in the FSS sector, and Intelsat presents EBITDA to enhance the understanding of its operating performance. Intelsat uses EBITDA as one criterion for evaluating its performance relative to that of its peers. Intelsat believes that EBITDA is an operating