Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 45

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 45
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 the amount, timing and character of any gain, income or loss with respect to the CVRs is uncertain. For example, payments with respect to the CVRs could be treated as payments with respect to a sale
or exchange of a capital asset or as giving rise to ordinary income. In addition, it is unclear how a U.S. Holder of the CVRs would recover its adjusted tax basis with respect to payments thereon. It is also possible that, were a payment to be
treated as being with respect to the sale of a capital asset, a portion of such payment would constitute imputed interest.

Accordingly, there will be some uncertainty as to the amount, timing and character of any gain or loss recognized by a Holder. For a more
detailed summary of the U.S. federal income tax treatment of the CVRs, see “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 95 of this prospectus.

RISKS RELATING TO SES’S BUSINESS

SES has several large customers, the loss of any of which could materially reduce its revenue and materially adversely affect its business.

SES generates its revenue primarily from commercial agreements that provide satellite transponder capacity and associated services and
solutions to its customers. Certain customers have major or significant contracts with SES. However, SES’s customer base is subject to constant change, both in terms of volume and type of service purchased. Some of SES’s major customers
could decide not to renew their contracts, seek to renew them on scope or terms that are less favorable to SES or, where a contract contains an early-termination right, may terminate a contract before the end of its term. Given the fast-changing
nature of the industry, if a customer decides not to renew an agreement (for example, as a result of developing or increasing relationships with other operators or moving to other telecommunications solutions), it may take a number of years before
SES has the opportunity to replace that business. Also, if key customers cease or reduce their purchases from SES by developing or increasing relationships with other satellite solution providers (or moving to other telecommunications solutions) and
such key customer cannot be replaced, SES’s revenue may be impacted negatively.

In addition, key customers may go bankrupt or
combine with other customers through mergers and acquisitions. Consolidation in the industries in which SES’s customers operate may increase their bargaining power and leverage when negotiating agreements with SES, leading to pressure on