Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 198

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 198
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 a share buyback program of €150 million under the authorization given by shareholders at the Annual General Meeting of shareholders held on April 6, 2023, pursuant to which SES can purchase up to 20 million A-shares and up to 10 million B-shares in equal proportion to maintain the ratio of two 141

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 A-shares to one B-share, as required by its Articles of Association. The shares acquired are intended to be cancelled, reducing the total number of voting and economic shares in issue. As of December 31, 2023, 4 million A-shares had been purchased at an average price of €5.50 per A-share. Contracted Backlog SES had a fully protected contract backlog (non-cancellable) of €4.3 billion (or gross backlog of €5.2 billion including backlog with contractual break clauses) as of December 31, 2023 delivered by a strong customer base consisting predominantly of broadcasters in developed markets. This customer profile generates a predictable, high-margin revenue stream, resulting in a strong cash flow conversion factor. Networks as of December 31, 2023 had protected contract backlog of €2.0 billion, with €1.5 billion of renewals and new business signed in the last 2 years and Video a fully protected backlog of €2.3 billion as of December 31, 2023 with €1.0 billion of renewals and new business signed in the last 2 years. Out of the total gross backlog, 32% is expected to be recognized as revenue in 2024, 22% in 2025 and 17% in 2026, with the remaining thereafter. Protected backlog includes non-cancellable contracts and cancellable contracts with substantive termination fees. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK SES is exposed to financial market risks, including changes in foreign currency exchange rates and interest rate risks. SES uses various strategies to manage these risks; however, they may still impact SES’s financial results. Interest Rate Risk To mitigate SES’s interest rate risk in connection with near-term debt refinancing needs, SES may from time to time enter into interest rate hedges. As of December 31, 2023 and December 31, 2022, SES had no interest rate hedges outstanding. The table below summarizes the split of the carrying amount of SES’s debt between