Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 297

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 297
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 amounts of assets and liabilities within the next financial year(s), are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in revisions to the assumptions when they occur.

| i | Impairment testing for goodwill, definite-life intangible assets, and space segment assets including assets 
 under construction                                                                                          |

The Group performs impairment tests to determine whether goodwill, definite-life intangible assets (principally orbital slot rights), and space segment assets (including assets under construction) are F-21

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 impaired. Impairment testing procedures are performed annually, or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If any such indication exists, the Group determines an estimate of the recoverable amount, as the higher of: (1) the fair value less cost of disposal and, (2) its value-in-use,to determine whether the recoverable amount exceeds the carrying amount included in the consolidated financial statements. The annual impairment tests are performed as of December 31 each year. The recoverable amounts are determined based on a value-in-usecalculation using the five-year business plans approved by the board of directors. Establishing the value-in-userequires the Group to make an estimate of the expected future post-taxcash flows from the CGU and to choose a suitable post-taxdiscount rate and post-business plan growth rate to calculate the present value of those cash flows. For the Group’s slot-satellite CGUs, the estimation of the value-in-usealso requires estimations of the future commercial revenues to be generated by each slot and the satellites located therein, particularly related to new markets or services, the impact of past in-orbitanomalies and their potential impact on the satellite’s ability to provide its expected commercial service, and the amount and timing of future capital expenditures to maintain those revenues, if required. The calculations of value-in-useare most sensitive to:

| a. | Movements in the underlying business plan assumptions |

Business plans are drawn up annually and provide an assessment of the expected developments for a five-year period beyond the end of the year when the plan is drawn up. These business plans reflect both the most up-to