Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 162

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 162
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 |     |             |      — |   |
| Fixed assets suppliers                   |     |               |   — |   |     |             |      — |   |     |             |  — |   |     |             |      — |   |
| Income tax liabilities                   |     |               |   — |   |     |             |      — |   |     |             |  — |   |     |             |      — |   |
| Total current liabilities                |     |               | (34 | ) |     |             |     54 |   |     |             | (8 | ) |     |             |     12 |   |
| Total liabilities                        |     |               | (34 | ) |     |             |    585 |   |     |             | (8 | ) |     |             |    543 |   |
| Total equity and liabilities             |     |               | (30 | ) |     |             | (2,331 | ) |     |             |  — |   |     |             | (2,361 | ) |

121

Note 4 – Acquisition-related pro forma adjustments Pro forma adjustments are based upon available information and certain preliminary estimates and assumptions, as well as certain pro forma assumptions which SES management believes are reasonable.

| A. | Consolidation adjustments |

Revenue and cost of sales recorded between the SES Group and the Intelsat Group, and receivable/payable balances due from and due to the SES Group and the Intelsat Group have been eliminated in the pro forma financial information. Revenue recorded by the SES Group in relation to the provision of satellite capacity and equipment sales to the Intelsat Group amounted to €86 million for the year ended December 31, 2024. Revenue recorded by Intelsat Group in relation to the provision of satellite capacity to SES Group amounted to €57 million for the year ended December 31, 2024. The associated payable and receivable positions as at December 31, 2024 have been eliminated in the unaudited pro forma condensed combined statement of financial position, resulting in a €4 million increase in “Property, plant and equipment”, €34 million decrease in “Trade and other receivables”, a €9 million decrease in “Deferred income” and a €25 million decrease in “Trade and other payables”.

| B. | Transaction and related costs |

Total transaction and related costs to be incurred on a combined basis by the SES Group and the Intels