Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 298

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 298
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-dateassumptions concerning the CGU’s markets and business trends. For the provision of satellite capacity these will particularly consider the following factors:

| • |     | revenue: based on expected developments in transponder fill rates, including the impact of replacement capacity, 
 and customer pricing;                                                                                            |

| • |     | capital expenditure: any changes in the expected capital expenditure cycle, for example due to the technical                                                       
 degradation of a satellite or the need for replacement capacity; and any changes in satellite procurement, launch or cost assumptions, including launch schedules. |

| b. | Changes in discount rates |

Discount rates reflect management’s estimate of the risks specific to each CGU. Management uses a post-taxweighted average cost of capital as discount rate for each CGU. This reflects market interest rates of twenty-year bonds in the market concerned, the capital structure of businesses in the Group’s business sector, and other factors, as necessary, applied specifically to the CGU concerned.

| c. | Changes in growth rate assumptions |

Growth rate assumptions used to extrapolate cash flows beyond the business plan period are based on commercial experience relating to the CGUs concerned and the expectations for developments in the markets which they serve.

| ii | Recoverability of deferred tax assets |

The Group recognizes deferred tax assets primarily in connection with the carry-forward of unused tax losses and tax credits. The Group reviews the tax position in the different jurisdictions in which it operates to assess the need to recognize such assets based mainly on projections of taxable profits to be generated in each of those jurisdictions. The carrying amount of each deferred tax asset is reviewed at each reporting date and reduced to the extent that current projections indicate that it is no longer probable that sufficient taxable profits will be available to enable all, or part, of the asset to be recovered. F-22

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

| iii | Expected credit losses on trade receivables and unbilled accrued revenue |

The Group estimates expected credit losses on trade receivables and unbilled accrued revenues using a provision matrix based on loss expectancy rates and forward-looking information. The Group records additional losses if circumstances or forward-looking information cause the Group to believe that an additional collectability risk exists which is not reflected in the loss expectancy rates (Note 22).

| iv | Insurance claim in connection with first generation mPOWER satellites |

In 2023, health issues emerged with the initial four