Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 57

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 57
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, on the whole, the demand for satellite communications has been stable over the past years, in the future
the market may not grow as much as expected, may not grow at all, or it may shrink. Technological innovations that serve as alternatives to satellites could render satellite technology obsolete or less cost-competitive, and consumer viewing
preferences may shift in a way that makes other technologies better suited to delivering the broadcast content that currently accounts for a big part of the demand for SES’s commercial offering. The use of new technology to improve signal
compression rates or changes in consumer preferences (such as increased demand for new forms of video distribution, in particular non-linear or linear content provision via broadband technologies by existing
pay-TV providers or “over-the-top” by new entrants, or increased consumption via devices not fed directly or indirectly via satellite), or future trends in
viewing not yet anticipated, could lead to a reduction in demand for SES’s satellite capacity and associated services and solutions. Existing technologies, such as fiber optic cable, are currently competing with satellite technology and
expanding their geographic reach and may experience innovations that make them more effective competition for satellites. See “—Risks Relating to SES’s Business— The telecommunications market is highly competitive and SES faces competition from satellite (GEO, MEO and LEO), terrestrial and wireless networks,” for additional information.

Similarly,
demand for the current generation and future generations of high definition television (HDTV) and ultra-high definition television (UHDTV) which SES expects to be a major driver of demand for satellite capacity in future periods, may fail to reach
the levels SES currently expects, which could lead to lower than expected demand for SES’s capacity.

If SES cannot quickly and
efficiently adapt to these changes, its satellites could become obsolete or less competitive, leading to an inability to retain existing customers or attract new customers, a reduction in demand for its services, and a negative impact on revenue.

Any of these risks could have a material adverse effect on SES’s business, financial condition and results of operations.

If SES or its customers fail to obtain and maintain required regulatory approvals, SES may not be able to operate its existing satellites or maintain or expand its operations.

SES must obtain and maintain approvals from authorities to operate or offer satellite capacity or services.
This often involves significant time and expense. For example, SES must obtain authorization or market access (i.e., permission to offer services or capacity) in certain countries to permit SES’s satellites to transmit or receive signals to,
from or within