Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 371

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 371
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elsat a Regulatory Condition Termination Fee of USD 250 million, plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is
terminated under certain other circumstances.

IRIS 2Concession Agreement

On December 16, 2024, the European Commission awarded the SpaceRISE consortium (“Consortium”), consisting of SES ASTRA S.A.
(Consortium Lead Member), a subsidiary of the Company, Eutelsat and Hispasat, the Concession Agreement to design, deliver, and operate IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) programme for the next 12
years, EU’s new state-of-the-art multi-orbit connectivity system.

SES’s contribution to IRIS² will be to develop, procure, and operate 18 new MEO satellites. The initial phases of IRIS² will
benefit from upfront public funding with limited need for private financing in the early years of design and procurement. In total, SES expects to contribute approximately 40%—50% of the MEO

F-87

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 cost while having the benefit of commercialising over 90% of the MEO capacity and part of the LEO capacity. The capital expenditure for IRIS² of up to EUR 1.8 billion would be spread across the period from 2027 and 2030. Under the IRIS 2contract, SES’s commitment to invest the above-mentioned amount is subject to confirmation twelve months after the original contract signature date (December 16, 2024) through a contractual mechanism which allows SES to evaluate the status of the IRIS 2contract execution and its compliance with SES’s investment conditions. If such conditions are not met, SES will propose to the European Commission and the other parties involved necessary adjustments to the terms and conditions of the IRIS 2contract. In the absence of an agreement with the European Commission on such a revised proposal then SES would be able to unilaterally terminate its contractual commitments under the IRIS 2contract at the cost of circa EUR 8 million in termination fees. In December 2024 the Group received an initial funding (“Pre-financing”)of EUR 300 million (2023: EUR nil) from the European Commission for IRIS² programme costs arising in the first year of the programme for both the