Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 230

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 230
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 of $22.1 million, primarily attributable to an increase in the 
 number of 2Ku satellite units and ATG units sold.                                              |

Operating Expenses Direct Costs of Revenue (Excluding Depreciation and Amortization) Direct costs of revenue increased by $29.2 million, or 4%, to $833.8 million for the year ended December 31, 2023, as compared to $804.6 million for the year ended December 31, 2022, primarily due to the following:

| • |     | an increase of $23.2 million in equipment costs primarily due to an increase in airline shipments; |

| • |     | an increase of $20.2 million in office and operational expenses primarily due to computer-related and 
 circuits costs as well as occupancy expenses; and                                                     |

| • |     | an increase of $13.4 million in costs related to the revenue sharing agreements with JSAT International, Inc 
 (see Note 7—Investments for further discussion); partially offset by                                         |

| • |     | a decrease of $24.6 million in staff-related expenses. |

Selling, General and Administrative

| • |     | Selling, general and administrative expenses increased by $33.2 million, or 8%, to $467.3 million for                                 
 the year ended December 31, 2023, as compared to $434.1 million for the year ended December 31, 2022, primarily due to the following: |

| • |     | an increase of $35.0 million due to the reversal of a litigation accrual in 2022; |

| • |     | an increase of $29.1 million in staff-related expenses; |

| • |     | an increase of $4.5 million in computer-related costs; |

| • |     | an increase of $4.4 million in sales and marketing expenses; and |

| • |     | an increase of $3.4 million in research and development costs; partially offset by |

| • |     | a decrease of $16.7 million due to the write-off of excess inventory 
 in 2022;                                                             |

167

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | a decrease of $16.0 million in insurance expense largely as a result of the elimination of prepaid director                                                                                                                          
 and officer insurance policies related to the Predecess