Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 184

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 184
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 of sales, which excludes staff costs and depreciation, represents expenditures that generally vary directly with revenue. They are incurred in delivering services to customers and include a variety of expenses such as rental of third-party satellite capacity, third-party teleports, connectivity, equipment and equipment rental, and customer support costs such as hosting, monitoring, implementation, and engineering work. Other cost of sales mainly include commissions, as well as C-bandrepurposing related expenses. Staff costs Staff costs include gross salaries and employer’s social security payments, payments into pension schemes for employees, and charges arising under share-based payment schemes, as well as staff-related restructuring charges and C-bandrepurposing related expenses. 134

Other operating expenses Other operating expenses are, by their nature, less variable with revenue and include office-related and technical facility costs, in-orbitinsurance, marketing, general and administrative expenditure, consulting charges, travel-related expenditure, and movements in debtor provisions.Other operating expenses also include restructuring charges in connection with the Group’s ongoing optimization program, C-bandrepurposing expenses, costs associated with the development and/or implementation of merger and acquisition activities, specific business taxes of a non-recurringnature, and one-off infrastructure costs. COMPARISON OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 Results of Operations Consolidated income statement The discussion of SES’s results of operations is based on its historical results. Except as set out below, the financial data discussed in this section for the years ended December 31, 2024 (“FY 2024”) and December 31, 2023 (“FY 2023”) has been prepared in accordance with IFRS. The discussion should be read in conjunction with the sections titled “Presentation of Financial and Other Information” and “Information About SES” included in this prospectus. The following table sets forth SES’s comparative consolidated income statement and non-IFRSmeasures for the periods shown with the increase / (decrease) and percentage changes.

| €million                                        |     | 2024 |        |   |     | 2023 |        |      |     | Change     
 increase/  
 (decrease) |        |   |     | Percentage 
 change     |       |       |
| Revenue                                         |     |      |  2,001 |   |     |      |  2,030 |      |     |            |    (29 | ) |     |            |  -1.4