Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 165

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 165
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 been completed. Accounting for the CVRs SES has concluded that the CVRs meet the definition of contingent consideration under IFRS 3 paragraph 40 and IFRS 3 Appendix A, and the contingent consideration will be recognized at its acquisition-date fair value, whether or not it is probable that a payment will be made, and will be included in the purchase price consideration. In accordance with paragraph 11 of IAS 32, SES will classify the CVRs as a financial liability at the acquisition date, as they represent contingent consideration to be settled in cash. The CVRs will be remeasured to fair value at each reporting date with subsequent changes in fair value being accounted for as follows:

| • |     | Subsequent changes, that qualify as measurement period adjustments, will be recorded through the purchase price 
 accounting during the initial 12-month ‘measurement period’, or                                                 |

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| • |     | Subsequent changes in the fair value of the contingent consideration, that do not qualify as a measurement period 
 adjustment, will be recognized through the income statement until settled.                                        |

Estimated Fair Value of CVRs The Company would like to draw attention to the fact that no payments will be made to the holders of the CVRs concerning their 42.5% interest in a potential re-purposingof the Applicable Spectrum until:

| a) | such time as the closing conditions of the wider Intelsat transaction are met resulting in the CVR Agreement 
 coming into effect, and                                                                                      |

| b) | proceeds are received by SES on completion of milestones associated with the Applicable Spectrum re-purposing and all associated costs, disbursements and taxes arising have been deducted. |

With regards to the preliminary fair value of the CVRs, management calculated it using a probability-weighted model and was required to make certain assumptions in estimating a reasonable fair value which included the following:

| i. | a range of potential prices($/MHz) associated with the Applicable Spectrum; |

| ii. | a probability of the FCC receiving auction authority to repurpose all or part of the Applicable Spectrum; |

| iii. | an assessment of the amount of the Applicable Spectrum to be repurposed under the FCC’s auction authority; |

| iv. | an assessment of the estimated average Accelerated Relocation Payments (“ARPs”) as a percentage of 
 the proceeds and the relative share for the combined entity of SES and Intelsat;                   |

| v. | a probability of the satellite operators, including