Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 449

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 449
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3)   |     |    1.71% - 3.38 | % |
| Expected life(4)             |     | 4.8 - 5.0 years |   |

| (1) | Management estimates volatility based on the historical trading volatility of a public company peer group and 
 the implied volatility of our assets and current leverage.                                                    |

| (2) | As of the valuation date, we had not issued dividends to date and did not anticipate issuing dividends. |

| (3) | Based on the implied yield currently available on U.S. Treasury 
 zero-coupon issues with an equivalent expected term.            |

| (4) | Represents the period that our share-based awards are expected to be outstanding. Management uses the 
 simplified method for our estimation of the expected life as we do not have adequate historical data. |

The grant date fair value of RSUs and PSUs awarded during 2023 and 2024 is equal to the fair value of the stock price at the date of grant and will vest over a 3-yearperiod. PSUs were granted with two equally weighted performance goals that directly align with or help drive long-term total shareholder return: an adjusted cash flow growth metric and revenue growth. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater than or less than the number of units granted. For the ten months ended December 31, 2022, year ended December 31, 2023 and year ended December 31, 2024, the weighted-average grant date fair value of RSUs granted was $50.00, $47.09 and $49.24, respectively, and the weighted-average grant date fair value of PSUs granted was $27.75, $45.27 and $36.46, respectively. The following table summarizes the components of stock compensation expense under our Incentive Plan related to RSUs (in thousands):

|                                 |     |   |  Ten Months Ended 
 December 31, 2022 |   |     |   |        Year Ended 
 December 31, 2023 |   |     |   |        Year Ended 
 December 31, 2024 |   |
|:--------------------------------|:----|:--|------------------:|:--|:----|:--|------------------:|:--|:----|:--|------------------:|:--|
| RSU expense before income tax   |     | $