Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 218

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 218
---
 SES’s participation in the FCC’s process for accelerated clearing of the C-band spectrum, pursuant to the FCC Final Order, SES incurred significant upfront expenses for clearing activities well in advance of receiving reimbursement payments. SES has incurred total C-band clearing costs of €1.3 billion for FY 2023. SES has received €130 million in reimbursements through FY 2023 and €680 million through 2022. Additionally, as of FY 2023, the entire Phase II ARP proceeds of $2,991 million were received. 167

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 SES’s primary source of liquidity is and is expected to continue to be cash generated by operating activities, as well as existing cash. SES currently expects to use cash on hand and cash flows by operating activities to fund its most significant cash outlays, including debt service requirements and capital expenditures, in the next twelve months and beyond. SES believes its cash generation together with its available liquidity will be sufficient to meet its obligations and fund its business and capital expenditures for the foreseeable future. Overview of Cash flow for the year ended December 31 2023 and 2022

| €million                                              |     | 2023 |        |   |     | 2022 |        |   |     | Change     
 Increase / 
 (decrease) |        |   |     | Percentage 
 Change     |       |   |
| Net cash generated by operating activities            |     |      |  3,479 |   |     |      |  1,471 |   |     |            |  2,008 |   |     |            |   n/m |   |
| Net cash absorbed by investing activities             |     |      |   (370 | ) |     |      | (1,793 | ) |     |            | (1,423 | ) |     |            | -79.4 | % |
| Net cash generated/(absorbed) by financing activities |     |      | (1,126 | ) |     |      |    305 |   |     |            | (1,431 | ) |     |            |   n/m |   |
| Net foreign exchange movements                        |     |      |   (123 | ) |     |      |     15 |   |     |            |   (138 | ) |     |            |   n/m |   |
| Net increase/(decrease)