Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 214

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 214
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 occupancy and travel; and                                                                             |

| • |     | a decrease of $1.9 million related to the revenue sharing agreements with JSAT International, Inc. (see Note                                                 
 6—Investments of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); partially offset by: |

| • |     | an increase of $9.4 million due to the commencement of a new sales-type lease (see Note 10—Leases of the           
 Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); |

| • |     | an increase of $6.6 million in equipment costs primarily due to increases in government equipment sales; |

| • |     | an increase of $6.2 million in research and development costs; |

| • |     | an increase of $4.0 million in earth station expenses. |

Selling, General and Administrative Selling, general and administrative expenses decreased by $8.0 million, or 2%, to $459.3 million for the year ended December 31, 2024, as compared to $467.3 million for the year ended December 31, 2023, primarily due to the following:

| • |     | a decrease of $9.5 million in operating expenses primarily related to sales & marketing and travel expenses; |

156

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

| • |     | a decrease of $8.5 million in bad debt expenses; and |

| • |     | a decrease of $8.4 million related to a decline in usage of third-party contractors; partially offset by |

| • |     | an increase of $9.3 million in staff-related expenses; |

| • |     | an increase of $3.4 million related to professional services expenses; |

| • |     | an increase of $3.2 million in licenses and fees expenses; and |

| • |     | an increase of $2.7 million in research and development costs. |

Depreciation and Amortization Depreciation and amortization expense increased by $53.3 million, or 10%, to $589.7 million for the year ended December 31, 2024, as compared to $536.4 million for the year ended December 31, 2023,