Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 177

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 177
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4 billion through 2024. SES has 120

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 received €1.2 billion of reimbursements through 2024, including €279 million in 2024 and €130 million in 2023. As of December 31, 2024, an additional €87 million is receivable and expected to be received in 2025. The remaining amount represents expenditures that do not meet the criteria for reimbursement under the C-band Report and Order. Additionally, as of FY 2023, the entire Phase 2 ARP proceeds of $2,991 million were received. 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 from operating activities to fund its most significant cash outlays, including debt service requirements and capital expenditure 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 expenditure for the foreseeable future. Overview of cash flow for FY 2024 and FY 2023

| €million                                              |     | 2024 |       |   |     | 2023 |        |   |     | Change     
 Increase / 
 (decrease) |        |   |     | Percentage 
 Change     |       |   |
| Net cash generated by operating activities            |     |      | 1,006 |   |     |      |  3,479 |   |     |            | (2,473 | ) |     |            | -71.0 | % |
| Net cash absorbed by investing activities             |     |      |  (159 | ) |     |      |   (370 | ) |     |            |    211 |   |     |            |  57.0 | % |
| Net cash generated/(absorbed) by financing activities |     |      |  (375 | ) |     |      | (1,126 | ) |     |            |    751 |   |     |            |  66.6 | % |
| Net foreign exchange movements                        |     |      |   142 |   |     |      |   (123 | ) |     |            |    265 |   |     |            |   n/m |   |
| Net increase/(