Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 166

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 166
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 all GEO orbital slot rights are definite-life assets.

Intelsat’s orbital slots rights are for GEO only and historically Intelsat treated orbital slots as indefinite-life intangibles due to
the conclusion that renewals are essentially perpetual in nature. In an effort to align with SES’s intended use of the orbital slots after the Closing of the Acquisition, the accounting estimate has been changed to definite-lived for the
purposes of pro forma financial information. Assuming the orbital slots to be acquired from Intelsat had an average useful life of 10.5 years from the date of acquisition, an amortization expense for the year ended December 31, 2024 of
$95 million has been recorded under “Amortization expense” in the condensed consolidated pro forma income statement and $95 million decrease under “Intangible asset” was recorded in the condensed consolidated pro forma
balance sheet as at December 31, 2024.

116

J. Presentation Alignment (Reclassifications) As SES’s consolidated IFRS financial statements have a different presentation of the income statement compared with the Intelsat U.S. GAAP financial statements and accounting records, reclassifications were performed in order to align the Intelsat Group’s presentation to that of SES. The classification of certain items presented by Intelsat under U.S. GAAP has been modified in order to align with the presentation used by SES under IFRS. Unaudited Intelsat Group’s income statement reclassification For the year ended December 31, 2024

| $million                                                                  |     | Consolidation 
 of Intelsat   
 Line Items    
 into SES Line 
 Items         |      |   |     | Reclassification 
 for Presentation 
 Purposes         |      |   |     | Reclassifications |      |   |
| Revenue                                                                   |     |               |    — |   |     |                  |    — |   |     |                   |    — |   |
| C-band repurposing income                                                 |     |               |    — |   |     |                  |  172 |   |     |                   |  172 |   |
| Other income                                                              |     |               |    — |   |     |                  |   11 |   |     |                   |   11 |   |
| Direct costs of revenue (excluding depreciation and amortization)         |     |               |    — |   |     |                  |  804 |   |     |                   |  804 |