Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 199

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 199
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,247 |   |     |           | 2,888 |   |     |              |     — |     |           |  7,135 |   |
| Borrowings – current                                               |     |            |    273 |   |     |           |     — |   |     |              |     — |     |           |    273 |   |
| Borrowings – total                                                 |     |            |  4,520 |   |     |           | 2,888 |   |     |              |     — |     |           |  7,408 |   |
| Add: 50% of €588 million Perpetual Bond (2023: €625 billion)       |     |            |    294 |   |     |           |     — |   |     |              |     — |     |           |    294 |   |
| Deduct: 50% of Hybrid Bond (2023: nil)                             |     |            |   (500 | ) |     |           |     — |   |     |              |     — |     |           |   (500 | ) |
| Less: Cash and cash equivalents                                    |     |            | (3,521 | ) |     |           |  (960 | ) |     |              | 2,984 |     |           | (1,497 | ) |
| Add: Cash and cash equivalents subject to contractual restrictions |     |            |    300 |   |     |           |     — |   |     |              |     — |     |           |    300 |   |
| Pro forma Adjusted Net Debt                                        |     |            |  1,093 |   |     |           | 1,928 |   |     |              | 2,984 |     |           |  6,005 |   |

| * | Refer to unaudited pro forma condensed combined financial information for the nature of the pro forma 
 adjustment.                                                                                           |

148

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

The pro forma Adjusted Net Debt to pro forma Adjusted EBITDA ratio is defined as pro forma Adjusted Net Debt divided by pro forma Adjusted EBITDA. The Group believes that this ratio is a useful measure to demonstrate to investors its ability to generate the recurring income needed to be able to settle its borrowings as they fall due