Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 207

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 207
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Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Protected backlog includes non-cancellablecontracts and cancellable contracts with substantive termination fees. Credit Rating Our capital structure and financial practices have earned us investment grade credit ratings from two internationally recognized credit rating agencies. These investment grade credit ratings are important to our ability to issue debt at favorable rates of interest, for various terms, and from a diverse range of markets that are highly liquid, including European and U.S. debt capital markets and from global financial institutions. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK SES is exposed to financial market risks, including changes in foreign currency exchange rates and interest rate risks. SES uses various strategies to manage these risks; however, they may still impact SES’s financial results. Interest Rate Risk We are subject to interest rate risk primarily associated with our borrowings. Interest rate risk could adversely affect earnings and cash flows. Specific risks include the risk of increasing interest rates on short-term debt, for planned new fixed-rate long-term financings, for planned refinancings using long-term fixed-rate debt, and for existing variable-rate debt. Changes in interest rates can cause interest charges to fluctuate on our variable rate debt. In order to mitigate this risk, SES generally contracts its debt at fixed rates, and monitors carefully the evolution of market conditions, adjusting the mix between fixed and floating rate debt if necessary. To mitigate SES’s interest rate risk in connection with near-term debt refinancing needs, SES may from time to time enter into interest rate hedges. As of December 31, 2024 and December 31, 2023, SES had no interest rate hedges outstanding. The table below summarizes the split of the carrying amount of SES’s debt between fixed and floating rate.

| €million                           |     | At fixed 
 rates    |       |     | At floating 
 rates       |     |     | Total |       |
| Borrowings as of December 31, 2024 |     |          | 4,510 |     |             |  10 |     |       | 4,520 |
| Borrowings as of December 31, 2023 |     |          | 4,009 |     |             | 150 |     |       | 4,159 |

Foreign Currency Risk We are exposed to market risk from changes in foreign currency exchange rates primarily in connection with our foreign subsidiaries and joint ventures outside the Eurozone.