Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 398

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 398
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 sold on the Horizons 4 satellite wherein the initiating party contracting with a customer is responsible for engineering, billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable
fees and commissions, to the other party. Amounts payable to JSAT related to the revenue sharing agreement, net of applicable fees and commissions, from the Horizons 4 satellite was $1.5 million as of December 31, 2023.

In connection with our investment in Horizons 4, we entered into a capital contribution and subscription agreement on October 12, 2023,
which requires us to fund our 50% share of the amounts due in order to maintain our respective 50% interest in the joint venture. As part of the agreement, we made a contribution to Horizons 4 consisting of a contribution in kind of
$46.5 million for the Ku-band payload project costs and a $5 million cash contribution for the amount equal to the price of the license for Horizons 4 to utilize power on the Galaxy 37 satellite for
the next 18 years. JSAT subsequently reimbursed the Company in cash for 50% of the total contribution.

The Company purchases satellite
capacity and related services from the Horizons 4 joint venture, and then sells that capacity to its customers. We incurred direct costs of revenue related to these purchases of $0.7 million, and then sold the purchased capacity to customers to
generate total revenue of $4.4 million during the year ended December 31, 2023, and remitted 50% of the revenue, less applicable fees and commissions to JSAT.

The Company recognized $0.3 million in net fees related to engineering, billing, licensing, and commissions during the year ended
December 31, 2023, which was recognized in “Other income (expense), net” in our consolidated statements of operations. The Company also sells managed ground network services to the Horizons 4 joint venture and provides program
management, telemetry, tracking and command services for a fee. We recorded an offset to direct costs of revenue related to the provision of these services of $0.7 million during the year ended December 31, 2023.

F-142

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Our investment in Horizons 4, included within “Other assets” in our consolidated
balance sheets, is accounted