Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 369

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 369
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EO capacity and part of the LEO capacity. The capital expenditure for IRIS² of up to EUR 1.8 billion would be spread across the period from 2027 and 2030. Under the IRIS 2contract, SES’s commitment to invest the above-mentioned amount is subject to confirmation twelve months after the original contract signature date (December 16, 2024) through a contractual mechanism which allows SES to evaluate the status of the IRIS 2contract execution and its compliance with SES’s investment conditions. If such conditions are not met, SES will propose to the European Commission and the other parties involved necessary adjustments to the terms and conditions of the IRIS 2contract. In the absence of an agreement with the European Commission on such a revised proposal then SES would be able to unilaterally terminate its contractual commitments under the IRIS 2contract at the cost of circa EUR 8 million in termination fees. In December 2024 the Group received an initial funding (“Pre-financing”)of EUR 300 million (2023: EUR nil) from the European Commission for IRIS² programme costs arising in the first year of the programme for both the Group and other consortium members and subcontractors. In the event of an early termination of the Concession Agreement for IRIS², the Group has a contractual commitment to refund the European Commission any residual portion of the EUR 300 million Pre-financingwhich is unused or uncleared against milestones accepted in accordance with the Concession Agreement. Capital expenditure commitments The Group had outstanding commitments in respect of contracted capital expenditure totaling EUR 281 million as of December 31, 2024 (2023: EUR 376 million). These commitments largely reflect the procurement of satellites and satellite launchers and are stated net of liabilities under these programs which are already disclosed under “Fixed assets suppliers”, see Note 31. The commitments as of December 31, 2024 also include EUR 64 million (2023: EUR 67 million) in connection with the renewal of the agreement with Luxembourg government in respect of SES’s concession to operate satellites under Luxembourg’s jurisdiction. The capital expenditure commitments arising under these agreements as of December 31 are as follows:

| € million                                   |     | 2024 |     |     | 2023 |     |
| Within one year                             |     |      |  96 |     |      | 258 |
| After one year but not more than five years |     |      | 143 |     |      |