Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 54

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 54
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 of any of these risks could have a material adverse effect on SES’s business, financial condition and
results of operations.

SES is subject to general risks associated with its strategic investments.

SES has a number of strategic investments that it does not fully control and may enter into similar arrangements in the future. As a result,
SES is dependent in part on the cooperation of other investors and partners in protecting and realizing the full potential of certain investments. SES may not be able to prevent strategic partners from taking actions that are contrary to SES’s
business interests or objectives or are inconsistent with SES’s views of what is the best strategy for the investment. In certain circumstances, it may become necessary for SES to invest further funds or fulfil its contractual obligations, or
SES may be restricted from realizing the value of its investment.

For more information about SES’s strategic investments. See
“—Risks Relating to SES’s Business—Business Strategic Investments,” for additional information.

SES is
exposed to the risk of increasing the sales of lower margin value-add services compared to the typically higher margin satellite capacity sales.

SES’s development strategy includes improving our offerings by trying to differentiate ourselves with an increased focus on sales of value-add services to counter competition and commoditization of traditional satellite capacity sales. An unsuccessful execution of this strategy may lead to significantly higher costs, that may not be compensated
by identical or higher revenues, or the loss of operational efficiency, leading to customer dissatisfaction.

Any of these risks could
have a material adverse effect on SES’s business, financial condition and results of operations.

37

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Pursuing external growth opportunities or contracts may not yield the expected benefits.

As part of its strategy, SES regularly evaluates opportunities to make strategic acquisitions or to increase its stake in ventures in which it
currently has an interest. SES’s desired strategic investments may not yield expected benefits due to a number of factors including uncertain or changing market conditions, financing costs and legal and regulatory issues.

In addition, if SES were to enter into significant new contracts in the future (including in relation to the European Commission’s IRIS
European secure satellite connectivity project), these would carry execution, operational, market and financial risks associated with such projects, including additional capital expenditure.

Failure to pursue or complete strategic growth opportunities or the potentially significant expenditure incurred in entering new contracts may
prevent SES from growing its business, which could in turn result in a material adverse effect on SES’s business