Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 187

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 187
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 FY 2023. Excluding the effects of foreign currency translation, cost of sales increased by €20 million, or 4.4% (for FY 2023 at constant FX: €441 million), primarily due to the following:

| • |     | an increase of €18 million in rental of third-party satellite capacity, mainly driven by DRS GES 
 (€16 million);                                                                                   |

| • |     | an increase of €4 million in customer support such as hosting, monitoring, implementation, and 
 engineering work; and                                                                          |

| • |     | a decrease of €2 million in other cost of sales. |

Staff costs Staff costs decreased by €7 million, or 1.9%, to €402 million for FY 2024, as compared to €409 million for FY 2023. Excluding the effects of foreign currency translation, staff costs decreased by €7 million, or 1.7% (FY 2023 at constant FX: €409 million), primarily due to the following:

| • |     | a decrease of €3 million in share-based payment costs (excluding                                                                                 
 C-Band related personnel costs) primarily due to the decrease in share price and the fact that there were no cash-settled awards issued in 2024; |

139

| • |     | an increase of €27 million in restructuring costs related to the new organizational set up; and |

| • |     | a decrease of €29 million in C-Band related personnel costs, 
 mainly payroll.                                              |

Other operating expenses Other operating expenses decreased by €8 million, or 2.6%, to €236 million for FY 2024, as compared to €244 million for FY 2023. Excluding the effects of foreign currency translation, other operating expenses decreased by €7 million, or 2.8% (FY 2023 at constant FX: €243 million), primarily due to the following:

| • |     | a decrease of €19 million in other operating expenses due to a €15 million decrease in regulatory 
 costs, mainly driven by USF, ITU, and USAC fees and a €4 million decrease in development costs;   |

| • |     | a decrease of €3 million in consultancy costs; |

| • |     | a decrease of €9 million in travel and marketing & communication costs primarily due to                      
 savings initiatives and additional decreases in digital marketing, events, advertisements, and sponsorships; |

| • |