Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 29

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 29
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     | The amount of Applicable Expenses incurred by SES in connection with an event of Qualified Monetization may 
 significantly reduce any payment on the CVRs.                                                               |

| • |     | The U.S. federal income tax treatment of the CVRs is uncertain. |

Risks Relating to SES’s Business

| • |     | SES has several large customers, the loss of any of which could materially reduce its revenue and materially 
 adversely affect its business.                                                                               |

| • |     | SES is exposed to general customer counterparty risk, especially in developing markets. |

| • |     | SES may experience a launch delay or failure or other satellite damage or destruction during launch, which could 
 lead to a total or partial loss of the satellite.                                                                |

| • |     | SES’s satellites may experience in-orbit destruction, damage or                                         
 other failures or degradations in performance that could impair the satellites’ commercial performance. |

| • |     | The actual longevity of SES’s satellites may be shorter than their estimated initial design lives. |

| • |     | SES relies on a limited number of launch providers to launch its satellites. |

| • |     | SES is primarily dependent on a small number of satellite manufacturers and secondary suppliers. |

| • |     | SES may not be able to obtain adequate insurance or the desired level of coverage, and insurance premiums may 
 increase.                                                                                                     |

| • |     | Satellites may be subject to damage or loss from events that might not be covered by insurance policies. |

| • |     | A portion of SES’s in-orbit insurance policies are maintained 
 through self-insurance.                                       |

17

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | SES may not be successful in renewing its existing commercial agreements, or in renewing them on terms that are 
 similar to their current terms.                                                                                 |

| • |     | SES relies on information systems, satellite control and operations networks and other technology, and a                                                                    
 disruption or failure of such systems, networks or technology as a result of unauthorized access, misappropriation of data or other malfeasance may disrupt SES’s business. |

| • |     | SES’s international operations are subject to a number of risks that could negatively affect future 
 operating results or subject SES to criminal and civil enforcement actions.                         |

| • |     | SES’s operations and systems are subject to external threats, including sabotage, terrorist