Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 214

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 214
---
), €483 million in 2023, and is expected to be between €500 to 550 million in 2024 and €350 million per year for the following years (excluding any future capital expenditure for IRIS2). The majority of projected future capital expenditure relates to satellite investment and is based on SES’s current launch and service schedule in respect of procured satellites. The financing of ongoing satellite procurement programs is done through a range of structures, including, without limitation, through a mix of available resources, cash flow from operations, and drawings under existing or new funding arrangements where needed. mPOWER satellite insurance claim SES has submitted a claim and is engaging with insurers regarding a claim totaling $472 million regarding the technical challenges observed in the operation of the O3b mPOWER satellites 1-4. Guarantees On December 31, 2023, SES had outstanding bank guarantees of €48 million (2022: €72 million) with respect to performance and warranty guarantees for services of satellite operations. Share Buyback On August 3, 2023, SES announced a share buyback program of €150 million under the authorization given by shareholders at the Annual General Meeting of shareholders held on April 6, 2023, pursuant to which SES can purchase up to 20 million A-shares and up to 10 million B-shares in equal proportion to maintain the ratio of two A-shares to one B-share, as required by its Articles of Association. The shares acquired are intended to be cancelled, reducing the total number of voting and economic shares in issue. As of December 31, 2023, 4 million A-shares had been purchased at an average price of €5.50 per A-share. Contracted Backlog SES had a fully protected contract backlog (non-cancellable) of €4.3 billion (or gross backlog of €5.2 billion including backlog with contractual break clauses) as of December 31, 2023 delivered by a strong customer base 172

consisting predominantly of broadcasters in developed markets. This customer profile generates a predictable, high-margin revenue stream, resulting in a strong cash flow conversion factor. Networks as of December 31, 2023 had protected contract backlog of €2.0 billion, with €1.5 billion of renewals and new business signed in the last 2 years and Video a fully protected backlog of €2.3 billion as of December 31, 2023 with €1.0 billion of renewals and new business signed in