Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 304

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 304
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 growth rate.                                                                                                                                                     |

Taken separately from changes in discount and perpetuity growth rates, a 5% reduction in EBITDA would not lead to an impairment expense in the GEO Europe or GEO International CGUs. The recorded impairment in GEO North America would increase by EUR 57 million. For MEO, a 5% reduction in EBITDA would require an impairment charge of EUR 221 million. Orbital slot license rights The rights conveyed by orbital slot licenses in different jurisdictions can have varying characteristics that make them separate and distinct from the orbital slot license rights in other jurisdictions. The MEO orbital rights are not separable and do not generate separate cash flows, and thus are considered a single CGU, which is tested for impairment together with the related goodwill and the MEO satellites constellation in use and under construction. The pre-taxdiscount rates applied to each GEO CGU are presented below:

|                   |     | 2023 |       |   |     | 2022 |       |   |
| GEO Europe        |     |      |  9.35 | % |     |      | 10.02 | % |
| GEO North America |     |      | 12.57 | % |     |      | 13.62 | % |
| GEO International |     |      | 12.53 | % |     |      | 13.12 | % |

Similar to the pre-taxdiscount rates used for goodwill testing, these rates were selected to reflect: market interest rates and commercial spreads; the capital structure of businesses in the Group’s business sector; and, the specific risk profile of the businesses concerned. The terminal growth rates used in the valuations are identical to those used in goodwill testing. The Group recorded EUR 1,677 million of impairment expense related to orbital slot license rights for the year ended December 31, 2023 (2022: EUR 126 million), as follows:

| € million         |     | 2023 |       |     | 2022 |     |
| GEO Europe        |     |      |     — |     |      |   — |
| GEO North America |     |      |    45 |     |      | 117 |
| GEO International |     |      |   466 |     |      |   9 |
| MEO               |     |      | 1,166 |     |      |   — |
| Total             |     |      | 1,677 |     |      |