Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 196

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 196
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     |      | (2,907 | ) |
| Add: Cash and cash equivalents subject to contractual restrictions |     |      |    300 |   |     |      |      — |   |
| Adjusted Net Debt                                                  |     |      |  1,093 |   |     |      |  1,565 |   |

| 3. | Adjusted Net Debt to Adjusted EBITDA ratio |

The Adjusted Net Debt to Adjusted EBITDA ratio is defined as Adjusted Net Debt divided by Adjusted EBITDA. SES believes that the Adjusted Net Debt to Adjusted EBITDA ratio is a useful measure to demonstrate to investors its ability to generate the recurring income needed to be able to settle its borrowings as they fall due. Adjusted Net Debt for FY 2024 was €1,093 million, representing an Adjusted Net Debt to Adjusted EBITDA ratio of 1.06 times, compared with 1.53 times for FY 2023, mainly driven by a €717 million repayment of gross debt in FY 2024.

| €million                                   |     |       2024 |       |     |       2023 |       |
| Adjusted Net Debt                          |     |            | 1,093 |     |            | 1,565 |
| Adjusted EBITDA                            |     |            | 1,028 |     |            | 1,025 |
| Adjusted Net Debt to Adjusted EBITDA ratio |     | 1.06 times |       |     | 1.53 times |       |

| 4. | Adjusted Net Profit and Adjusted Earnings per Share |

Adjusted Net Profit is defined as profit or loss of the period attributable to shareholders of the parent adjusted to exclude the after-taximpact of C-bandnet income, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities, specific business taxes of a non-recurring nature, one-off infrastructure costs, and impairment expenses and related valuation allowance adjustments on deferred tax assets on ITCs, as well as the tax impact of impairment expenses on shareholdings arising at the Company or subsidiary level. The tax rate applied to the pre-taximpact of the C-bandoperating expenses is the US tax rate. The rate applied for other non-recurringitems and impairment expenses represents the computed weighted average tax rate of the relevant jurisdictions. SES believes that Adjusted Net Profit is useful to investors