Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 63

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 63
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, or the delivery of customer services, negatively impacting current or future revenue, which could have a material adverse effect SES’s business, financial condition and results of operations. Global economic turmoil, trade wars and tariffs, and regional economic conditions could adversely affect SES’s business. Global economic turmoil resulting from events such as wars, including trade wars, recession, global pandemics, bank failures, inflation or rising interest rates, may cause general tightening in the credit markets, lower levels of liquidity, increases in rates of default and bankruptcy, levels of intervention from the European Union and foreign governments, decreased consumer confidence, overall slower economic activity and extreme volatility in credit, equity and fixed income markets. A decrease in economic activity in regions of the world in which SES operate, including in developed and developing countries may have a negative effect on our performance, which could delay the onset of new revenue and could adversely affect demand for our products and services. This situation could be further worsened by political instability in such countries and their governments’ inability to take timely action to deal with such crisis. Furthermore, financial institution failures may make it more difficult to finance any future acquisitions or engage in other financing activities. These factors could adversely affect our revenue and earnings. Imposition of tariffs or other trade barriers and changes in trading policies, potential retaliatory measures, or uncertainties in international trade policies and regulations may adversely impact SES’s operations, particularly given SES’s presence across multiple jurisdictions. We are unable to predict the ultimate result or duration of any changes to tariffs imposed by the U.S. or any other country, or tariff countermeasures that may be taken by any country. SES is exposed to risks associated with macroeconomic conditions in the global economy, both in developing markets and developed markets. An economic slowdown in the countries where SES operates may have a negative effect on SES’s performance if potential customers face difficulties funding their business plans, which could in turn delay the onset of new revenue and have an impact on the demand for SES’s products and services. This situation could be further affected by measures concerning the currencies adopted in the countries where SES operates, as well as 43

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

by political instability and governments’ inability to take timely action to deal with the crisis. Where such risks materialize, this could have a material adverse effect on SES’s
business, financial condition and results of operations.

SES’s ability to provide services in certain countries or to certain customers or end users may be restricted