Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 343

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 343
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 observable market data. The fair value of investments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using F-64

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 recent arm’s-lengthmarket transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis and option pricing models. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. As of December 31, 2024 and December 31, 2023, the Group does not have any financial derivatives outstanding. Fair values The fair value of borrowings has been calculated with the quoted market prices except for the LuxGovSat Fixed Term Loan Facility, SES Astra 1P Fixed Term Loan Facility, and SES Satellites Ventures Floating Term Loan Facility, for which the discounted expected future cash flows at prevailing interest rates has been used. The fair value of foreign currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. All borrowings are measured at amortized cost. Unless otherwise stated, the fair value of each class of financial assets and liabilities measured at amortised cost approximates their carrying amount. To that effect, for instruments carried at amortized cost, the Group determined that the fair value at origination date approximates the carrying amount, either due to the short-term nature of the instruments, or because the stated rates are close to the prevailing market rates and / or there were no significant origination costs at origination date. Set out below is a comparison by category of carrying amounts and fair values of all the Group’s financial instruments that are carried in the financial statements.

| € million                   
 Balance as of December 31   |     | Carried at fair value 
 2024                  |    |     | 2023 |    |     | Carried at     
 amortized cost 
 2024           |       |     | 2023 |       |
|:----------------------------|:----|:----------------------|---:|:----|:-----|---:|:----|:---------------|------:|:----|:-----|------:|
| Financial receivables       |     |                       |  —