Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 238

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 238
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 sales-type lease (see Note 10—Leases of the           
 Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus); |

| • |     | an increase of $6.6 million in equipment costs primarily due to increases in government equipment sales; |

| • |     | an increase of $6.2 million in research and development costs; |

| • |     | an increase of $4.0 million in earth station expenses. |

Selling, General and Administrative Selling, general and administrative expenses decreased by $8.0 million, or 2%, to $459.3 million for the year ended December 31, 2024, as compared to $467.3 million for the year ended December 31, 2023, primarily due to the following:

| • |     | a decrease of $9.5 million in operating expenses primarily related to sales & marketing and travel expenses; |

185

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | a decrease of $8.5 million in bad debt expenses; and |

| • |     | a decrease of $8.4 million related to a decline in usage of third-party contractors; partially offset by |

| • |     | an increase of $9.3 million in staff-related expenses; |

| • |     | an increase of $3.4 million related to professional services expenses; |

| • |     | an increase of $3.2 million in licenses and fees expenses; and |

| • |     | an increase of $2.7 million in research and development costs. |

Depreciation and Amortization Depreciation and amortization expense increased by $53.3 million, or 10%, to $589.7 million for the year ended December 31, 2024, as compared to $536.4 million for the year ended December 31, 2023, primarily due to depreciation expense on finance leases that commenced during the third quarter of 2023 and new satellites and other property and equipment placed into service, partially offset by certain satellites and various building related and other assets becoming fully depreciated. Satellite Impairment Intelsat recognized an impairment charge of $100.9 million for the year ended December 31, 2022 related to the Intelsat 33e satellite, with no comparable amount for the year ended December