Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 65

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 65
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 interest rates, credit risk on financial assets, financial credit from
counterparties and capital management. Failure to adequately manage these risks could have a material adverse effect on SES’s business, financial condition and results of operations.

SES is exposed to impairment of intangible assets, property plant & equipment and assets in the course of construction.

SES’s intangible assets, satellites and ground segment assets are valued at historical cost less amortization, depreciation and
accumulated impairment charges. Impairment testing procedures are performed annually, or

44

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The SES Group determines an estimate of the recoverable amount, as the higher
of: (1) the fair value less cost of disposal and, (2) its value-in-use, to determine whether the recoverable amount exceeds the carrying amount included in the
consolidated financial statements.

As a result of the impairment tests conducted as of December 31, 2024, no impairment charges
against goodwill were recorded (2023: €1,548 million). In addition, the SES Group recorded €93 million of impairment reversal related to orbital slot license rights for the year ended December 31, 2024 (2023:
€1,677 million of impairment expense). The SES Group’s goodwill and orbital slot license rights balances as of December 31, 2024 were €143 million and €477 million, respectively.

SES has identified material weaknesses in its internal control over financial reporting. If SES is unable to successfully remediate these material weaknesses, or if it identifies additional material weaknesses in the future or otherwise fails to maintain an effective system of internal control over financial reporting, SES may be subject to increased risks and liabilities.

Although SES is not yet subject to the certification or attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the
“SOX Act”), in the course of preparation of our financial statements for the years ended December 31, 2024, 2023, and 2022 and in connection with the preparation of this prospectus, SES identified material weaknesses with respect to
its internal controls over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial