Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 33

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 33
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 or other breaches to, SES’s or Intelsat’s information technologies 
 systems;                                                                                            |

| • |     | unfavorable outcomes in legal and regulatory proceedings and government investigations that SES or Intelsat may 
 become, a party to;                                                                                             |

| • |     | the failure of the Acquisition to close for any other reason; |

| • |     | the inability for an active market for the CVRs to develop; |

| • |     | the ability of Intelsat’s shareholders to sell the CVRs received in the Acquisition when desired or at a 
 desirable price;                                                                                         |

| • |     | the uncertainty in U.S. federal income tax treatment of the CVRs; |

| • |     | the risk factors discussed under the heading “Risk Factors” in this prospectus; |

| • |     | other factors or trends affecting SES’s and Intelsat’s financial condition, liquidity or results of 
 operations; and                                                                                     |

| • |     | other statements contained in this prospectus regarding matters that are not historical facts. |

SES cautions that the foregoing list of important factors is not exhaustive and other factors could also adversely affect the completion of the Acquisition and the Transactions and the future results of SES, Intelsat and the Combined Group. In addition, there may be other factors and uncertainties, many of which are beyond our control, that could cause our actual results and events to be materially different from the results referenced in the forward-looking statements. Many of these factors will be important in determining actual future results. It should also be noted that the unaudited pro forma condensed combined financial information contained in this prospectus has been prepared using the consolidated historical financial statements of SES and Intelsat and is 21

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

presented for illustrative purposes only and should not be considered an indication of the results of operations, including, without limitation, future revenue, or financial condition of SES
following the Transactions. The projected financial information for the Combined Group is based on management’s estimates, assumptions and projections and may not be an indication of SES’s financial condition or results of operations
following the Acquisition and the Transactions. None of this information should be considered in isolation from, or as a substitute for, the historical financial statements of SES and Intelsat.

The forward-looking statements speak only as of the date of this prospectus. Except as required by law, SES and Intelsat