Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 54

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 54
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, media and financial businesses in such markets in order to improve market access for its services.

Expansion into these regions may not be successful, and even if successful, SES is exposed to the inherent risks of doing business in those
regions, such as instability arising from political or economic factors or differences in legal and regulatory regimes. See “—Risks Relating to SES’s Business—SES’s international operations are subject to a number of risks that could negatively affect future operating results or subject SES to criminal and civil enforcement actions,”for additional information.

Such instability could cause difficulties in SES’s ability to operate, increase costs or lead to an unexpected reduction in the demand
for SES’s services. In addition, in some developing markets, customers may be less financially secure and run a higher risk of insolvency than in more developed markets. The failure of a customer to make payments for SES’s services or
honor its agreements would lead to a reduction in SES’s revenue. Protectionist policies on foreign satellite capacity (national operator preference) as well as sanction regimes in certain countries pose further risks, mainly in developing
markets.

The occurrence of any of these risks could have a material adverse effect on SES’s business, financial condition and
results of operations.

SES is subject to general risks associated with its strategic investments.

SES has a number of strategic investments that it does not fully control and may enter into similar arrangements in the future. As a result,
SES is dependent in part on the cooperation of other investors and partners in protecting and realizing the full potential of certain investments. SES may not be able to prevent strategic partners from taking actions that are contrary to SES’s
business interests or objectives or are inconsistent with SES’s views of what is the best strategy for the investment. In certain circumstances, it may become necessary for SES to invest further funds or fulfil its contractual obligations, or
SES may be restricted from realizing the value of its investment.

For more information about SES’s strategic investments. See
“—Risks Relating to SES’s Business—Business Strategic Investments,” for additional information.

SES is
exposed to the risk of increasing the sales of lower margin value-add services compared to the typically higher margin satellite capacity sales.

SES’s development strategy includes improving our offerings by trying to differentiate ourselves with an increased focus on sales of value-add services to counter competition and commoditization of traditional satellite capacity sales. An unsuccessful execution of this strategy may lead to significantly higher costs, that may not be compensated
by identical or higher revenues, or the loss of operational efficiency,