Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 188

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 188
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 | a decrease of €7 million in bad debt expenses; |

| • |     | a decrease of €3 million in insurance costs, mainly driven by the termination of in-orbit insurance policies 
 in November 2023;                                                                                            |

| • |     | an increase of €46 million in costs associated with the development and/or implementation of merger and 
 acquisition activities;                                                                                 |

| • |     | a decrease of €2 million in premise & telecom costs; |

| • |     | a decrease of €12 million in C-Band related other operating expenses, mainly in consultancy and premise 
 & telecom;                                                                                              |

| • |     | an increase of €9 million in non-staff restructuring expenses primarily due to the SES’s ongoing 
 optimization program; and                                                                        |

| • |     | a decrease of €6 million in other non-recurring expenses when comparing a €3 million one-off                             
 infrastructure charge recorded in FY 2024 to €9 million of specific business taxes of a non-recurring nature in FY 2023. |

Depreciation expense The depreciation expense increased by €47 million, or 8.0%, to €650 million for FY 2024, as compared to €603 million for FY 2023. Excluding the effects of foreign currency translation, depreciation expense increased by €51 million, or 8.3% (FY 2023 at constant FX: €599 million). This was primarily due to the O3b mPOWER fleet going into operational service in April 2024, partially offset by the knock-on impact on FY 2024 depreciation charges of satellite impairments recorded on certain satellites in the previous year. Property, plant and equipment impairment Property, plant and equipment net impairment expense increased by €190 million, to €216 million for FY 2024, as compared to €26 million for FY 2023 and is fully related to impairments of space segment assets. The €216 million net impairment expense recorded for FY 2024 includes €290 million of additional satellite impairment expense, partly offset by €74 million reversals of previous impairments. There were €56 million of additional satellite impairment expense, partly offset by €30 million reversals of previous impairments recorded in FY 2023. The charges and reversals are the aggregation of impairment testing procedures on specific satellites, or combinations of co-locatedsatellites, in SES’s geostationary fleet and are caused by changes in the underlying 140

business plans for these assets as compared to the prior