Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 185

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 185
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. Other cost of sales mainly include commissions, as well as C-bandrepurposing related expenses. Staff costs Staff costs include gross salaries and employer’s social security payments, payments into pension schemes for employees, and charges arising under share-based payment schemes, as well as staff-related restructuring charges and C-bandrepurposing related expenses. Other operating expenses Other operating expenses are, by their nature, less variable with revenue and include office-related and technical facility costs, in-orbitinsurance, marketing, general and administrative expenditure, consulting charges, travel-related expenditure, and movements in debtor provisions.Other operating expenses also include restructuring charges in connection with the Group’s ongoing optimization program, C-bandrepurposing expenses, costs associated with the development and/or implementation of merger and acquisition activities, specific business taxes of a non-recurringnature, and one-off infrastructure costs. UNAUDITED FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025 Set forth below is certain unaudited results for the three months ended March 31, 2025, based on information available to us as of the date of this registration statement on Form F-4, and comparable information for the three months ended March 31, 2024. The unaudited results included in this registration statement have been prepared by, and are the responsibility of SES’s management. PricewaterhouseCoopers, Société coopérative, our independent auditors, have not audited, reviewed, examined, compiled nor applied agreed upon procedures with respect to the unaudited results for the three months ended March 31, 2025. Accordingly, PricewaterhouseCoopers, Société coopérative, does not express an opinion or any other form of assurance with respect thereto.

|                            | € million |   | Q1 2025 |     |   | Q1 2024 |
|:---------------------------|:----------|:--|--------:|:----|:--|--------:|
| Average €/$ FX rate        |           | $ |    1.04 |     | $ |    1.09 |
| Revenue                    |           |   |     509 |     |   |     498 |
| Profit / (loss) before tax |           |   |      52 |     |   |     116 |
| EBITDA(1)                  |           |   |     273 |     |   |     269 |
|