Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 317

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 317
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) are F-21

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 impaired. Impairment testing procedures are performed annually, or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If any such indication exists, the 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. The annual impairment tests are performed as of December 31 each year. The recoverable amounts are determined based on a value-in-usecalculation using the five-year business plans approved by the board of directors. Establishing the value-in-userequires the Group to make an estimate of the expected future post-taxcash flows from the CGU and to choose a suitable post-taxdiscount rate and post-business plan growth rate to calculate the present value of those cash flows. For the Group’s slot-satellite CGUs, the estimation of the value-in-usealso requires estimations of the future commercial revenues to be generated by each slot and the satellites located therein, particularly related to new markets or services, the impact of past in-orbitanomalies and their potential impact on the satellite’s ability to provide its expected commercial service, and the amount and timing of future capital expenditures to maintain those revenues, if required. The calculations of value-in-useare most sensitive to:

| a. | Movements in the underlying business plan assumptions |

Business plans are drawn up annually and provide an assessment of the expected developments for a five-year period beyond the end of the year when the plan is drawn up. These business plans reflect both the most up-to-dateassumptions concerning the CGU’s markets and business trends. For the provision of satellite capacity these will particularly consider the following factors:

| • |     | revenue: based on expected developments in transponder fill rates, including the impact of replacement capacity, 
 and customer pricing;                                                                                            |

| • |     | capital expenditure: any changes in the expected capital expenditure cycle, for example due to the technical                                                       
 degradation of a satellite or the need for replacement capacity; and any changes in satellite procurement, launch or cost assumptions, including launch schedules. |

|