Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 57

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 57
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 domestic markets, such as tax and regulatory advantages or government funding, that are not available to SES. These or other competitive advantages could result in a reduction in SES’s business in such regions.

SES’s business is vulnerable to increasing presence from non-traditional video distribution
options, new Direct-to-Consumer (“D2C”) offers and other online video players. While relying on a distribution architecture that does not include satellites,
in most cases, these options provide SES’s customers with alternative and increasingly favored means of reaching their audiences than via satellite.

Developments and increasing competition in the media segment could result in a demand reduction for SES’s satellite services and/or
pricing changes resulting in a significant negative impact on its revenues. Content providers that utilize satellite services for traditional broadcast and cable distribution are investing heavily in making their content available via Internet-based
streaming and on-demand services. As a result, viewers are increasingly “cutting the cord” on cable and satellite TV services and switching from linear TV consumption facilitated by satellite to on-demand consumption via various streaming platforms over the Internet. These shifting consumer preferences and the emergence of terrestrial technological substitution, particularly
non-linear over-the-top (“OTT”) services, could result in a reduction in demand for satellite-based distribution.

SES also faces competition from other forms of communications technology and services, such as providers of mobile satellite communications
solutions as well as terrestrial (fixed and wireless) networks, including cable, fiber optic, digital subscriber line (“DSL”), radio relay broadcasting, very-high-frequency/ultra-high-frequency transmission, worldwide interoperability for
microwave access (“WiMAX”), advanced Wi-Fi, 2G, 3G, 4G/long-term evolution (“LTE”) and 5G. Any increase in the technical and commercial effectiveness or geographic spread of these competing
service providers and technologies could result in a reduction in demand for SES’s satellite service offering and could make it more difficult for SES to retain or develop its customer portfolio. Some terrestrial (fixed and wireless) operators
may receive federal or state aid and subsidies not available to SES, which could give them a competitive advantage over SES.

The
technological advancement of competitors to bolster cost efficiency, the disruption of existing business models by non-satellite players, and significant competition between satellite solution providers could
lead to an oversupply of the services we provide, greater pressure on prices of such services or a reduction in the demand for SES’s services, which could negatively impact our profits or revenue. These could in turn have a material adverse
effect