Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 236

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 236
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,467 |     | $ |    1,985,732 |     | $                     | (118,735 | ) |     |     |         (6 | %) |

Total revenue decreased by $118.7 million, or 6%, to $2.0 billion for the year ended December 31, 2024, as compared to $2.1 billion for the year ended December 31, 2023. By service type, Intelsat’s revenue increased or decreased due to the following: On-NetworkRevenues:

| • |     | Transponder services—an aggregate decrease of $109.1 million, primarily due to a                                                                                                                                                              
 $44.7 million net decrease in revenue from mobility customers, a $40.6 million net decrease in revenue from network services customers, a $14.9 million net decrease in revenue from government customers and an $8.9 million net decrease in 
 revenue from media customers. The decrease in revenue was primarily driven by non-renewals, price reductions, capacity downgrades, the termination of services and service transfers to managed services,                                     
 partially offset by new services, service expansions and transfers from managed services and off-network services.                                                                                                                            |

| • |     | Managed services—an aggregate decrease of $13.8 million, primarily due to a $23.4 million                                                                                                                                                                                          
 net decrease in revenue from media customers, a $5.3 million net decrease in revenue from mobility customers and a $1.4 million net decrease in revenue from government customers, partially offset by a $16.8 million net increase in revenue from                                
 network services customers. The decrease in revenue from media, mobility and government customers was primarily driven by non-renewals, capacity downgrades, the termination of services, service transfers to transponder services and a decrease in                              
 equipment sales, partially offset by new services, service expansions and service transfers from transponder services. The increase in revenue from network services customers was mainly driven by service transfers from transponder services and                                
 revenue recognized as a result of new or amended sales-type leases (see Note 10—Leases of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus), partially offset by non-renewals and the termination of services. |

184

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Off-networkand Other Revenues:

| • |     | Transponder, MSS and