Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 278

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 278
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31, 2022 AND TWO MONTHS ENDED FEBRUARY 28, 2022 |     | F-105 |
| AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31,                                                     
 2024 AND DECEMBER 31, 2023, TEN MONTHS ENDED DECEMBER 31, 2022 AND TWO MONTHS ENDED FEBRUARY 28, 2022                              |     | F-106 |
| NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31,                                                
 2024 AND DECEMBER 31, 2023, TEN MONTHS ENDED DECEMBER 31, 2022 AND TWO MONTHS ENDED FEBRUARY 28, 2022                              |     | F-109 |

F-1

Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of SES S.A. Opinion on the Financial Statements We have audited the accompanying consolidated statements of financial position of SES S.A. and its subsidiaries (the “Company”) as of 31 December 2024 and 2023, and the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows for each of the three years in the period ended 31 December 2024, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of 31 December 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 2024 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the