SES Acknowledges Moody's Rating Action and Reiterates Deleveraging Commitments

Luxembourg, December 17, 2025 - SES S.A. ( SES or the Company ), a leading space solutions company, acknowledges the credit rating action announced by Moody's Investor Service today, which follows the release of SES' Q3 2025 results and Intelsat integration update.

SES management reiterates that the Company continues to execute on its strategy with a clear plan to strengthen its key credit metrics over time. Consistent with this plan, it remains management's intention to de-lever and return to credit metrics that are commensurate with investment grade, with a policy objective of reducing adjusted net leverage (1) to at least 3.0x or below.

Today's rating action does not change the Company's ability to operate its business, serve customers, or execute its strategic plan. SES maintains a balanced weighted average debt maturity profile of approximately five years, and the rating action from Moody's is not expected to have a material impact on the interest payable under the Company's existing debt facilities. SES also benefits from the Grand Duchy of Luxembourg being an anchor investor in the Company. SES remains committed to a stable-to-progressive dividend.

Our priority is to convert our strong strategic position into continued durable cash generation and stronger credit metrics, said Lisa Pataki, Chief Financial Officer of SES. We also have a clear view of the multiple cash generating levers available to us that we believe can substantially support and accelerate our de-leveraging plan. We will use these levers in a disciplined way and keep investors informed as we deliver on our strategic plan.

SES intends to continue active engagement with its stakeholders and credit rating agencies and provide updates through regular financial reporting and investor communications.

1 Adjusted net leverage is defined as Adjusted Net Debt divided by Adjusted EBITDA. Adjusted Net Debt is defined as current and non-current borrowings (including lease liabilities) less cash and cash equivalents (excluding amounts subject to contractual restrictions) and excluding 50% of the Hybrid Bond (classifieds as borrowing) and including 50% of the Perpetual Bond (classifieds as equity). Adjusted EBITDA is defined as EBITDA adjusted to exclude significant special items of a non-recurring nature. The primary such items are the net impact of U.S. C-band spectrum repurposing, other income, restructuring charges, costs associated with the development and/or implementation of merger and acquisition activities ( M&A ), specific business taxes and one-off regulatory charges arising outside ongoing operations.

LINK:	https://www.ses.com/press-release/ses-acknowledges-moodys-rating-actio...
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