At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss

(‘FVTPL’

), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Changes in the

fair value of financial assets at FVTPL are recognized in ‘Other

non-operating

income /

expenses’ in the statement of profit or loss as applicable (refer to Note 9). Refer to Note 23 for the fair value hierarchy.

As part of the Intelsat acquisition, SES acquired other equity securities of EUR 57 million

debt securities of EUR 15

million, and other financial assets of EUR 89 million (values as of acquisition date), of which total acquired value EUR 154 million was non-current and EUR 7 million was current.

The debt securities

primarily

consist of a note purchase agreement with a certain privately held company, whereby the company issued us a convertible promissory note in the amount of EUR

million. The note bears interest at

5.0

% annually and matures in February 2028. The principal and accrued interest shall be due and payable on or after the maturity date upon demand by the requisite note holders.

The other financial assets acquired included a loan receivable of EUR

million, measured at fair value at acquisition date. Subsequently, on 22 July, the borrower repaid the loan in full, including a prepayment penalty fee of EUR

2 million.

On 5 March 2025, the Group acquired equity securities in a company for a consideration of EUR 19 million. In September 2025, the same investee company issued a convertible promissory note in which SES invested a further EUR

4 million.

Collateral balance amounting to EUR 8 million (2024: EUR nil) represents amounts held in escrow as a compensating balance for certain outstanding letters of credit.