SES has an EMTN programme enabling SES or SES Americom Inc. to issue as and when required notes up to a maximum aggregate amount of EUR  million. As at 31 December 2025, SES had issued EUR  million (2024: EUR  million) under the EMTN programme with maturities ranging from to .

German bond issue of EUR 400 million (2025/2026)

In 2018 the Group issued EUR  million in the German bond (‘Schuldschein’) market. The transaction consisted of two individual tranches:

 

 

EUR 650 million Eurobond (2026)

In 2018 SES issued a EUR  million bond under the EMTN programme. On the 22 June 2021 SES announced the successful launch and pricing of a tap of its % Notes in which it has agreed to sell incremental senior unsecured fixed rate notes of EUR million. These notes were priced at % of their nominal value. The bond bears interest at a fixed rate of % and has a final maturity date on 22 March 2026.

In November 2019, SES issued a EUR 500 million bond under the EMTN programme. The bond has an maturity and bears interest at a fixed rate of % and has a final maturity date of 4 November 2027.

In 2012 SES issued three individual tranches of a total EUR 140 million Private Placement under the EMTN programme with ING Bank N.V. The Private Placement has a maturity, beginning 31 May 2012, and bears interest at a fixed rate of 4.00%.

EUR 400 million Eurobond (2028)

In July 2020, SES issued a EUR  million bond under the EMTN programme. The bond has an maturity and bears interest at a fixed rate of % and has a final maturity date on 2 July 2028.

EUR 750 million Eurobond (2029)

On 14 June 2022, SES issued a EUR  million bond under the EMTN programme. The bond has a maturity, bears interest at a fixed rate of %, and has a final maturity date on .

EUR 500 million Eurobond (2030)

On 24 June 2025, SES issued a EUR  million bond under the EMTN programme. The bond has a maturity, bears interest at a fixed rate of %, and has a final maturity date on .

EUR 500 million Eurobond (2033)

On 24 June 2025, SES issued a EUR 500 million bond under the EMTN programme. The bond has a maturity, bears interest at a fixed rate of 4.875%, and has a final maturity date on 24 June 2033.

In 2012 the Group signed an agreement to issue EUR 50 million in the German bond (‘Schuldschein’) market. The German bond bears a fixed interest rate of 4.00% and matures on 12 November 2032.

144A Bond USD 250 million (2043)

In 2013 SES completed a 144A offering in the US market issuing a USD 250 million bond with a coupon of 5.30% and a final maturity date on 4 April 2043.

144A Bond USD 500 million (2044)

In 2014 SES completed a 144A offering in the US market issuing a USD 500 million bond with a coupon of 5.30% and a final maturity date of 25 March 2044.

Syndicated loan

The facility is provided by 19 banks and has been structured as a multi-currency revolving credit facility. In 2021 the Company extended the termination date from 26 June 2025 to 26 June 2026. Another

26 June 20281,20080

On 16 December 2022 SES signed a seven-year contract with the EIB which will support the funding of SES’s three fully digital satellites serving Western Europe, Africa and the Middle East. On 4 June 2025, SES drew down EUR 300 million, which bears interest at the EURIBOR plus a margin of 0.867% (may vary depending on the SES credit rating).

EUR 115 million LuxGovSat Credit Facility

In 2015 LuxGovSat S.A. signed a financing agreement with BGL BNP Paribas for EUR 115 million at a fixed coupon rate of 3.30%. The facility is repayable in 14 semi-annual instalments and has a final maturity date of 1 December 2027. As at 31 December 2025, total borrowings of EUR 33 million were outstanding under the fixed term facility and the Company is in compliance with the covenants specified in the facility.

European Commercial Paper programme

In 2012 SES signed the documentation for the inception of a joint EUR 1,000 million guaranteed European commercial paper programme of SES S.A. and SES Americom Inc. (previously SES Global Americas Holdings Inc.). Issuances under the programme represent senior unsecured obligations of the issuer and any issuance under the programme is guaranteed by the entity. The programme is rated by Moody’s Investors Services and Fitch Ratings and is compliant with the standards set out in the STEP Market Convention. On 4 July 2024, this programme was updated. As at 31 December 2025 and 2024, no borrowings were outstanding under this programme.

Deeply Subordinated Fixed Rate Resettable Securities (‘Hybrid Dual-tranche Bond Offering’)

On September 6, 2024, SES S.A. announced the successful launch and pricing of a hybrid dual-tranche bond offering of EUR 1 billion. The settlement took place on September 12, 2024 and the notes are listed on the Luxembourg Stock Exchange. The transaction is composed of:

 

 

The NC notes bear a coupon of 5.5% per annum and were priced at 99.473% of their nominal value, while the NC notes will bear a coupon of 6% per annum and were priced at par.

Fixed Term Loan (SES Astra 1P S. à r.l.)

In December 2025, SES received an interest-bearing loan of EUR 33.5 million from Volantis S.à r.l The loan has a fixed interest rate of 3.15%, will be repaid in instalments, and matures in 2031.

In December 2025, SES entered into a loan agreement with Elm (Luxembourg) S.à r.l. for USD 28.1 million to be granted in several instalments. The loan has at Term SOFR plus 2.2% variable interest rate. As of

31 December 2025, the Group had USD 23.5 million. The loan is repayable in instalments, with a final maturity date in 2030.

Term Loan Agreement (‘TLA’)

On 16 July 2025, SES withdrew EUR 862 million (USD 1,000 million) under the TLA, with a maturity date set for 15 June 2029. The facility bears interest at the Term SOFR reference rate plus a margin of 2.125% (may vary depending on the SES credit rating) and credit adjustment spread.

Bridge Facility Agreement

SES secured the financing for the Intelsat acquisition through an initial EUR 3 billion Bridge Facility, signed on 30 April 2024, and a EUR 963 million (USD 1 billion) Term Loan Agreement (‘TLA’) dated 14 June 2024. Upon entering into the TLA, EUR 930 million of the Bridge Facility was cancelled. Subsequently, following the issuance of EUR 1 billion in hybrid financing in 2024 and EUR 1 billion in bonds under the EMTN programme on 24 June 2025, an equivalent portion of the Bridge Facility (EUR1,079 million) was cancelled on the same date.

European Investment Bank (‘EIB’) Financing Facility EUR 25 million

On 23 December 2024, SES signed a finance contract with the EIB to support the funding of a satellite communications system for rural Central Asia. The facility is available for disbursement at fixed or floating rates linked to a ratings grid. At credit rating of BBB/ equates to 0.475% per annum over EURIBOR (in the case of a floating rate) or over a base rate as determined by the EIB (in the case of a fixed rate). Final availability date falls 24 months after signature of the contract. As at 31 December 2025, no amount has been drawn under this facility.

Repayment of Intelsat’s Senior Secured Notes

As part of the Intelsat acquisition, SES acquired EUR 2,631 llion of Senior Secured Notes, which were due in 2030.