• ATLAS supports the decision to modernize Board
• ATLAS welcomes SES’s strengthened commitment to increased shareholder returns and capital discipline
• ATLAS will continue to work with management and stakeholders to increase shareholder value

ATLAS Infrastructure (“ATLAS”) is a specialist listed infrastructure investor managing funds on behalf of long-term infrastructure clients. ATLAS’s actively managed accounts currently hold in aggregate a greater than 10% voting interest and 12.5% economic interest in SES S.A (“SES” or the “Company”).

ATLAS supports the decision from the SES Board of Directors (“the Board”) to further strengthen Company governance through a modernisation of the Board structure and composition. Introducing further capital markets experience into a reduced Board of 9 increases alignment of stakeholder interests. ATLAS looks forward to continuing its engagement with the Board, the Nomination Committee and other Significant Stakeholders to assist with finding the best possible candidate during the upcoming selection process.

Further, ATLAS welcomes the decision by the Board to endorse Shareholder Resolution 22 (“Resolution on Capital Return to Shareholders”) at the 2025 Annual General Meeting. The Board’s strengthened commitment to prioritize the return to shareholders of at least a majority of future exceptional cashflows will enhance capital allocation discipline and help reduce the company’s discount to its intrinsic value.

“We see SES as a critical component of Europe’s Sovereign secure communications infrastructure and well positioned to capitalise on the significant growth in demand for digital infrastructure services and capabilities. We believe that SES is currently trading at a substantial discount to fair value, at least partly as a result of concerns over capital allocation. We strongly encourage all shareholders to support Resolution 22 which strengthens the capital return imperative while maintaining Management’s flexibility to capitalize on current growth opportunities.”

- Rod Chisholm, Partner

ATLAS looks forward to continuing its engagement with the Board, Management and other Significant Shareholders on this topic.

Further information about ATLAS can be found here: www.atlasinfrastructure.com

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