Appaloosa Statement Regarding SES Announcement

SHORT HILLS, N.J.–(BUSINESS WIRE)–Appaloosa LP (“Appaloosa”), which manages funds holding a more than 7% economic interest in SES S.A. (“SES” or the “Company”), today issued the following statement in response to the SES Board of Directors’ (the “Board”) March 14, 2025 announcement.

“The satellite industry is evolving rapidly and, as the SES Board’s announcement makes clear, even glacial change at SES requires strong shareholder advocacy. The initial steps the SES Board is taking to modernize its structure are long-overdue and only came following shareholder pressure. However, much more can, and must, be done — with a greater sense of urgency than is evident from the Board’s incrementalism.

“Specifically, adding a director with capital markets experience should be a priority as we believe such an appointment could prompt SES to finally begin addressing its underperforming capital investment practices and return value to shareholders. Likewise, the remaining board, capital structure and governance measures outlined in our proposed Resolutions are no less urgent. Shareholders should be disappointed that the Board did not even allow a vote on our capital structure and governance proposals.

“Appaloosa urges shareholders to vote in favor of Resolution 21 (which returns excess cash flow to shareholders) and will continue to advocate on behalf of all shareholders so that SES can be positioned for long-term success in today’s competitive environment.”

Contacts

Media
Jonathan Gasthalter/Nathaniel Garnick/Sam Fisher

Gasthalter & Co.

+1 (212) 257-4170