Investor Presentaiton

Q1 2019 Financial Highlights Revenue of EUR 480.6 million with underlying revenue(1) down 3.1% (YOY) • Group revenue +0.6% as reported and -2.3% at constant FX including periodic and other revenue EBITDA of EUR 290.1 million (-4.7% as reported and -7.0% at constant FX compared with Q1 2018) • EBITDA margin of 60.4% (Q1 2018: 63.7%); or 62.1% excluding EUR 8.3 million restructuring charge related to optimisation programme Net profit attributable to SES shareholders of EUR 72.2 million (Q1 2018: EUR 98.2 million) • Year-on-year comparison driven by operating profit development with Q1 2019 at EUR 113.2 million (Q1 2018: EUR 138.8 million) Free Cash Flow before financing activities at EUR 84.3 million • Investing activities reduced by 31.7% (YOY) Net debt to EBITDA ratio 3.40x, compared with 3.41x at Q1 2018 Expected to be at or below 3.3x by end of 2019 in line with SES' commitment to investment grade status Financial Outlook remains unchanged SES 1) Comparative figures are restated at constant FX to neutralise currency variations. Underlying revenue excludes periodic revenue and other (disclosed separately) that are not directly related to or would distort the underlying business trends Investor presentation | May 2019 21 21

View entire presentation