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Q2 2025 Earnings August 1, 2025
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©2025 EchoStar Corp. All Rights Reserved | Page 2 Important Information Caution Concerning Forward-Looking Statements All statements we make during this call, other than statements of historical fact, constitute forward-looking statements made pursuant to the Safe Harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to be materially different from historical results and from any future results expressed or implied by the forward-looking statements. For a list of those factors and risks, please refer to our annual report on Form 10-Q for the quarter ended June 30, 2025, filed today, August 1, 2025, and our subsequent filings made with the SEC. All cautionary statements we make during the call should be understood as being applicable to any forward-looking statements we make wherever they appear. Y ou should carefully consider the risks described in our reports and should not place any undue reliance on any forward-looking statements. We assume no responsibility for updating any forward-looking statements. Non-GAAP Financial Measures This presentation also includes certain non-GAAP financial measures, including OIBDA and free cash flow. The comparable GAAP measure and a reconciliation for OIBDA is presented in our earnings release and, in the case of free cash flow, in our 10-Q filed on August 1, 2025, which can be found on the SEC’s website at www.sec.gov and on our website at www.ir.echostar.com
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©2025 EchoStar Corp. All Rights Reserved | Page 3 ● Grew enterprise committed contract volume 8% Y o Y ● Selected by two large airlines ● Future-proof in-flight connectivity through universal Ka- and Ku-band solution HUGHES ● Net subscriber growth (+212K in Q2) ● Improved churn (24bps Y o Y) ● Improved ARPU (+4.1% Y o Y) ● 1.55M subscribers on-net Q2 2025 Key Metrics & Priorities Commitment to Positive Operating Free Cash Flow for 2025 ● Historically low DISH churn (1.29%) ● Q2 Continued ARPU growth from Q1 (+3.1% Y o Y) ● Increased viewership (DISH +8%, Sling +18% Y o Y) DISH / SLING
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©2025 EchoStar Corp. All Rights Reserved | Page 4 Financial Summary (1) OIBDA is a non-GAAP measure calculated by adding back depreciation and amortization expense to operating income (loss) (2) CapEx and Capitalized Interest defined as Purchases of property and equipment, net of refunds, plus capitalized interest Revenue of $3.7B in Q2 2025, down ($228M) or (5.8%) Y oY ● Pay-TV $2,462M, down ($214M) or (8.0%) Y o Y ● Wireless $935M, up $42M or 4.7% Y o Y ● BSS $340M, down ($54M) or (13.8%) Y o Y OIBDA(1) of $280M in Q2 2025, down ($163M) or (36.8%) Y oY ● Pay-TV $663M, down ($90M) or (11.9%) Y o Y ● Wireless ($452M), down ($58M) or (14.6%) Y o Y ● BSS $68M, down ($15M) or (17.8%) Y o Y CapEx and Capitalized Interest(2) of $747M in Q2 2025, up ($76M) or (11.3%) Y oY ● Pay-TV PP&E $79M, up ($25M) or (45.5%) Y o Y ● Wireless PP&E $171M, down $65M or 27.6% Y o Y ● BSS PP&E $43M, down $13M or 23.8% Y o Y ● Total Capitalized Interest $454M, up ($130M) or (40.2%) Y o Y
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©2025 EchoStar Corp. All Rights Reserved | Page 5 Financial Summary (1) Free Cash Flow (“FCF”) defined as “Net cash flows from operating activities” less: (i) “Purchases of property and equipment” net of “Refunds and other receipts of purchases of property and equipment,” and (ii) “Capitalized interest related to Regulatory authorizations”. Free cash flow is not a measure determined in accordance with GAAP and should not be considered a substitute for “Operating income (loss),” “Net income (loss),” “Net cash flows from operating activities” or any other measure determined in accordance with GAAP. Since free cash flow includes investments in operating assets, we believe this non-GAAP liquidity measure is useful in addition to the most directly comparable GAAP measure “Net cash flows from operating activities.” (2) Cash and Marketable Securities defined as Cash and cash equivalents plus Current and Non-Current Restricted cash and cash equivalents plus Marketable investment securities Free Cash Flow(1) of ($739M) in Q2 2025, down ($548M) Y oY ● Primarily due to higher cash interest payments related to Q4 2024 financing transactions and lower OIBDA Cash and Marketable Securities(2) of $4.7B in Q2 2025, up $4.0B Y oY ● Increase primarily due to Q4 2024 financing transactions
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©2025 EchoStar Corp. All Rights Reserved | Page 6 Service Revenue of $824M, up $39M or 4.9% Y oY ● Y o Y growth primarily due to 4.1% ARPU growth, partially offset by a slightly lower average Wireless subscriber base ● Sequentially: Service Revenue was up $14M or 1.7% ARPU of $37.40, up $1.49 or 4.1% Y oY ● Y o Y growth primarily due to a shift in subscriber plan mix to higher priced service plans and increased sales of value-added services ● Sequentially: ARPU was down ($0.49) or (1.3%) Net Additions of 212K ● Wireless net adds of 212K compared to net loss of (16K) in prior year due to due to 4.6% growth in gross activations and improved churn Wireless Results (1) OIBDA is a non-GAAP measure calculated by adding back depreciation and amortization expense to operating income (loss) (2) CapEx defined as Purchases of property and equipment, net of refunds, and excludes capitalized interest OIBDA(1) of ($452M), down ($58M) or (14.6%) Y oY ● Y o Y decline primarily due to higher marketing expenditures ● Sequentially: OIBDA was down ($37M) or (8.9%) CapEx(2) of $171M, down $65M or 27.6% Y oY ● Sequentially: CapEx was up ($8M) or (4.6%)
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©2025 EchoStar Corp. All Rights Reserved | Page 7 DISH TV Churn of 1.29%, down 10 basis points Y oY ● Sequentially: Churn was down 7 basis points Pay-TV OIBDA(1) of $663M, down ($90M) or (11.9%) Y oY ● Sequentially: OIBDA(1) was down ($66M) or (9.1%) Pay-TV Results (1) OIBDA is a non-GAAP measure calculated by adding back depreciation and amortization expense to operating income (loss) Total Revenue of $2,462M, down ($214M) or (8.0%) Y oY ● Y o Y decline primarily due to lower Pay-TV subscribers, partially offset by ARPU growth ● Sequentially: Revenue was down ($76M) or (3.0%) ARPU of $111.74, up $3.32 or 3.1% Y oY ● Sequentially: ARPU was up $1.10 or 1.0%
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©2025 EchoStar Corp. All Rights Reserved | Page 8 Broadband & Satellite Services Results (1) OIBDA is a non-GAAP measure calculated by adding back depreciation and amortization expense to operating income (loss) Total Revenue of $340M, down ($54M) or (13.8%) Y oY ● Y o Y decline primarily due to lower sales of consumer broadband services and enterprise hardware sales ● Sequentially: Revenue was down ($31M) or (8.3%) OIBDA(1) of $68M, down ($15M) or (17.8%) Y oY ● Y o Y decline primarily due to fewer consumer broadband subscribers, partially offset by lower bad debt expense and lower marketing expenditures ● Sequentially: OIBDA(1) was down ($18M) or (21.0%) Hughes Enterprise Contracted Backlog of $1.6B, up $0.1B Y oY or 8% ● Contracted revenue backlog defined as expected future revenue under enterprise customer contracts that are non-cancelable, including lease revenue
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Appendix Trended Charts
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©2025 EchoStar Corp. All Rights Reserved | Page 10 Wireless EOP Subscribers(1) were better by 76K or 1.0% primarily due to: • Higher activations and improved subscriber quality & focus on retention efforts Wireless net additions (Losses) were better by 228K primarily due to: • Higher marketing expenditures, new subscriber offers and promotions and growth in digital channels • Improved subscriber quality and focus on retention efforts (1)During the fourth quarter of 2024, we removed approximately 79,000 subscribers from our period end Wireless subscriber count representing Wireless subscribers whose economic interests were sold during the year ended December 31, 2024 and these subscribers will migrate off our network beginning in the second quarter of 2025. This removal had no impact on any other reported subscriber metrics, other than our period end Wireless subscriber count Wireless Metrics Year-over-Year EOP Subscribers(1) and Net Additions (Losses) (in thousands) Churn ARPU ($/Sub./Mo.) Sequential Year-over-Year Sequential Year-over-Year Sequential Wireless churn decreased by 24 basis points primarily due to: • Emphasis on acquiring and retaining higher quality subscribers, partially offset by competitive pressures, including deeper wireless device subsidies Wireless EOP Subscribers(1) were better by 212K or 3.0% primarily due to: • Higher activations and improved subscriber quality & focus on retention efforts Wireless Net Additions (Losses) were better by 62K or 41.3% primarily due to: • Higher marketing expenditures, new subscriber offers and promotions • Improved subscriber quality and focus on retention efforts Wireless churn decreased by 14 basis points primarily due to: • Emphasis on acquiring and retaining higher quality subscribers Wireless ARPU was better by $1.49 or 4.1% primarily due to: • A shift in subscriber plan mix to higher priced service plans and increased sales of value-added services Wireless ARPU was worse by ($0.49) or (1.3%) primarily due to: • Value-added services
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©2025 EchoStar Corp. All Rights Reserved | Page 11 Pay-TV Metrics Year-over-Year EOP Subscribers(1) and Net Additions (Losses) (in thousands) DISH TV Churn Pay-TV ARPU ($/Sub./Mo.) Sequential Year-over-Year Sequential Year-over-Year Sequential DISH TV EOP(1) subscribers were worse by (753K) or (12.4%) primarily due to: • Competitive pressures including cord cutting and shifting customer behavior Sling TV EOP subscribers were worse by (213K) or (10.7%) primarily due to: • Competitive pressures including other VoD and OTT service providers Pay-TV Net Additions (Loss) were worse by (157K) primarily due to: • Competitive pressures including cord cutting and shifting customer behavior DISH TV churn decreased by 10 basis points primarily due to: • Continued emphasis on acquiring and retaining higher quality subscribers Pay-TV ARPU was better by $3.32 or 3.1% primarily due to: ● DISH TV and Sling TV programming price increases DISH TV EOP(1) subscribers were worse by (180K) or (3.3%) primarily due to: • Competitive pressures including cord cutting and shifting customer behavior Sling TV EOP subscribers were worse by (109K) or (5.8%) primarily due to: • Competitive pressures including other VoD and OTT service providers Pay-TV Net Additions (Loss) were better by 120K or 31.5% primarily due to: • Focus on retention efforts DISH TV churn decreased by 7 basis points primarily due to: • Continued emphasis on acquiring and retaining higher quality subscribers Pay-TV ARPU was better by $1.10 or 1.0% primarily due to: ● Increase in Media Sales (1) During the second quarter of 2025, we removed approximately 28,000 subscribers from our period end DISH TV subscriber count representing DISH TV subscribers sold during the three months ended June 30, 2025 as part of the sale of our Fiber business. This removal had no material impact on any other reported subscriber metrics, other than our period end DISH TV subscriber count
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©2025 EchoStar Corp. All Rights Reserved | Page 12 Hughes Metrics Year-over-Year Net Additions (Losses) (in thousands) Enterprise Backlog ($ in billions) Sequential Year-over-Year Sequential Year-over-Year Sequential EOP Subscribers (in thousands) Hughes EOP subscribers were worse by (136K) or (14.2%) due to: • Increased competition from satellite-based competitors and other technologies Hughes Net Additions (Losses) were worse by (11K) or (47.8%) due to: • Fewer gross subscriber additions, partially offset by lower subscriber disconnects due to expanded satellite capacity and increased subscriber service satisfaction Hughes Enterprise Backlog increased by $0.1B Hughes EOP subscribers were worse by (34K) or (4.0%) due to: • Increased competition from satellite-based competitors and other technologies Hughes Net Additions (Losses) were worse by (4K) or (13.3%) due to: • Fewer gross subscriber additions, partially offset by lower subscriber disconnects Hughes Enterprise Backlog was flat
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©2025 EchoStar Corp. All Rights Reserved | Page 13 Total revenue was worse by ($145M) or (3.7%) primarily due to: • Pay-TV ($76M) worse • Wireless ($38M) worse • BSS ($31M) worse Financials - Revenue Year-over-Year Service Revenue ($ in millions) Equipment Sales and Other Revenue ($ in millions) Sequential Year-over-Year Sequential Year-over-Year Sequential Total Revenue ($ in millions) Total revenue was worse by ($228M) or (5.8%) primarily due to: • Pay-TV ($214M) worse • Wireless $42M better • BSS ($54M) worse Service revenue was worse by ($202M) or (5.4%) due to: • Pay-TV ($212M) worse • Wireless $39M better • BSS ($29M) worse Equipment sales & other revenue was worse by ($26M) or (12.3%) due to: • Pay-TV ($2M) worse • Wireless $3M better • BSS ($25M) worse Service revenue was worse by ($66M) or (1.8%) primarily due to: • Pay-TV ($78M) worse • Wireless $14M better • BSS ($4M) worse Equipment sales & other revenue was worse by ($79M) or (29.9%) due to: • Pay-TV $1M better • Wireless ($52M) worse • BSS ($27M) worse
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©2025 EchoStar Corp. All Rights Reserved | Page 14 Financials - Costs Year-over-Year Cost of sales - equipment and other ($ in millions) SG&A ($ in millions, % of Total revenue) Sequential Year-over-Year Sequential Year-over-Year Sequential Cost of services ($ in millions) Cost of sales - equipment & other was better by $54M or 13.2% due to: • Pay-TV $8M better • Wireless $31M better • BSS $15M better SG&A was worse by ($34M) or (5.8%) due to: • Pay-TV $26M better • Wireless ($75M) worse • BSS $14M better Cost of services was worse by ($29M) or (1.2%) due to: • Pay-TV $8M better • Wireless ($35M) worse • BSS ($2M) worse Cost of sales - equipment & other was better by $85M or 19.4% due to: • Pay-TV $0M better • Wireless $67M better • BSS $18M better SG&A was worse by ($32M) or 5.3% due to: • Pay-TV $2M better • Wireless ($31M) worse • BSS ($3M) worse Cost of services was better by $46M or 1.8% due to: • Pay-TV $90M better • Wireless ($56M) worse • BSS $11M better
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©2025 EchoStar Corp. All Rights Reserved | Page 15 Financials - Profitability Year-over-Year Sequential OIBDA(1) ($ in millions, % of Total revenue) Net Income Attributable to EchoStar(2) ($ in millions) (1) OIBDA is a non-GAAP measure calculated by adding back depreciation and amortization expense to operating income (loss) (2)In Q4 2024, non-cash gain on debt extinguishment of $689 million from EchoStar Exchange Offers of the 2025 and 2026 Convertible Notes Year-over-Year Sequential OIBDA(1) was worse by ($163M) or (36.8%) primarily due to: • Pay-TV ($90M) worse • Wireless ($58M) worse • BSS ($15M) worse OIBDA(1) was worse by ($121M) or (30.1%) primarily due to: • Pay-TV ($66M) worse • Wireless ($37M) worse • BSS ($18M) worse Net income(2) was worse by ($101M) or (48.9%) Net income(2) was worse by ($103M) or (51.0%)
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©2025 EchoStar Corp. All Rights Reserved | Page 16 Cash Flows from Operating Activities were worse by ($472M) or (98.4%) Financials - Cash Flow & CapEx Year-over-Year Sequential Year-over-Year Sequential Year-over-Year Sequential Cash flows from Operating activities ($ in millions) Free Cash Flow(1) ($ in millions) CapEx(2) ($ in millions) (1)Free Cash Flow (“FCF”) defined as “Net cash flows from operating activities” less: (i) “Purchases of property and equipment” net of “Refunds and other receipts of purchases of property and equipment,” and (ii) “Capitalized interest related to Regulatory authorizations”. Free cash flow is not a measure determined in accordance with GAAP and should not be considered a substitute for “Operating income (loss),” “Net income (loss),” “Net cash flows from operating activities” or any other measure determined in accordance with GAAP. Since free cash flow includes investments in operating assets, we believe this non-GAAP liquidity measure is useful in addition to the most directly comparable GAAP measure “Net cash flows from operating activities.” (2)CapEx defined as Purchases of property and equipment, net of refunds, and excludes capitalized interest Free Cash Flow(1) was worse by ($548M) primarily due to: • Cash Flows from Operating Activities ($472M) worse • CapEx(2) $54M lower • FCC Cap Interest ($130M) worse CapEx(2) was lower by $54M or 15.6% primarily due to: • Pay-TV ($25M) higher • Wireless $65M lower • BSS $13M lower Free Cash Flow(1) was worse by ($568M) primarily due to: • Cash Flows from Operating Activities ($199M) worse • CapEx(2) ($35M) higher • FCC Cap Interest ($334M) worse CapEx(2) was higher by ($35M) or (13.4%) primarily due to: • Pay-TV ($16M) higher • Wireless ($8M) higher • BSS ($11M) higher Cash Flows from Operating Activities were worse by ($199M) or 96.4%
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©2025 EchoStar Corp. All Rights Reserved | Page 17 Financials - Balance Sheet & Interest Year-over-Year Sequential Year-over-Year Sequential Total Debt and Cash & Marketable Securities(1) ($ in millions) Cash Paid for Interest ($ in millions) (1) Cash and Marketable Securities defined as Cash and cash equivalents plus Current and Non-Current Restricted cash and cash equivalents plus Marketable investment securities Total Debt was higher by ($4,693M) or (21.6%) primarily due to: • Q4 2024 financing transactions Cash & Marketable Securities were better by $4,029M primarily due to: • Q4 2024 financing transactions Total Debt was worse by ($122M) or (0.5%) primarily due to: • Issuing an additional $150 million aggregate principal amount of our 10 3/4% Senior Secured Notes due November 30, 2029 Cash & Marketable Securities(1) were worse by ($711M) or (13.2%) primarily due to: • Free Cash Flow of ($739M) Cash paid for interest was worse by ($326M) or (72.3%) • Semiannual interest payments related to the Q4 2024 financing transactions Cash paid for interest was worse by ($541M) primarily due to: • The quarterly timing of semiannual interest payments
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©2025 EchoStar Corp. All Rights Reserved | Page 18 Consolidated Income Statement
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©2025 EchoStar Corp. All Rights Reserved | Page 19 Condensed Consolidated Balance Sheets
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©2025 EchoStar Corp. All Rights Reserved | Page 20 Condensed Consolidated Balance Sheets (cont’d)
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©2025 EchoStar Corp. All Rights Reserved | Page 21 Consolidated Cash Flows
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©2025 EchoStar Corp. All Rights Reserved | Page 22 Consolidated Cash Flows (cont’d)
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©2025 EchoStar Corp. All Rights Reserved | Page 23 Pay-TV Trended Schedule (1) During the second quarter of 2025, we removed approximately 28,000 subscribers from our period end DISH TV subscriber count representing DISH TV subscribers sold during the three months ended June 30, 2025 as part of the sale of our Fiber business. This removal had no material impact on any other reported subscriber metrics, other than our period end DISH TV subscriber count
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©2025 EchoStar Corp. All Rights Reserved | Page 24 Wireless Trended Schedule
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©2025 EchoStar Corp. All Rights Reserved | Page 25 BSS Trended Schedule
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©2025 EchoStar Corp. All Rights Reserved | Page 26 Debt Trended Schedule