Slides
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Q3 2025 Earnings November 6, 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-K for the fiscal year ended December 31, 2024, filed on February 27, 2025. 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 November 6, 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 ECHOSTAR CAPITAL Building on a 45-year Institutional Heritage across communications, media, and technology platforms ● Create superior and lasting value through innovation, execution and integration, not speculation ● Invest in operating businesses that expand technology capabilities and market reach ● Align all initiatives on shareholder value creation focused on long-term profitable growth and prioritization of principal protection ● Disciplined diversification using both breadth of vertical domains and insightful allocation of capital Balance Sheet ● Complete announced transactions to de-lever wireless unit and enhance financial flexibility Existing Operations ● Drive value through organic growth and inorganic opportunities (acquisitions, JVs, divestitures) to maximize shareholder value ● Leverage institutional knowledge and strategic strengths New Opportunities ● Target operating businesses in content, mobile / telco, space communications, aero, defense, strategic manufacturing, enterprise services and field services ● Prioritize control or significant influence to unlock synergies and management-driven value ● Consider non-control TMT opportunities ● Open to joint sourcing and development with other companies, both strategic and financial sponsors Strategy Roadmap
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Appendix Earnings Commentary
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©2025 EchoStar Corp. All Rights Reserved | Page 6 (1) Adjusted OIBDA is a non-GAAP measure defined as “Operating income (loss)” plus “Depreciation and amortization” and “Impairments and other.” (2) CapEx and Capitalized Interest defined as Purchases of property and equipment, net of refunds, plus capitalized interest Adj. OIBDA(1) of $231M in Q3 2025, down ($86M) or (27.1%) YoY ● Pay-TV $610M, down ($66M) or (9.7%) YoY ● Wireless ($455M), down ($17M) or (3.9%) YoY ● BSS $75M, down ($3M) or (3.9%) YoY CapEx and Capitalized Interest(2) of $359M in Q3 2025, down $136M or 27.5% YoY ● Pay-TV $99M, up ($45M) or (84.7%) YoY ● Wireless $112M, down $123M or 52.4% YoY ● BSS $45M, up ($0.4M) or (0.9%) YoY ● FCC Capitalized Interest $103M, down $59M or 36.4% YoY 3Q25 ECHOSTAR | Consolidated Results Revenue of $3.6B in Q3 2025, down ($277M) or (7.1%) YoY ● Pay-TV $2,341M, down ($277M) or (10.6%) YoY ● Wireless $939M, up $41M or 4.5% YoY ● BSS $346M, down ($41M) or (10.6%) YoY
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©2025 EchoStar Corp. All Rights Reserved | Page 7 (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 (3) Adjusted OIBDA is a non-GAAP measure defined as “Operating income (loss)” plus “Depreciation and amortization” and “Impairments and other.” (4) CapEx defined as Purchases of property and equipment, net of refunds, and excludes capitalized interest Free Cash Flow(1) of ($247M) in Q3 2025, down ($28M) or (12.9%) YoY ● Primarily due to lower Adj. OIBDA(3), partially offset by lower CapEx(4) Cash and Marketable Securities(2) of $4.3B in Q3 2025, up $1.4B YoY ● Increase primarily due to Q4 2024 financing transactions 3Q25 ECHOSTAR | Consolidated Results
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©2025 EchoStar Corp. All Rights Reserved | Page 8 3Q25 WIRELESS | Quarterly Results Service Revenue of $836M, up $57M or 7.4% YoY ● YoY growth due to a larger Wireless subscriber base and 2.6% ARPU growth ● Sequentially: Service Revenue was up $12M or 1.5% ARPU of $37.22, up $0.95 or 2.6% YoY ● YoY 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 ($0.18) or (0.5%) Net Additions of 223K ● Y o Y: Wireless Net Adds up 520K ● Sequentially: Wireless Net Adds up 11K or 5.2% (1) Adjusted OIBDA is a non-GAAP measure defined as “Operating income (loss)” plus “Depreciation and amortization” and “Impairments and other.” (2) CapEx defined as Purchases of property and equipment, net of refunds, and excludes capitalized interest Adj. OIBDA(1) of ($455M), down ($17M) or (3.9%) YoY ● YoY decline primarily due to an increase in sales of higher priced wireless devices and higher SG&A, partially offset by a larger Wireless subscriber base ● Sequentially: Adj. OIBDA(1) was down ($3M) or (0.6%) CapEx(2) of $112M, down $123M or 52.4% YoY ● Sequentially: CapEx(2) was down $59M or 34.6%
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©2025 EchoStar Corp. All Rights Reserved | Page 9 DISH TV Churn of 1.33%, down 14 basis points YoY ● YoY decline due to continued emphasis on acquiring and retaining higher quality subscribers ● Sequentially: Churn was up (4) basis points Pay-TV OIBDA(1) of $610M, down ($66M) or (9.7%) YoY ● Sequentially: OIBDA(1) was down ($53M) or (8.0%) (1) OIBDA is a non-GAAP measure calculated by adding back “Depreciation and amortization” expense to “Operating income (loss) “ Total Revenue of $2,341M, down ($277M) or (10.6%) YoY ● YoY decline primarily due to smaller Pay-TV subscriber base, partially offset by 1.0% ARPU growth ● Sequentially: Revenue was down ($121M) or (4.9%) ARPU of $109.97, up $1.09 or 1.0% YoY ● YoY growth primarily due to programming price increases, partially offset by lower ad sales revenue ● Sequentially: ARPU was down ($1.77) or (1.6%) 3Q25 PAY-TV | Quarterly Results
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©2025 EchoStar Corp. All Rights Reserved | Page 10 (1) Adjusted OIBDA is a non-GAAP measure defined as “Operating income (loss)” plus “Depreciation and amortization” and “Impairments and other.” Total Revenue of $346M, down ($41M) or (10.6%) YoY ● YoY decline primarily due to lower sales of broadband services to consumer and enterprise customers, and lower hardware sales to enterprise customers ● Sequentially: Revenue was up $6M or 1.8% Adj. OIBDA(1) of $75M, down ($3M) or (3.9%) YoY ● YoY decline primarily due to a smaller consumer broadband subscriber base, partially offset by lower bad debt expense and lower marketing expenditures ● Sequentially: Adj. OIBDA(1) was up $7M or 10.1% Hughes Enterprise Contracted Backlog of $1.5B ● Contracted revenue backlog is defined as expected future revenue under enterprise customer contracts that are non-cancelable, including lease revenue 3Q25 BROADBAND & SATELLITE SERVICES | Quarterly Results
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Appendix Trended Charts
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©2025 EchoStar Corp. All Rights Reserved | Page 12 Wireless EOP Subscribers(1) were better by 536K or 7.7% primarily due to: • Higher net Government subsidized subscribers, higher activations and lower churn from from improved subscriber quality & focus on retention efforts Wireless net additions (Losses) were better by 520K primarily due to: • New subscriber offers and promotions and growth in digital channels • Improved subscriber quality and focus on retention efforts (1)During the fourth quarter of 2024, we removed approximately 79,000 subscribers from our period end Wireless subscriber count representing Wireless subscribers whose economic interests were sold during the year ended December 31, 2024 and these subscribers will migrate off our network beginning in the second quarter of 2025. Beginning in the third quarter of 2025, we removed approximately 60,000 subscribers from our period end Wireless subscriber count due to our election to deactivate Wireless subscribers accounts placed on pause and not expected to reactivate. These removals had no impact on any other reported subscriber metrics, other than our period end Wireless subscriber count. Wireless Metrics Year-over-Year EOP Subscribers(1) and Net Additions (Losses) (in thousands) Churn ARPU ($/Sub./Mo.) Sequential Year-over-Year Sequential Year-over-Year Sequential Wireless churn decreased by 13 basis points primarily due to: • Emphasis on acquiring and retaining higher quality subscribers, partially offset by competitive pressures, including deeper wireless device subsidies Wireless churn increased by (17) basis points primarily due to: • Competitive pressures, including deeper wireless device subsidies Wireless ARPU was better by $0.95 or 2.6% primarily due to: • A shift in subscriber plan mix to higher priced service plans and increased sales of value-added services Wireless EOP Subscribers(1) were better by 163K or 2.2% primarily due to: • Improved subscriber quality & focus on retention efforts Wireless Net Additions (Losses) were better by 11K or 5.2% primarily due to: • New subscriber offers and promotions • Improved subscriber quality and focus on retention efforts, partially offset by competitive pressures Wireless ARPU was worse by ($0.18) or (0.5%) primarily due to: • A shift in subscriber plan mix
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©2025 EchoStar Corp. All Rights Reserved | Page 13 Pay-TV Metrics Year-over-Year EOP Subscribers(1) and Net Additions (Losses) (in thousands) DISH TV Churn Pay-TV ARPU ($/Sub./Mo.) Sequential Year-over-Year Sequential Year-over-Year Sequential DISH TV EOP(1) subscribers were worse by (717K) or (12.2%) primarily due to: • Competitive pressures including cord cutting and shifting customer behavior Sling TV EOP(1) subscribers were worse by (148K) or (6.9%) primarily due to: • Competitive pressures including other VoD and OTT service providers Pay-TV Net Additions (Loss) were better by 50K primarily due to: • Competitive pressures including cord cutting and shifting customer behavior DISH TV churn decreased by 14 basis points primarily due to: • Continued emphasis on acquiring and retaining higher quality subscribers Pay-TV ARPU was better by $1.09 or 1.0% primarily due to: • DISH TV and Sling TV programming price increases partially offset by lower Ad Sales revenue DISH TV EOP(1) subscribers were worse by (152K) or (2.9%) primarily due to: • Competitive pressures including cord cutting and shifting customer behavior Sling TV EOP(1) subscribers were better by 201K or 11.8% primarily due to: • Launch of new programming packages and focus on higher quality subscribers Pay-TV Net Additions (Loss) were better by 268K primarily due to: • Launch of new Sling programming packages and focus on retention efforts DISH TV churn increased by (4) basis points primarily due to: • Competitive pressures including cord cutting and shifting customer behavior Pay-TV ARPU was worse by ($1.77) or (1.6%) primarily due to: • Lower Ad Sales revenue (1) During the second quarter of 2025, we removed approximately 28,000 subscribers from our period end DISH TV subscriber count representing DISH TV subscribers sold during the three months ended June 30, 2025 as part of the sale of our Fiber business. This removal had no material impact on any other reported subscriber metrics, other than our period end DISH TV subscriber count. Beginning in August 2025, we changed our calculation of SLING TV subscribers. Excluding subscribers included in net SLING TV subscriber additions, this change resulted in an increase to our period end SLING TV subscriber count of approximately 51,000 subscribers during the three months ended September 30, 2025. This change had no material impact on any other reported subscriber metrics, other than our period end SLING TV subscriber count.
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©2025 EchoStar Corp. All Rights Reserved | Page 14 Hughes Metrics Year-over-Year Net Additions (Losses) (in thousands) Enterprise Backlog ($ in billions) Sequential Year-over-Year Sequential Year-over-Year Sequential EOP Subscribers (in thousands) Hughes EOP subscribers were worse by (129K) or (14.1%) due to: • Increased competition from satellite-based competitors and other technologies Hughes Net Additions (Losses) were better by 7K or 16.3% due to: • Lower subscriber disconnects due to expanded satellite capacity and increased subscriber service satisfaction Hughes Enterprise Backlog largely unchanged Hughes EOP subscribers were worse by (36K) or (4.4%) due to: • Increased competition from satellite-based competitors and other technologies Hughes Net Additions (Losses) were worse by (2K) or (6.1%) due to: • Fewer gross subscriber additions, partially offset by lower subscriber disconnects Hughes Enterprise Backlog decreased by ($0.1B)
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©2025 EchoStar Corp. All Rights Reserved | Page 15 Total revenue was worse by ($111M) or (3.0%) due to: • Pay-TV ($121M) worse • Wireless $4M better • BSS $6M better Financials - Revenue Year-over-Year Service revenue ($ 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 ($277M) or (7.1%) due to: • Pay-TV ($277M) worse • Wireless $41M better • BSS ($41M) worse Service revenue was worse by ($244M) or (6.6%) due to: • Pay-TV ($273M) worse • Wireless $57M better • BSS ($27M) worse Equipment sales & other revenue was worse by ($33M) or (15.0%) due to: • Pay-TV ($3M) worse • Wireless ($17M) worse • BSS ($14M) worse Service revenue was worse by ($112M) or (3.2%) due to: • Pay-TV ($118M) worse • Wireless $12M better • BSS ($6M) worse Equipment sales & other revenue was better by $1M or 0.8% due to: • Pay-TV ($3M) worse • Wireless ($8M) worse • BSS $12M better
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©2025 EchoStar Corp. All Rights Reserved | Page 16 Financials - Costs Year-over-Year Cost of sales - equipment and other ($ 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 $2M or 0.4% due to: • Pay-TV $11M better • Wireless ($15M) worse • BSS $6M better SG&A was better by $22M or 3.4% due to: • Pay-TV $27M better • Wireless ($30M) worse • BSS $21M better Cost of services was better by $92M or 3.7% due to: • Pay-TV $84M better • Wireless $10M better • BSS largely unchanged Cost of sales - equipment & other was worse by ($38M) or (10.5%) due to: • Pay-TV $1M better • Wireless ($33M) worse • BSS ($4M) worse SG&A was better by $8M or 1.3% due to: • Pay-TV ($17M) worse • Wireless $16M better • BSS $5M better Cost of services was better by $168M or 6.6% due to: • Pay-TV $174M better • Wireless ($13M) worse • BSS $11M better
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©2025 EchoStar Corp. All Rights Reserved | Page 17 Financials - Profitability Year-over-Year Sequential Adj. OIBDA(1) ($ in millions, % of Total revenue) Net Income Attributable to EchoStar(2) ($ in millions) (1) Adjusted OIBDA is a non-GAAP measure defined as “Operating income (loss)” plus “Depreciation and amortization” and “Impairments and other.” (2) In Q4 2024, includes a non-cash gain on debt extinguishment of $689 million from EchoStar Exchange Offers of the 2025 and 2026 Convertible Notes. Year-over-Year Sequential Adj. OIBDA(1) was worse by ($86M) or (27.1%) due to: • Pay-TV ($66M) worse • Wireless ($17M) worse • BSS ($3M) worse Adj. OIBDA(1) was worse by ($49M) or (17.4%) due to: • Pay-TV ($53M) worse • Wireless ($3M) worse • BSS $7M better Net income(2) was worse by ($12.5B) primarily due to: • ($16.5B) Impairments and Other, partially offset by $4B Tax Benefits Net income(2) was worse by ($12.6B) primarily due to: • ($16.5B) Impairments and Other, partially offset by $4B Tax Benefits
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©2025 EchoStar Corp. All Rights Reserved | Page 18 Cash Flows from Operating Activities were worse by ($164M) or (59.6%) Financials - Cash Flow & CapEx Year-over-Year Sequential Year-over-Year Sequential Year-over-Year Sequential Cash Flows from Operating activities ($ 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 ($28M) or (12.9%) due to: • Cash Flows from Operating Activities ($164M) worse • CapEx(2) $78M lower • FCC Cap Interest $59M lower Free Cash Flow(1) was better by $493M or 66.6% due to: • Cash Flows from Operating Activities $104M better • CapEx(2) $37M lower • FCC Cap Interest $351M lower CapEx(2) was lower by $37M or 12.7% due to: • Pay-TV ($20M) higher • Wireless $59M lower • BSS ($2M) higher Cash Flows from Operating Activities were better by $104M CapEx(2) was lower by $78M or 23.3% due to: • Pay-TV ($45M) higher • Wireless $123M lower • BSS largely flat
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©2025 EchoStar Corp. All Rights Reserved | Page 19 Financials - Balance Sheet & Interest Year-over-Year Sequential Year-over-Year Sequential Total Debt and Cash & Marketable Securities(1) ($ 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 worse by ($2,233M) or (9.3%) due to: • Q4 2024 financing transactions Cash & Marketable Securities were better by $1,380M or 48.0% primarily due to: • Q4 2024 financing transactions Cash paid for interest was worse by ($3M) or (1.4%) Cash paid for interest was better by $560M or 72.1% due to: • The quarterly timing of semiannual interest payments Total Debt was better by $144M or 0.5% due to: • Redeeming $167M the principal balance of our Term Loan due as of September 30, 2025 Cash & Marketable Securities(1) were worse by ($435M) or (9.3%) primarily due to: • Free Cash Flow of ($247M) • Redeeming $167M the principal balance of our Term Loan due as of September 30, 2025
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©2025 EchoStar Corp. All Rights Reserved | Page 20 Appendix Trended Schedule 20
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©2025 EchoStar Corp. All Rights Reserved | Page 21 Consolidated Income Statement
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©2025 EchoStar Corp. All Rights Reserved | Page 22 Condensed Consolidated Balance Sheets
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©2025 EchoStar Corp. All Rights Reserved | Page 23 Condensed Consolidated Balance Sheets (cont’d)
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©2025 EchoStar Corp. All Rights Reserved | Page 24 Consolidated Cash Flows
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©2025 EchoStar Corp. All Rights Reserved | Page 25 Consolidated Cash Flows (cont’d)
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©2025 EchoStar Corp. All Rights Reserved | Page 26 Wireless Trended Schedule
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©2025 EchoStar Corp. All Rights Reserved | Page 27 Pay-TV Trended Schedule
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©2025 EchoStar Corp. All Rights Reserved | Page 28 BSS Trended Schedule
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©2025 EchoStar Corp. All Rights Reserved | Page 29 Debt Trended Schedule
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©2025 EchoStar Corp. All Rights Reserved | Page 30 Non-GAAP Reconciliation
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©2025 EchoStar Corp. All Rights Reserved | Page 31 Notes to Trended Schedule