Slide 1: Q2 2025 Earnings
Q2 2025 Earnings August 1, 2025
Slide 2: Important Information
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 forwar
Slide 3: Q2 2025 Key Metrics & Priorities
Q2 2025 Key Metrics & Priorities Commitment to Positive Operating Free Cash Flow for 2025 HUGHES DISH / SLING ● Net subscriber growth (+212K in Q2) ● Grew enterprise committed contract ● Historically low DISH churn (1.29%) volume 8% YoY ● Improved churn (24bps YoY) ● Q2 Continued ARPU growth from Q1
Slide 4: Financial Summary
Financial Summary Revenue of $3.7B in Q2 2025, down ($228M) or OIBDA(1) of $280M in Q2 2025, down ($163M) or CapEx and Capitalized Interest(2) of $747M in Q2 (5.8%) YoY (36.8%) YoY 2025, up ($76M) or (11.3%) YoY ● Pay-TV $2,462M, down ($214M) or (8.0%) YoY ● Pay-TV $663M, down ($90M) or (11.9%) YoY
Slide 5: Financial Summary
Financial Summary Free Cash Flow(1) of ($739M) in Q2 2025, down ($548M) YoY Cash and Marketable Securities(2) of $4.7B in Q2 2025, up $4.0B YoY ● Primarily due to higher cash interest payments related to Q4 2024 ● Increase primarily due to Q4 2024 financing transactions financing transactions and lowe
Slide 6: Wireless Results
Wireless Results Service Revenue of $824M, up $39M or 4.9% YoY ● YoY 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% YoY ● YoY growth primarily due to a
Slide 7: Pay-TV Results
Pay-TV Results Total Revenue of $2,462M, down ($214M) or (8.0%) YoY ● YoY 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% YoY ● Sequentially: ARPU was up $1.10 or 1.0% DISH TV Churn
Slide 8: Broadband & Satellite Services Results
Broadband & Satellite Services Results Total Revenue of $340M, down ($54M) or (13.8%) YoY ● YoY 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 ($15M) or (17.8%) YoY ● YoY decli
Slide 9: Appendix
A) Appendix Trended Charts ECHOSTAR
Slide 10: Wireless Metrics
Wireless Metrics EOP Subscribers(1) and Net Additions (Losses) Churn ARPU ($/Sub./Mo.) (in thousands) Year-over-Year Year-over-Year Year-over-Year Wireless EOP Subscribers(1) were better by 76K or 1.0% primarily due to: Wireless churn decreased by 24 basis points primarily due to: Wireless ARPU was
Slide 11: Pay-TV Metrics
Pay-TV Metrics EOP Subscribers(1) and Net Additions (Losses) DISH TV Churn Pay-TV ARPU ($/Sub./Mo.) (in thousands) Year-over-Year Year-over-Year Year-over-Year DISH TV EOP(1) subscribers were worse by (753K) or (12.4%) primarily due to: DISH TV churn decreased by 10 basis points primarily due to: Pa
Slide 12: Hughes Metrics
Hughes Metrics EOP Subscribers (in thousands) Net Additions (Losses) (in thousands) Enterprise Backlog ($ in billions) Year-over-Year Year-over-Year Year-over-Year Hughes EOP subscribers were worse by (136K) or (14.2%) due to: Hughes Net Additions (Losses) were worse by (11K) or (47.8%) due to: Hugh
Slide 13: Financials - Revenue
Financials - Revenue Equipment Sales and Other Revenue Total Revenue ($ in millions) Service Revenue ($ in millions) ($ in millions) Year-over-Year Year-over-Year Year-over-Year Total revenue was worse by ($228M) or (5.8%) primarily due to: Service revenue was worse by ($202M) or (5.4%) due to: Equi
Slide 14: Financials - Costs
Financials - Costs Cost of services ($ in millions) Cost of sales - equipment and other ($ in millions) SG&A ($ in millions, % of Total revenue) Year-over-Year Year-over-Year Year-over-Year Cost of services was better by $46M or 1.8% due to: Cost of sales - equipment & other was better by $54M or 13
Slide 15: Financials - Profitability
Financials - Profitability OIBDA(1) ($ in millions, % of Total revenue) Net Income Attributable to EchoStar(2) ($ in millions) Year-over-Year Year-over-Year OIBDA(1) was worse by ($163M) or (36.8%) primarily due to: Net income(2) was worse by ($101M) or (48.9%) • Pay-TV ($90M) worse • Wireless ($58M)
Slide 16: Financials - Cash Flow & CapEx
Financials - Cash Flow & CapEx Cash flows from Operating activities Free Cash Flow(1) ($ in millions) CapEx(2) ($ in millions) ($ in millions) Year-over-Year Year-over-Year Year-over-Year Cash Flows from Operating Activities were worse by ($472M) or (98.4%) Free Cash Flow(1) was worse by ($548M) pri
Slide 17: Financials - Balance Sheet & Interest
Financials - Balance Sheet & Interest Total Debt and Cash & Marketable Securities(1) ($ in millions) Cash Paid for Interest ($ in millions) Year-over-Year Year-over-Year Total Debt was higher by ($4,693M) or (21.6%) primarily due to: Cash paid for interest was worse by ($326M) or (72.3%) • Q4 2024 fi
Slide 18: Consolidated Income Statement
Consolidated Income Statement ©2025 EchoStar Corp. All Rights Reserved | Page 18
Slide 19: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ©2025 EchoStar Corp. All Rights Reserved | Page 19
Slide 20: Condensed Consolidated Balance Sheets (cont'd)
Condensed Consolidated Balance Sheets (cont’d) ©2025 EchoStar Corp. All Rights Reserved | Page 20
Slide 21: Consolidated Cash Flows
Consolidated Cash Flows ©2025 EchoStar Corp. All Rights Reserved | Page 21
Slide 22: Consolidated Cash Flows (cont'd)
Consolidated Cash Flows (cont’d) ©2025 EchoStar Corp. All Rights Reserved | Page 22
Slide 23: Pay-TV Trended Schedule
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 ©2025 EchoStar Corp. All Rights Reserved | Page 23 during the three months ended June 30, 2025 as part of the
Slide 24: Wireless Trended Schedule
Wireless Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 24
Slide 25: BSS Trended Schedule
BSS Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 25
Slide 26: Debt Trended Schedule
Debt Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 26