Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 6, 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: EchoStar Capital
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 reac
Slide 4: EchoStar
NNT ECHUSTAR
Slide 5: Appendix: Earnings Commentary
Appendix Earnings Commentary
Slide 6: 3Q25 EchoStar | Consolidated Results
3Q25 ECHOSTAR | Consolidated Results Revenue of $3.6B in Q3 2025, down ($277M) or Adj. OIBDA(1) of $231M in Q3 2025, down ($86M) CapEx and Capitalized Interest(2) of $359M in Q3 (7.1%) YoY or (27.1%) YoY 2025, down $136M or 27.5% YoY ● Pay-TV $2,341M, down ($277M) or (10.6%) YoY ● Pay-TV $610M, down
Slide 7: 3Q25 EchoStar | Consolidated Results
3Q25 ECHOSTAR | Consolidated Results Free Cash Flow(1) of ($247M) in Q3 2025, down ($28M) or (12.9%) YoY Cash and Marketable Securities(2) of $4.3B in Q3 2025, up $1.4B YoY ● Primarily due to lower Adj. OIBDA(3), partially offset by lower CapEx(4) ● Increase primarily due to Q4 2024 financing transa
Slide 8: 3Q25 Wireless | Quarterly Results
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
Slide 9: 3Q25 Pay-TV | Quarterly Results
3Q25 PAY-TV | Quarterly Results 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 du
Slide 10: 3Q25 Broadband & Satellite Services | Quarterly Results
3Q25 BROADBAND & SATELLITE SERVICES | Quarterly Results 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 $6M or 1.8
Slide 11: Appendix: Trended Charts
A) Appendix Trended Charts ECHOSTAR
Slide 12: Wireless Metrics
Wireless Metrics EOP Subscribers(1) and Net Additions (Losses) Churn ARPU ($/Sub./Mo.) (in thousands) Year-over-Year Year-over-Year Year-over-Year Wireless EOP Subscribers(1) were better by 536K or 7.7% primarily due to: Wireless churn decreased by 13 basis points primarily due to: Wireless ARPU was
Slide 13: Pay-TV Metrics
Pay-TV Metrics EOP Subscribers(1) and Net Additions (Losses) DISH TV Churn Pay-TV ARPU ($/Sub./Mo.) (in thousands) Year-over-Year Year-over-Year Year-over-Year DISH TV EOP(1) subscribers were worse by (717K) or (12.2%) primarily due to: DISH TV churn decreased by 14 basis points primarily due to: Pa
Slide 14: Hughes Metrics
Hughes Metrics EOP Subscribers (in thousands) Net Additions (Losses) (in thousands) Enterprise Backlog ($ in billions) Year-over-Year Year-over-Year Year-over-Year Hughes EOP subscribers were worse by (129K) or (14.1%) due to: Hughes Net Additions (Losses) were better by 7K or 16.3% due to: Hughes E
Slide 15: 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 ($277M) or (7.1%) due to: Service revenue was worse by ($244M) or (6.6%) due to: Equipment sale
Slide 16: Financials - Costs
Financials - Costs Cost of services ($ 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 $168M or 6.6% due to: Cost of sales - equipment & other was better by $2M or 0.
Slide 17: Financials - Profitability
Financials - Profitability Adj. OIBDA(1) ($ in millions, % of Total revenue) Net Income Attributable to EchoStar(2) ($ in millions) Year-over-Year Year-over-Year Adj. OIBDA(1) was worse by ($86M) or (27.1%) due to: Net income(2) was worse by ($12.6B) primarily due to: • Pay-TV ($66M) worse • ($16.5B)
Slide 18: Financials - Cash Flow & CapEx
Financials - Cash Flow & CapEx Cash Flows from Operating activities Free Cash Flow(1) ($ 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 ($164M) or (59.6%) Free Cash Flow(1) was worse by ($28M) or (
Slide 19: Financials - Balance Sheet & Interest
Financials - Balance Sheet & Interest Total Debt and Cash & Marketable Securities(1) ($ in millions) Cash Paid for Interest ($ in millions) Year-over-Year Year-over-Year Total Debt was worse by ($2,233M) or (9.3%) due to: Cash paid for interest was worse by ($3M) or (1.4%) • Q4 2024 financing transac
Slide 20: Appendix: Trended Schedule
Appendix Trended Schedule ©2025 EchoStar Corp. All Rights Reserved 20 | Page 20
Slide 21: Consolidated Income Statement
Consolidated Income Statement ©2025 EchoStar Corp. All Rights Reserved | Page 21
Slide 22: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ©2025 EchoStar Corp. All Rights Reserved | Page 22
Slide 23: Condensed Consolidated Balance Sheets (cont'd)
Condensed Consolidated Balance Sheets (cont’d) ©2025 EchoStar Corp. All Rights Reserved | Page 23
Slide 24: Consolidated Cash Flows
Consolidated Cash Flows ©2025 EchoStar Corp. All Rights Reserved | Page 24
Slide 25: Consolidated Cash Flows (cont'd)
Consolidated Cash Flows (cont’d) ©2025 EchoStar Corp. All Rights Reserved | Page 25
Slide 26: Wireless Trended Schedule
Wireless Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 26
Slide 27: Pay-TV Trended Schedule
Pay-TV Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 27
Slide 28: BSS Trended Schedule
BSS Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 28
Slide 29: Debt Trended Schedule
Debt Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 29
Slide 30: Non-GAAP Reconciliation
Non-GAAP Reconciliation ©2025 EchoStar Corp. All Rights Reserved | Page 30
Slide 31: Notes to Trended Schedule
Notes to Trended Schedule ©2025 EchoStar Corp. All Rights Reserved | Page 31
Slide 32: EchoStar
NNT ECHUSTAR