EchoStar (SATS) Strategy Update summary

Strategic transactions and partnerships

• Completed $22.65 billion AT&T transaction for 3.45 GHz and 600 MHz spectrum licenses, enabling immediate access for AT&T and a hybrid MNO agreement for Boost Mobile.

• Finalized $17 billion SpaceX transaction for AWS-4, H Block, and global S-band rights, with $8.5 billion paid in equity, $2 billion in interest coverage, and collaboration on next-gen Starlink Direct-to-Cell satellites.

• Unexpected FCC action in May forced a pivot from infrastructure-heavy to asset-light operations, requiring the sale of key spectrum assets and a rapid change in business strategy.

Company profile, assets, and financials

• Maintains a scaled, diversified subscriber base across DISH TV, SLING TV, Wireless, and Hughes, totaling over 24 to 30 million subscribers.

• Demonstrates revenue resilience with $15.5 billion in wireless, $10.3 billion in BSS, and $3.7 billion in Pay TV over the last twelve months.

• Holds a pro forma cash position of $24.1 billion after debt repayment, $13 billion in debt, $8.5 billion in SpaceX equity, and ~45 MHz of valuable spectrum.

Brand, business units, and market positioning

• Boost is positioned as an innovative, challenger brand leveraging AT&T and SpaceX infrastructure, with a modern, agile core network and IT systems.

• The company continues to market under individual brands (Boost, DISH, Hughes, Sling), with EchoStar as the holding company.

• DISH and SLING TV maintain high customer loyalty and increased viewership, with SLING named “Best Live Streaming Service.”

• Hughes delivers resilient, secure connectivity, leads in multi-orbit in-flight connectivity with a $1.8 billion backlog, and is transitioning to enterprise and aero solutions.