EchoStar (ECHO) Investor Update summary

Transaction Overview and Strategic Transformation

• Announced sale of DISH DBS, including Sling TV, to DIRECTV for $1 with DIRECTV assuming all DISH DBS net debt; closing expected in Q4 2025, subject to regulatory and noteholder approvals.

• Executed $2.5B Pay-TV financing from TPG Angelo Gordon to refinance 2024 maturities and provide interim liquidity, with first-priority lien and 11% weighted average rate in year one.

• Launched exchange offers for $9.75B of DBS notes, allowing holders to convert into DIRECTV debt with similar terms; convertible noteholders representing over 85% committed to exchange $4.9B for new EchoStar secured notes maturing in 2030.

• Raised $5.1B in Spectrum Senior Secured Notes (5-year maturity, 10.75% interest) and $400M PIPE equity at $28.04/share, including $43.5M from CONX Corp; PIPE conditioned on closing of note exchanges and spectrum note issuance.

• Transactions reduce consolidated debt by $7B, refinancing needs by $11.6B through 2026, and increase pro forma cash to $6.07B.

Strategic Repositioning and Growth Focus

• Portfolio refocused on wireless and satellite connectivity, with $5.5B capital raised for Boost Mobile's 5G Open RAN network and other investments.

• Eliminates $2.84B in intercompany spectrum-backed obligations, unencumbering key spectrum assets for strategic use.

• Access to $1.5B Pay-TV cash flows through September 2025 while awaiting regulatory approval.

• Revenue mix shifts toward retail wireless, 5G deployment, and broadband, reducing reliance on Pay-TV.

• Strengthens position as the #4 U.S. facilities-based carrier, with improved liquidity and reduced leverage.

Operational and Market Positioning

• Boost Mobile unified for postpaid and prepaid, with a cloud-native 5G Open RAN network covering 250M+ POPs and supporting 7M wireless subscribers.

• Strategic spectrum holdings in low, mid, and high bands, including global S-band rights for direct-to-device satellite connectivity.

• Recognized as a global leader in enterprise managed satellite services, serving 570,000+ commercial sites and 1M+ broadband subscribers.

• Nationwide 99% coverage achieved through owned sites and roaming partners, with integrated retail and digital distribution, including Apple stores and Amazon.com.

• Modern IT systems and digital presence support innovation and agility in market offerings.