Form 8-K

8-K — EchoStar CORP

Accession: 0001415404-26-000042

Filed: 2026-08-07

Period: 2026-08-07

CIK: 0001415404

SIC: 4899 (COMMUNICATION SERVICES, NEC)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — sats-20260807x8k.htm (Primary)

EX-99.1 (sats-20260807xex99d1.htm)

EX-99.2 (sats-20260807xex99d2.htm)

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8-K

8-K (Primary)

Filename: sats-20260807x8k.htm · Sequence: 1

ECHOSTAR CORPORATION_August 7, 2026

0001415404falsefalsefalsefalsefalsefalsefalse8-K2026-08-0700015337580001415404sats:HughesSatelliteSystemsCorporationMember2026-08-072026-08-0700014154042026-08-072026-08-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2026

ECHOSTAR CORPORATION

(Exact name of registrant as specified in its charter)

001-33807

(Commission File Number)

Nevada

26-1232727

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

9601 South Meridian Boulevard

Englewood, Colorado

80112

(Address of principal executive offices)

(Zip code)

(303) 723-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A common stock, $0.001 par value

ECHO

The Nasdaq Stock Market L.L.C.

HUGHES SATELLITE SYSTEMS CORPORATION

(Exact name of registrant as specified in its charter)

333-179121

(Commission File Number)

Colorado

45-0897865

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

9601 South Meridian Boulevard

Englewood, Colorado

80112

(Address of principal executive offices)

(Zip code)

(303) 723-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01.

Regulation FD Disclosure.

Cleansing Materials

In connection with confidential discussions by management of Hughes Satellite Systems Corporation (“HSSC”) with certain holders of HSSC’s 5.25% Senior Secured Notes due 2026 and its 6.625% Senior Notes due 2026 (the “Funded Debt Obligations”), HSSC entered into confidentiality agreements (the “Confidentiality Agreements”) that facilitated its ability to engage in discussions with such holders regarding one or more potential transactions involving the Funded Debt Obligations. Such discussions failed to achieve an agreement with respect to a potential transaction.

Pursuant to the Confidentiality Agreements, HSSC agreed to publicly disclose certain confidential information previously disclosed to such holders of Funded Debt Obligations (collectively, the “Cleansing Materials”) upon the occurrence of certain events set forth in the Confidentiality Agreements. The Cleansing Materials attached as Exhibits 99.1, 99.2, 99.3 and 99.4 hereto are being furnished in satisfaction of HSSC’s public disclosure obligations under the Confidentiality Agreements.

The Cleansing Materials were prepared solely to facilitate discussions with the holders of Funded Debt Obligations, was not prepared with a view toward public disclosure, and should not be relied upon to make an investment decision with respect to us or our securities. The Cleansing Materials reflect assumptions and plans from the fourth quarter of 2025 under various assumptions as of the date of such materials, and many of such assumptions and plans may have changed since that time. The Cleansing Materials should not be regarded as an indication that EchoStar Corporation, HSSC or any third party considers the Cleansing Materials to be material non-public information or a reliable prediction of future events, and the Cleansing Materials should not be relied upon as such. Neither EchoStar Corporation, HSSC nor any third party makes any representation to any person regarding the accuracy or completeness of any of the information contained in the Cleansing Materials or undertakes any obligation to update the Cleansing Materials to reflect circumstances existing after the dates when the Cleansing Materials were prepared or conveyed or to reflect the occurrence of future events, even if any or all of the assumptions underlying the Cleansing Materials becomes or is shown to be incorrect.

The information set forth in this Current Report and the exhibit attached hereto are not an offer to sell or exchange, or solicitation of an offer to buy or exchange, any securities, or a solicitation of consents with respect to any of our securities.

The information included in this Current Report under Item 7.01 and Exhibits 99.1, 99.2, 99.3 and 99.4 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Exchange Act or the U.S. Securities Act of 1933, as amended, regardless of any general incorporation language in such filings.

Warning Concerning Forward-Looking Statements

This Current Report contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements as a result of various factors. Further, our actual results may differ from the financial projections, prospective financial information and forecasts included in the Cleansing Materials.

The information contained in our periodic and current reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” therein or incorporated therein, also identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon any forward-looking statements.

Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events, or otherwise.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.

Description

Exhibit 99.1

HSSC Cleansing Material – Presentation.

Exhibit 99.2

HSSC Cleansing Material – Q4 2025 Model with allocated BSS.

Exhibit 99.3

HSSC Cleansing Material – Q4 2025 Model without J3 lease payment.

Exhibit 99.4

HSSC Cleansing Material – Q4 2025 Model with J3 lease payment.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ECHOSTAR CORPORATION

HUGHES SATELLITE SYSTEMS CORPORATION

Date: August 7, 2026

By:

/s/ Jeffrey H. Blum

Jeffrey H. Blum

ActingChief Legal Officer and Secretary

EX-99.1

Filename: sats-20260807xex99d1.htm · Sequence: 2

Exhibit 99.1

Confidential

HSSC Management Plan

Confidential Information Presentation

23 June 2026 | Hughes Network Systems

Confidential

Global SatCom leader supported by proprietary technology, global scale and a visible growth trajectory

Hughes 2030 Vision

 Leading U.S.-based provider of resilient connectivity solutions

(GEO, LEO, terrestrial, wireless) with over $1.4bn of revenue and

>$200m of operating cash flow

 Global leader in ground segment technology, manufacturing,

deployment and operations with proven experience in large-scale

LEO systems

 Unique, proprietary multi-transport platform with extensive AI

Ops, proven on consumer and enterprise scale

 Strong Defense and blue-chip customer relationships supported

by onshore ITAR/CUI and DoW qualified manufacturing

 Repositioned portfolio delivering stable cash flow from Consumer

and double-digit growth in Enterprise

Durable Cash

Generation

Space, AI &

Resilient

Communications

Technology

Manufacturing

High-Growth

Aero,

Defense &

Managed

Services

Consumer

$400mm in revenue growth driven by

existing backlog and continued

Enterprise momentum…

$646

$1,663 $786

$158 $1,433

$1,822

2025A 2030E

…with significant OFCF generation1

$188

$278

2025A 2030E

4.9% CAGR

8.2% CAGR

($ in millions)

1. OFCF defined as OIBDA less capex and working capital

Consumer

Enterprise

Key Business Highlights

Confidential

Hughes: Scaled, Technology-Forward, Trusted

Scale Technology Reliability

Hughes Facilities

Capacity and Service Reach

Hughes Provides Service

Operations / Management Center

2,100+

Patents Issued

and Pending

$1.5B

Q1’26 Contracted

Backlog

739K

Subscribers as

of Q4’25

Defense

92% growth vs

2025

~7% of 2026

Revenue2

Defense

92% growth vs

2025

~7% of 2026

Revenue2

~1,850

Worldwide

Employees1

140K

Sq. Ft

Manufacturing

Facility

1. Excludes contracted workers

2. 2026 estimates; Includes defense revenue from domestic and international

>99.9%

Network

Availability

ITAR/CUI

Compliant

Facility

Satellites

Ground

Stations

Global Coverage

Confidential

Experienced Leadership Team

Paul Gaske

Chief Operating Officer

Ramesh Ramaswamy

EVP & General Manager

International Division

Dr. Charles Barnett

SVP Hughes Engineering

Dan Rasmussen

SVP & General Manager, North

America Enterprise Division

 Leads all revenue-generating

activities across Hughes globally

 Joined Hughes in 1977 as a

digital design engineer, held roles

in engineering, marketing and

business management

 Oversees international broadband

operations

 Previously held senior roles in

engineering, operations, sales

and marketing at Hughes

 Leads engineering and technology

development organization

 Has a broad technical background

in wired/wireless terrestrial and

satellite communications

 Career spanning over 40 years

 Leads the Enterprise segment,

overseeing sales, solution delivery

and program operations across N.A.

 Played critical role in expanding

Hughes managed services portfolio

Jeff Boggs

SVP Hughes Finance and

Accounting

 Responsible for P&L, balance sheet

and cash performance for global

operations

 Joined Hughes Space and

Communications in 1985, held

financial roles within satellite

manufacturing, International new

business, DOD and Commercial

Programs

Deep industry knowledge and proven ability to deliver growth

Hossein Memarsadeghi

SVP & General Manager, North

America Consumer Division

 Leads the consumer segment,

oversees sales, marketing,

distribution, business operations

and service management, as well

as satellite fleet and infrastructure

operations and management

 Previously held engineering,

service delivery, launch, product,

program and business

management roles at Hughes

Confidential

Seasoned leadership team positioned to execute on Hughes’ multi-transport growth strategy

Organizational Structure

Hughes

COO

Shared Services Organizations

Legal Finance HR

IT Networks & Technology Service Delivery

Engineering Quality Manufacturing Marketing Comms

Systems and

Satellite

Engineering

Software

Engineering

Hardware

Engineering

Advanced

Development

Consumer

Marketing & Sales

Consumer Products

& Services

Satellite Fleet &

Infrastructure -

Operations &

Management

Aviation

Defense &

Intelligence

Managed Services

Hughes – Brazil

Hughes – Europe

Hughes LATAM

Hughes India

Hughes ROW

Workforce Breakdown by Worker Type

Employees By Country1

~62%

~38%

Employees Contracted Workers

~3,000

Workforce Hughes Engineering

Charles Barnett

North America

Consumer

North America

Enterprise International

1. Excludes contracted workers

~71%

~10%

~3%~2% ~4%

US India Brazil UK Germany Others

Confidential

Corporate Headquarters and Satellite Offices

Strategically positioned offices supporting innovation, delivery and customer engagement

~1,850

Employees1

Office Locations

Worldwide

Countries with

Offices

Corporate Headquarters

Satellite Offices

San Diego, CA

American Fork, UT

Germantown, MD

Southfield, MI

Englewood,

Mexico City, MX

Bogotá, Colombia

Lima, Peru

Santiago, Chile

Quito, Ecuador

São Paulo, Brazil (3)

Boa Vista,

Brazil

Habitasa, Brazil

Brasilia, Brazil

Rio de Janeiro,

Brazil (2)

Gaithersburg, MD

Electronic City,

Gurgaon, India

Bangalore,

India

New Delhi,

India

Kolkata,

India

Chennai,

India

Mumbai,

India

Dublin, Ireland

Milton

Keynes, UK

Griesheim,

Germany

Rome Italy

Sofia,

Bulgaria

Dubai,

UAE

Jakarta,

Indonesia

Melbourne, FL Riyadh, Saudi Arabia

Buenos Aires, Argentina

1. Excludes contracted workers

Confidential

Significant Satellite Capacity to Support Growth

Note: Al Yah 3 and EchoStar IX are no longer in service

1. Represents company estimate of end of life for owned satellites and date of lease expiry for leased satellites

2. Company holds FCC-authorized orbital slot licenses at 95.2°W, 97.1°W and 107°W corresponding to operational owned satellites (Jupiter 1–3). These regulatory assets support continued U.S.

service coverage.

PP&E

Utilization Gross | Net

Capacity

(Gbps)

Location

Spectrum (Longitude)

Lease Expiry

/ End of Life Launch 1

Owned /

Satellite Leased

Owned July 2012 April 2030 Ka FSS 107 W 120 95% $504 | $24 EchoStar XVII (Jupiter 1)

August 2034 Ka FSS 97.1 W 200 100% $545 | $101 December 2016 Owned EchoStar XIX (Jupiter 2)

July 2023 July 2039 Ka FSS 95.2 W 500 81% $627 | $248

Owned

(Leased by HSSC)

EchoStar XXIV

(Jupiter 3)

Leased March 2016 July 2031 Ka FSS 65 W 35 71% $74 | $13 Eutelsat 65 West A

Telesat T19V Leased July 2018 August 2033 Ka FSS 63 W 52 62% $152 | $36

$129 | $26 24 Ku and C-band 36 MHz Transponders Ku FSS 105 W November 2031 Leased October 2017 EchoStar 105/SES-11

Satellite Profile Specs Capacity Capex

($ in millions)

Confidential

Hughes Well Positioned in the Growing Space Market

Global

Infrastructure

Space

Launch Spacecraft Constellation

Mission Management

User

Equipment

& Services

Global

Market

Presence

End Markets

Systems

Service

Traffic Gateways LEO / MEO Systems & Networks

Terrestrial

Networks

5G / NTN Systems

Manufacturing

Customer

Support

Program

Management

Field Services

AI-Powered Network &

Service Management

ESA – Fixed &

Mobile Broadband Specialized Government Hardware & Software Defined Modems

Direct, Indirect

Channels Regulatory / Licensing Standards Subsidiaries and Offices in Key Global Markets

Enterprises Defense Service Providers Consumers

Building a vertically integrated space and ground company

Satellite Terminals (L Band to V) Handsets of Portable Terminals

Resilient

Communications

Comms Payload

Architecture

End-to-end Systems Engineering

Confidential

Proven Manufacturing Expertise supporting major

constellations with innovative, on-shore capabilities

Strong Free Cash Flow Generation from excess Jupiter-3

capacity and minimal future capex

Strong Technology Competencies across a broad spectrum of

space, satellite, and ground solutions

Growing Aero and Defense Segments delivering best-in-class connectivity at the lowest cost per bit

Leading Managed Services Capabilities including networking

and cybersecurity services recognized by customers and

Gartner, serving over 100 top brands as customers

Experienced Leadership Team with deep industry knowledge and

proven ability to deliver growth

Hughes Key Investment Highlights

Confidential

($37)

$44 $87 $135 $192

$260

$384

$302 $216 $165 $101

$55

$347 $347

$303 $300 $293 $315

2025A 2026E 2027E 2028E 2029E 2030E

Enterprise Consumer

$646 $743

$975

$1,173

$1,406

$1,663

$786 $609

$450

$314

$223

$158

$1,433

$1,352 $1,425 $1,487

$1,629

$1,822

2025A 2026E 2027E 2028E 2029E 2030E

Enterprise Consumer

1. Includes corporate allocations

2. Includes ~$9mm of one-time inventory and labor write-off pertaining to

Hughes Financial Summary

Revenue OIBDA1

• Enterprise-led growth supported by current backlog of $1.5bn and the expanding pipeline in Aero, Defense

and Managed Services

• Best-in-class Aero solution offering flexible future proof technology and large managed services

opportunity underpin long-term growth trajectory

• Managed decline in consumer drives cash flow generation

Total: 4.9%

Enterprise: 20.8%

24% 26% 21% 20% 18% 17%

% Margin

Key

Drivers

’25-’30 CAGR

($ in millions)

Confidential

Diversified portfolio with increasing focus on high-growth enterprise segments

Segment Overview and Evolution

Revenue Evolution

International

Enterprise

Domestic

Managed

Services

Aero

Defense

Hybrid GEO/LEO and managed satellite

networks for corporations and governments

across the Americas & beyond

End-to-end, SD-WAN-driven, multi-transport

connectivity solutions

Compact, software-defined in-flight

connectivity solutions integrating GEO and

LEO services

Secure, resilient SATCOM and tactical

networks with real-time management and

open-architecture design

$1,433

2025A

Enterprise

$1,822

2030E

Consumer

Hughesnet delivers up to 100 Mbps with

unlimited data and low-latency Fusion for

rural & underserved areas

Confidential

Hughes Segment Overview

Managed Services Consumer: Managed Decline

($ in millions)

Segments ’26E

Revenue

Growth

’26E

OIBDA

’26E

Margin

North America

$552

Broadband

connectivity for

rural U.S. markets

using JUPITER

satellites

delivering reliable,

high-speed

internet

(28%)

’26E – 30E

CAGR

(23%)

’26E

Growth %

$296

54%

International

Extending

broadband access

in LATAM and

emerging markets

$57

(34%)

’26E – 30E

CAGR

(23%)

’26E

Growth %

11%

International

Enterprise

Managed satellite

and hybrid

networks for

global corporates,

telcos and

government

clients

$274

’26E – 30E

CAGR

14%

’26E

Growth %

$30

11%

North America

Managed

Services

End-to-end SD-WAN, 5G and

cybersecurity

solutions |

Segment

restructuring and

process

optimization will

underpin future

profitability

$201

25%

’26E – 30E

CAGR

14%

’26E

Growth %

($15)3

(8%)

US Defense

Secure satellite,

5G and tactical

comms. for U.S.

and allied defense

networks

$42

35%

’26E – 30E

CAGR

30%

’26E

Growth %

$44

17%

’26E – 30E

CAGR

35%

’26E

Growth %

14%

1. Includes corporate allocations

2. Represents OIBDA margin

3. Domestic Managed Services OIBDA excluding corporate allocations forecasted to be positive

Q4 2026 onwards

Aero

Inflight

connectivity

solutions |

Capital intensive

phase concluded

in 2025 with

profitability

increasing from

2026 onwards

$183

34%

’26E – 30E

CAGR

10%

’26E

Growth %

$21

12%

Other Enterprise

Confidential

Healthy Increases Driven by Enterprise Segment

New Orders/Pipeline

 Enterprise orders Increases 80% in 2026 from $465M

to $839M

 Driven by aero and satellite platform orders

 Enterprise backlog increases 11% to >$1.6B in 2026

Orders Shifting to Enterprise as Planned

2026 Orders Highlights

 Aero:

 $51M

 $48M

 $167M

 NA Managed Services:

 $12M

 $10M

 Defense:

 $20M

 $18M

Confidential

Solidifying Hughes as a global enterprise connectivity leader, anchored in managed networks, IFC and defense-grade communications

Hughes Growth Trajectory

Revenue Evolution Key Growth Drivers

$1,433

($628)

$125

$314 $49

$422

$108 $1,822

2025A Cons. Int'l

Ent.

N. Amer.

Managed

Svc.

Aero US

Defense

2030E

Enterprise-Led

Transformation

 Transitioning capacity from Consumer

broadband to Enterprise-driven, recurring

long-term revenue streams with

significantly lower churn and higher

renewal rates

 Expanding multi-transport capabilities

through GEO / MEO / LEO integration and

ESA innovation, including new KA ESA

antennas in 2026

Accelerate Aero

Leadership

 Converting marquee airline wins into

scalable, recurring service revenue

 Technology leader enabling low-cost

service and flexibility of connectivity

providers

Scale Managed

Services

Platform

 Growing SD-WAN, cybersecurity and

private 5G enterprise offerings for SMBs

 Leverage large sales force and on-the-ground technicians

Significant

Defense Growth

 Deepening role in secure, resilient,

mission-critical communications for U.S.

and allied programs

 Utilizing on-shore, trusted manufacturing

capabilities

OIBDA OIBDA

$347 $315

Strong Enterprise momentum offsets

structural decline in Consumer

($ in millions)

Confidential

Strong Free Cash Flow Generation

Sustained cash flow growth from capital-light Enterprise segment

Consumer Cash Flows Enable

Enterprise Expansion

Capital-Light Mix Drives

FCF Conversion

$1.3bn Cum.

FCF By 2030

1. OFCF defined as OIBDA less capex and working capital. Includes Hughes corporate expense allocated as a % of revenue between segments

2. Reflects OFCF as a percentage of OIBDA

Enterprise FCF contribution

increases to ~40% by 2030

Cumulative

OFCF

Generation

Over Time1

Annual OFCF $296 $243 $272 $259 $278 1

% Conversion2 85% 80% 91% 88% 88%

Consumer

Enterprise

$289

$497

$659 $755 $805 $7

$42

$152

$315

$544

$296

$539

$811

$1,070

$1,349

2026E 2027E 2028E 2029E 2030E

Confidential

Positioned for sustained growth through hybrid technology, OEM partnerships and long-term backlog visibility

Growing Aero Segment

Proven Track Record and Product Pipeline

ThinKom Ka2517

Dual-Band (Ka/Ku) In-Flight

Connectivity System

Selected Hughes for select

future-delivery A350 & A321neo

aircraft

JUPITER Aero System

Dual-band with MODMAN

Selected Hughes for 400+

Boeing 717

Selected by for multi-orbit IFC solution across their fleet

Hughes Ku ESA

Ku LEO Gen1

Hughes Ku ESA

Dual OAE Fusion

Fusion: Ka GEO and Ku LEO

Ka2517 Plus Fusion

Fusion: Ka GEO and Ku LEO

ESA-ESA Fusion

Ku LEO

2029

2028

2027

2026

2025

2024

2023

2017

2016

Product

Releases

Customer

Wins

 Hybrid Multi-Transport Connectivity

 Multi-network (GEO + LEO) architecture delivering

resilient, high-throughput in-flight connectivity

 Eliminates Constellation Lock

 Hughes’ proprietary antennas enable broadband

throughput across satellite operators reducing

reliance on any given constellation

 Embedded OEM & Airline Partnerships

 Line-fit programs with Airbus and Boeing and multi-year airline wins creates durable

customer relationships

 Compatible with Starlink and Amazon Leo

Hughes Positioned to Win

Select Customers

Selected by for multi-orbit

IFC solution across their fleet

Confidential

$160 $144

$219 $209 $239

$274

$39

$89

$154

$227

$315

$167 $183

$308

$363

$466

$589

1% 12% 15% 18% 19% 20%

2025A 2026E 2027E 2028E 2029E 2030E

60%

27%

13%

 Provides in-flight broadband and connectivity for commercial Customer Mix*

aviation using JUPITER GEO satellites and LEO partnerships

 Multi-year service agreements with major airlines / OEMs

 Positioned to capture growth from increasing in-flight Wi-Fi adoption and aircraft digital transformation

 Differentiated by integrated ground systems, terminals and

managed service platform for consistent global coverage

 Maintains a vertically integrated supply chain across

network, hardware and operations

 Actively expanding partnerships with manufacturers and

MRO providers to embed connectivity at delivery

 Acquired Anderson Connectivity to insource Part 145

maintenance support

Enabling global in-flight connectivity through integrated satellite solutions

Aero Segment: High Growth

Description

Investment Highlights

Contractual revenue with strong

customer retention

Capital-light model with improving

margin profile

III

Revenue and OIBDA Margin Evolution

Customer Breakdown

Differentiated, proprietary GEO + LEO

antenna system

Terms

IV Strong, durable relationships with airline operators and OEMs

7 years 7 years 10 years 5 Years Contract Length

Per

Passenger

Basis

Hardware

Sales +

HW/SW

Support

Hardware

Sales

Per

Passenger

Basis

Pricing

Model

< 3 years Payback Period

Service Hardware OIBDA Margin

*Excludes other small

customers

Upfront investment and product

deployment to drive profitability

from 2026 onwards as the service

mix increases

Confidential

Defense Segment – Poised for Rapid Growth

SOVEREIGN OPPORTUNITIES

$100M+ Qatar Mexico Others

NETWORKS

• 5G Secure Services

• 5G Deployments

• Whidbey ISL

• Ft Bliss

• Multi-Orbit LEO/MEO/GEO

• Systems

• Terminals

• Modems

GROUND SYSTEMS

• Ground Entry Point (GEP)

•

• Global Gateways

• $150M Opportunity

• PTES - Protected SATCOM

• Gateway Systems

• Over $60M to date

• $100M in follow-on next

3-5 yrs

• Maneuverable GEO

• SATCOM / Commercial

Terminals

• $900M IDIQ / 10-year

• Partnerships ( ,

satellite manufacturers)

DRONES

• Warp Speed Modem

• US Manufacturing

• Controllers, Motors

• Integration

• Drone Sub Assemblies

•

Confidential

Hughes awarded

$151B

Hughes awarded Protected

SATCOM ground system

development contract

Growth includes manufacture of

satellite ground system equipment

Hughes awarded Protected

SATCOM ground system

development contract

Growth includes manufacture of

satellite ground system equipment

Warpspeed G2

5G/SATCOM multi-transport

modem for small drone platforms

SCM (next gen HM400)

Domestic and Int’l SATCOM

capable modem

HL1200

Custom ESA begins

testing in Europe

Hughes selected to upgrade DoW

5G network to support drones

Hughes Selected to Deploy

Private 5G Network to US Navy

Hughes selected

to manufacture

ground-based

ESA components

Defense Segment – Poised for Rapid Growth

Capitalizing on the massive growth in global defense investments in space, with major programs like

, as well as drone and drone manufacturing – both utilizing commercial technologies

Proven Track Record and Product Pipeline

HM400 Modem

General Atomic MQ-9B

shipments begin for

line-fit SATCOM modem

Hughes Selected to Deploy 5G

ORAN to Army Ft Bliss

2029

2028

2027

2026

2025

2024

2023

2022

2018-

Product

Releases

Customer

Wins

 Resilient Communication

 Multi-network (GEO/LEO + Wireless + Cable/Fiber)

architecture delivering resilient, secure connectivity

 Capability to deliver turnkey, end-to-end solutions

 Products and services to deliver defense-tailored solutions

(ESAs, modems, 5G, ground systems)

 Manufacturing for scaling prototypes to production

 Embedded in Programs of Record

 Line-fit with General Atomics unmanned platform programs

create durable customer relationships

 Extensive Satellite Ground Expertise

 Hughes’ customer-recognized ability to apply its commercial

expertise to military-specific programs

 Manufacturing of Systems and Drone Ecosystem

 Assembly of drones and manufacturing of parts

 Satellite and terrestrial connectivity modems

Hughes Positioned to Win

Growth in Global Defense Revenues1

1. Defense revenues across domestic and international

• 92% YoY revenue growth

• Active in US, LATAM,

Europe, and Asia Pacific

•

India’s Naval Comm. Network

Hughes selected to provide high

performance satellite broadband

Hughes selected to

provide mobile

terminals to

Confidential

Challengers Leaders

Niche Players Visionaries

Leading Managed Services Capabilities

Trusted managed services partner delivering scalable, reliable solutions through a comprehensive portfolio

Validated Market Leadership: 2026 Gartner Magic Quadrant

Ability to Execute

Completeness of Vision

Systal Technology Solutions

Sify Technologies

Telefónica

Kyndryl

DXC Technology

Comcast Business

Lumen

Tata Consultancy Services

AT&T

NTT Data

Wipro

MetTel

Accenture

Microland

HCL Tech

“Leader”

4 Consecutive Years in Gartner Magic Quadrant

1. IDC U.S. Managed Network Services Forecast

 Diversified and Recurring Customer Base

 Deep, multi-year relationships with 85–90% retention

 Hybrid Connectivity & Dual-offering Capability

 Technology-agnostic architecture integrating GEO,

LEO and terrestrial networks with embedded security

and SASE

 End-to-End Network Management Platform

 AIOps-driven network mgmt. to enhance uptime

and scalability

 Expansion into Emerging Growth Areas

 Extending capabilities into private wireless, SASE

and secure 5G-enabled solutions

Hughes Positioned to Win

$42bn

$55bn

2025 2030

$55bn Global

Managed

Services

Market by

20301

CAGR: 5.5%

XTIUM

Confidential

$175

$201 $249

$332

$410

$489

(23%)

(8%) (5%) 1% 6% 10%

2025A 2026E 2027E 2028E 2029E 2030E

 Provides managed network, cybersecurity and private 5G services

through a capital-light, recurring model

 Focused primarily on retail, energy, logistics and industrial

 Multi-year managed services agreements

 Strong partnerships with technology companies like Fortinet,

Cisco, and Netskope

 ~75% of the revenue utilizes terrestrial based connectivity

 Expanding footprint of 570k+ enterprise sites worldwide, including

~200k in the U.S., supported by long-term relationships with major

retailers and QSR brands

 Positioned to gain from secular trends in network outsourcing

and enterprise digital transformation

 Recognized by Gartner as a “Leader” in Managed Network Services,

reinforcing credibility with enterprise clients

Trusted partner for secure, always-on network services across enterprise verticals

North America Managed Services Segment: High Growth

1. Includes Utilities

2. Includes Restaurants

Description

Investment Highlights

Capital-light, recurring business model

Operating leverage driving margins as

services scales

Diversified customer base across III enterprise verticals

Revenue and OIBDA Margin Evolution

Hardware

28%

Service

72%

2025A Revenue Breakdown

 Retail

 Petroleum

 Entertainment

 Government

 Energy1

 Financial

 Hospitality2

 Other

Revenue Type End Market Mix

29%

18%

16%

13%

14%

Significant restructuring

and process optimization

now largely complete,

positioning the segment

for sustained profitability

Confidential

Hardware

33%

Service

67%

$239

$274 $291 $313 $337

$364

5% 11% 11% 12% 13% 13%

2025A 2026E 2027E 2028E 2029E 2030E

Delivering secure, high-performance connectivity across global markets

Int’l Enterprise Segment: Geographic Diversification

Investment Highlights

Description

Revenue and OIBDA Margin Evolution

 Provides managed network, broadband and satellite-enabled

enterprise services to multinational firms across Latin America,

Europe and Asia

 Recent developments and efforts:

 Rolling out managed LEO services to augment existing

large programs globally

 Enhancing position as de-facto broadband technology

provider for all new GEO. LEO and MEO programs

 Strengthening Indian defense business with large

programs through HPCL, BEL Navy and Airtel et. al.

 Leverages local presence and trusted partners to sell,

distribute and service customers

Revenue Breakdown

Backlog visibility anchored by multi-year

enterprise and government contracts

Multi-transport architecture for emerging

markets with limited terrestrial coverage

Balanced revenue mix across global III regions with no significant concentration

Revenue Type Geographic Mix

ROW,

~26%

Europe,

~16%

India, ~23%

Brazil,

~19%

LATAM,

~16%

Confidential

LEO Capabilities and Opportunities

Mobility (Maritime,

Landmobile) connectivity

Confidential

$712

$552 $410 $302 $211 $147

$74

$57

$786

$609

$450

$314

$223 $158

49% 50% 48% 53% 45%

35%

2025A 2026E 2027E 2028E 2029E 2030E

548 397 299 208 144 100

191

144

739

541

358 258 193 148

$96 $98 $99 $100 $101 $101

$34 $34 $37

$46 $46 $46

$ -

$20

$40

$60

$80

$100

500

1,000

1,500

2025A 2026E 2027E 2028E 2029E 2030E

 Delivers broadband to underserved areas through JUPITER

GEO satellites and hybrid satellite-wireless technology,

enabling connectivity where wireline and FWA aren’t viable

 Recurring subscribers with churn stabilizing at 3.0% for

N.A. and 3.5% for International

 Focused on rural, value-oriented consumers across the

U.S., Latin America and Canada

 Differentiated one-stop for ubiquitous coverage, simple

installation and integrated Wi-Fi

 Capacity, retention and gross adds managed at the

subscriber level to generate strong returns while preserving

capacity for Enterprise

Consumer Segment: Cash Flow Generator

Description

Investment Highlights

Sustainable free cash flow generation

Excess GEO capacity with minimal

future capex

Resilient demand for connectivity in

rural markets

III

High-margin, cash-generating consumer platform providing durable funding to support enterprise growth

Revenue and OIBDA Margin Evolution

Subscriber Base and ARPU Trends

3.3% 3.5% 3.0% 3.0% 3.0% 3.0%

Churn

 International  North America

 International  North America Int’l ARPU NA ARPU

3.8% 3.5% 6.8% 3.5% 3.5% 3.5%

N.A.

Int’l

Subs in 000’s

Confidential

Technology Competence Areas

RF & Antenna design

Multi transport WAN

Fusion

Core Networking / Open RAN

Satellite waveforms & coding

Complex systems

End-end design & development

Specialized handsets (CPE)

Satellite adaptation of 3gpp

protocols

Cloud based Network

Management & AI

System / Product Examples

● Ground system LEO/GEO end-to-end

● Waveforms channel coding (DVBS2x)

● Air Interfaces and Standards

● GBBF space phased array

● Aero ESA (Ku/Ka)

● User terminals

● VLSI/SoC design

Patents by technology area Total

Efficient Satellite Waveform 112

Resource Management 117

3GPP Adaptations to Satellite 78

E2E System Design 134

Phased Arrays & ESA 63

User Terminal 156

Multi-transport architecture 28

5G NTN 14

Total active patents 702

Confidential

• Worlds first Q/V Band gateway network

• Advanced Cloud based dynamic gateway switching architecture

• Overcoming weather degradation to achieve greater than 99.9% availability

• Pioneering use of ultra high frequency spectrum

Hughes GEO Gateway Technology

Core J3 Satellite

Locations

Number of

U.S. States

Number of

Countries

Gateways

Worldwide

J3 Satellite Network Core (“SNC”) site

LEGEND

J3 RFT Gateway site

Legacy J1, J2 Gateway, Ent. Hub

Standalone FUSION site

International Jupiter Locations

Confidential

30+ years experience developing satellite platform technologies

Satellite Platform Infrastructure Experience

 Unique industry position having developed

all of the following:

 Fixed and Mobile Satellite Systems

 GSO and NGSO systems, multiple RF

bands

 Fixed, transportable, vehicular, aero,

maritime, hand-held and IoT devices

 ESA and non-ESA based terminals

 DVB-S2X and 3GPP waveforms and

protocols

 User terminal designs are backed by

Hughes technology leadership in satellite

waveforms and protocols

Confidential

AI Leadership Driving Performance Gains at Hughes

Confidential

AI Enhancing the Hughes Business

Confidential

% Sales

Overview of Financial Projections

Revenue OIBDA

Capital Expenditures Operating Free Cash Flow1

9.5% 5.4% 4.3% 3.2% 2.9% 2.7% % Sales 13.1% 21.9% 17.1% 18.3% 15.9% 15.3%

YoY

Growth (7.9%) (5.6%) 5.4% 4.4% 9.5% 11.9% Margin 24.2% 25.7% 21.3% 20.2% 18.0% 17.3%

1. OFCF defined as OIBDA less capex and working capital

2. Includes ~$9mm of one-time inventory and labor write-off pertaining to

$1,433 $1,352 $1,425 $1,487

$1,629

$1,822

$1,000

$2,000

2025A 2026E 2027E 2028E 2029E 2030E

$347 $347

$303 $300 $293 $315

$175

$350

$525

2025A 2026E 2027E 2028E 2029E 2030E

$135

$73 $61 $47 $48 $50

$150

$300

2025A 2026E 2027E 2028E 2029E 2030E

$188

$296

$243

$272 $259 $278

$150

$300

$450

2025A 2026E 2027E 2028E 2029E 2030E

Confidential

Appendix

Confidential

$1,702

$1,483

$1,043

$751

$534

$360

34%

59%

30%

19%

12%

2025A 2026E 2027E 2028E 2029E 2030E

Total Existing Backlog (BoP)

% of Enterprise Revenue from Backlog

Sustained cash flow growth from capital-light Enterprise segment

Strong, Identifiable Free Cash Flow Generation

~$1.5bn Contracted Enterprise Backlog Strong Operating Cash Flow Generation

Structural Market Tailwinds

 Resilient & Multi-Transport Connectivity Expansion

 Enterprises and governments adopting integrated GEO/LEO

and multi-path networks for global, resilient connectivity

 Aviation Connectivity Growth

 Multi-transport IFC demand accelerating

 Defense Modernization

 Increased investment in sovereign and tactical 5G

 Managed Services Expansion

 Rising need for SD-WAN, cybersecurity and private 5G among

SMBs and enterprises

 Onshore Manufacturing Resilience

 Strong preference for trusted, secure U.S. production

22% of cumulative enterprise

revenue originates from current

backlog through 2030

$296

$243

$272 $259 $278

2026E 2027E 2028E 2029E 2030E

1. $209mm of excess backlog beyond 2030

EX-99.2

Filename: sats-20260807xex99d2.htm · Sequence: 3

Exhibit 99.2

Proprietary and Confidential

The financial model and forecast data (the “Forecast”) has been prepared by the company (the

“Company”) solely for informational purposes in connection with potential market transactions and is

furnished subject to the recipient’s confidentiality obligations with the Company. The Forecast

contains forward-looking statements, opinions, and projections that are not guarantees of future

performance; no representation or warranty is made as to its accuracy or completeness. The

information in the Forecast is dated Q4 2025 and is subject to change; the Company assumes no

obligation to update it. Recipients should conduct their own independent due diligence and seek

advice from their own legal, tax, financial, and other advisors.

As noted above, this Forecast represents management’s Allocated BSS view of estimated

projections generated in Q4 2025. BSS is a reporting segment within EchoStar (SATS). The

Allocated BSS view reflected in this Forecast represents HSSC plus the BSS Segment activity

related to the J3 lease payment from HSSC for capacity usage on the J3 satellite asset, which is

held outside of HSSC.

The Forecast is currently set at the Allocated BSS level. It has a ‘toggle’ switch (see below) that

allows a simple view change that shows:

i) Allocated BSS view: Cell "Q1" must be "1"; or

ii) HSSC view: Cell "Q1" must be "0";

- with J3 lease payments: cell "Q2" must be "1"

- without J3 lease payments: cell "Q2" must be "0"

Allocated BSS - 5 Year Forecast - Financials ($M)

December 2, 2025

Consumer KPIs ('000) 2025 2026 2027 2028 2029 2030

North America

NA - BOP 658 549 399 299 208 144

NA - Gross Activations 140 46 26 0 0 0

NA - Disconnects (249) (195) (126) (92) (64) (44)

NA- Net Adds (109) (149) (100) (92) (64) (44)

NA - EOP 549 399 299 208 144 100

NA- Average Retail Subs 601 462 341 246 171 118

NA -Churn (%) 3.31% 3.43% 3.00% 3.00% 3.00% 3.00%

NA ARPU ($/sub) 96.29 $ 97.51 $ 98.89 $ 100.36 $ 100.97 $ 100.71 $

NA COGS ($/sub) 21.45 $ 23.87 $ 27.16 $ 31.72 $ 39.07 $ 49.38 $

International

Int'l - BOP 225 194 146 59 50 49

Int'l - Gross Activations 52 10 9 8 8 7

Int'l - Disconnects (83) (58) (96) (17) (9) (8)

Int'l- Net Adds (31) (48) (87) (9) (1) (1)

Int'l - EOP 194 146 59 50 49 48

Int'l- Average Retail Subs 185 143 74 26 21 20

Int'l -Churn (%) 3.81% 3.54% 6.83% 3.50% 3.50% 3.50%

Int'l ARPU ($/sub) 33.72 $ 34.16 $ 36.65 $ 46.49 $ 46.47 $ 46.46 $

Int'l COGS ($/sub) 16.45 $ 17.99 $ 17.99 $ 17.99 $ 17.99 $ 17.99 $

Beginning of Period 883 743 545 358 258 193

Gross Activations 56 193 35 8 8 7

Disconnects (333) (254) (222) (108) (72) (52)

Net Adds (140) (197) (187) (100) (65) (45)

End of Period 743 545 358 258 193 148

Average Subs 644 813 452 308 225 170

Financials 2025 2026 2027 2028 2029 2030

ServiCF Rev 1,078 965 892 892 956 1,072

HW Rev 343 387 533 595 672 750

Consumer 787 609 450 314 223 158

Cons % 55.3% 45.0% 31.6% 21.1% 13.7% 8.7%

Enterprise 635 743 975 1,173 1,406 1,663

Ent % 44.7% 55.0% 68.4% 78.9% 86.3% 91.3%

Revenue 1,422 1,352 1,425 1,487 1,629 1,822

Growth % -8.6% -4.9% 5.4% 4.4% 9.5% 11.9%

Cost of Service 449 425 449 502 588 694

Service GM% 58.4% 56.0% 49.6% 43.7% 38.5% 35.3%

Cost of Sales - Equip 313 315 421 466 526 585

HW GM% 8.8% 18.5% 21.0% 21.7% 21.8% 21.9%

Consumer Cogs 401 365 335 298 283 272

Cons GM% 49.1% 40.1% 25.6% 5.1% -26.9% -71.5%

Enterprise/Other Cogs 362 375 536 670 831 1,007

Ent GM% 43.1% 49.5% 45.1% 42.9% 40.9% 39.4%

Cost of Good Sold 762 740 870 968 1,114 1,279

GM% 46.4% 45.3% 38.9% 34.9% 31.6% 29.8%

Channel Comp amotization 40 31 19 6 2 1

SG&A 283 242 232 213 220 227

% of total rev 19.9% 17.9% 16.3% 14.3% 13.5% 12.5%

OIBDA 336 339 303 300 293 315

% of total rev 23.7% 25.1% 21.3% 20.2% 18.0% 17.3%

Capex 142 73 61 47 48 50

OFCF 194 266 242 253 245 265

Working capital and Other adjustments (106) (8) (29) (11) (16) (17)

Debt Interest payment (89) (89) (135) (135) (135) (135)

FCF (0) 169 78 107 94 113

Non recurring adjustments - - - - - -

CF (0) 169 78 107 94 113

Summary 2 of 24 Echostar Proprietary

Allocated BSS - 5 Year Forecast - Financials ($M)

December 2, 2025

2025 2026 2027 2028 2029 2030

Allocated BSS Financials

Service Revenue

NA Consumer 709 550 409 302 211 147

Int'l Consumer 74 57 40 12 12 11

Consumer Total 782.6 607 449 314 223 158

Enterprise/Other

Managed Services 126 136 167 219 280 350

% growth -17% 8% 22.6% 31.2% 28.0% 24.8%

Aero 7 52 89 154 227 315

% growth 82% 618% 69.8% 73.9% 47.6% 38.6%

Oneweb 4 1 2 1 1 1

% growth -3% -88% 200.0% -33.3% 0.0% 0.0%

Int'l Ent 157 169 185 204 224 247

% growth -1% 7% 9.8% 9.9% 10.1% 10.3%

Gov't 0.5 1 1 1 1 1

Hughes other - - - - - -

Enterprise/Other 296 358 443 578 733 914

Service Rev Total 1,078 965 892 892 956 1,072

Equip Revenue

NA Consumer 3 1 1 0 0 0

Int'l Consumer 1 - - - - -

Consumer Total 4 1 1 0 0 0

Enterprise/Other

Managed Services 49 64 83 113 130 139

% growth 41% 33% 28.0% 36.7% 15.3% 7.2%

Aero 143 133 219 209 239 274

% growth 89% -7% 64.7% -4.5% 14.3% 14.5%

Oneweb 28 43 55 74 76 80

% growth -71% 56% 28.0% 33.8% 2.7% 5.2%

Int'l Ent 88 103 106 109 113 117

% growth -24% 17% 2.8% 3.3% 3.4% 3.5%

Gov't 32 33.020 49 59 74 89

% growth 31% 4% 49.9% 19.9% 25.1% 20.6%

Allocated BSS Corp - - - - - -

Factory PC - 9 20 30 40 50

Enterprise/Other 339 385 532 595 672 750

Equip Rev Total 343 387 533 595 672 750

Revenue

NA Consumer 712 552 410 302 211 147

Int'l Consumer 75 57 40 12 12 11

Consumer Revenue 787 609 450 314 223 158

Enterprise/Other

Managed Services 175 201 249 332 410 489

% growth -7% 15% 24% 33.0% 23.7% 19.2%

Aero 151 185 308 363 466 589

% growth 88% 23% 66.2% 18.1% 28.4% 26.2%

Oneweb 32 44 57 75 77 81

% growth -68% 37% 29.9% 32.0% 2.7% 5.2%

Int'l Ent 245 272 291 313 337 364

% growth -11% 11% 7.1% 7.5% 7.8% 8.0%

Gov't 32 33.610 50 60 75 90

% growth 30% 5% 49.1% 19.7% 24.8% 20.4%

Hughes other - - - - - -

Factory PC - 9 20 30 40 50

Enterprise/Other 635 743 975 1,173 1,406 1,663

Revenue Total 1,422 1,352 1,425 1,487 1,629 1,822

Enterprise % 45% 55% 68% 79% 86% 91%

Consumer % 55% 45% 32% 21% 14% 9%

5Y forecast 3 of 24 Echostar Proprietary

Allocated BSS - 5 Year Forecast - Financials ($M)

December 2, 2025

2025 2026 2027 2028 2029 2030

Service Cost

NA CoS 154 132 111 94 80 70

HSSC J3 lease 191 191 191 191 191 191

NA Consumer 345 323 302 285 271 261

Int'l Consumer 36 31 24 7 6 6

Consumer CoS 382 354 326 291 277 267

GM % 51.2% 41.7% 27.4% 7.2% -24.6% -68.8%

Enterprise/Other

Managed Services 127 120 138 172 210 253

GM % -0.1% 11.9% 17.2% 21.5% 25.0% 27.6%

Aero 21 32 56 99 148 206

GM % -188.2% 37.9% 36.7% 36.0% 35.0% 34.5%

Oneweb 4 0 1 1 1 1

GM % 3.7% 40.0% 33.3% 30.0% 30.0% 30.0%

Int'l Ent 106 108 119 130 142 157

GM % 32.4% 35.7% 35.8% 36.1% 36.4% 36.7%

Gov't 0 0 0 0 0 0

GM % 64.2% 31.7% 50.0% 50.0% 50.0% 50.0%

Hughes other 0 - 0 - - -

Allocated BSS Corp - J3 lease (191) (191) (191) (191) (191) (191)

Allocated BSS Corp - - - - - -

Enterprise/Other CoS 67 71 123 210 310 426

GM % 77.2% 80.2% 72.2% 63.6% 57.7% 53.3%

Service Cost Total 449 425 449 502 588 694

GM % 58.4% 56.0% 49.6% 43.7% 38.5% 35.3%

Equip Cost

NA Consumer 18 10 9 6 5 4

Int'l Consumer 1 - - - - -

Consumer 19 10 9 6 5 4

GM % -376.7% -628.5% -1300.4% -354442.4% -412155.8% -495672.6%

Enterprise/Other

Managed Services 52 65 78 104 118 126

GM % -6.4% -0.4% 5.1% 7.8% 9.1% 9.8%

Aero 116 98 163 154 179 208

GM % 19.1% 26.0% 25.7% 26.6% 25.0% 24.1%

Oneweb 33 30 37 49 49 52

GM % -19.8% 29.6% 33.8% 33.6% 35.3% 35.6%

Int'l Ent 69 80 82 85 88 91

GM % 21.9% 22.0% 22.3% 22.4% 22.5% 22.6%

Gov't 25 24 36 44 54 66

g 22.5% 27.5% 26.3% 26.4% 26.6% 26.8% ( )

Factory PC - 7 16 24 32 40

GM % 20.0% 20.0% 20.0% 20.0% 20.0%

Enterprise/Other 305 294 412 459 521 581

GM % 13.3% 20.9% 22.5% 22.8% 22.5% 22.5%

Equip Cost Total 313 315 421 466 526 585

GM % 8.8% 18.5% 21.0% 21.7% 21.8% 21.9%

COGS

NA Consumer 363 334 311 291 276 266

Int'l Consumer 37 31 24 7 6 6

Consumer 401 365 335 298 283 272

Enterprise/Other

Managed Services 178 185 217 276 328 379

Aero 137 131 219 252 327 414

Oneweb 37 31 38 50 50 52

Int'l Ent 175 189 201 215 230 247

Gov't 25 24 37 44 55 66

Factory PC - 7 16 24 32 40

Hughes other 0 0 - - - -

Enterprise/Other 362 375 536 670 831 1,007

GM % 43.1% 49.5% 45.1% 42.9% 40.9% 39.4%

Total COGS 762 740 870 968 1,114 1,279

GM % 46.4% 45.3% 38.9% 34.9% 31.6% 29.8%

5Y forecast 4 of 24 Echostar Proprietary

Allocated BSS - 5 Year Forecast - Financials ($M)

December 2, 2025

2025 2026 2027 2028 2029 2030

R&D 22 23 22 21 22 22

% of Rev 1.6% 1.7% 1.6% 1.4% 1.3% 1.2%

Channel Comp amotization 40 31 19 6 2 1

S&M 135 88 77 62 66 70

Ent S&M as % of Ent Rev 9.5% 6.5% 5.4% 4.2% 4.0% 3.8%

G&A 126 131 133 130 132 135

% of Rev 8.9% 9.7% 9.3% 8.7% 8.1% 7.4%

SG&A 323 273 251 219 222 228

Op Expense (exclude D&A) 1,085 1,013 1,121 1,186 1,336 1,507

OIBDA

NA Consumer 397 328 237 180 110 61

HSSC J3 lease (191) (191) (191) (191) (191) (191)

Managed Services (34) (14) 1 22 46 71

Aero 4 33 64 86 113 148

Oneweb (9) 9 17 24 26 28

Int'l Consumer 20 10 4 2 2 1

Int'l Ent 30 44 48 53 59 66

Gov't 3 3 5 7 11 14

Factory PC - 1.7 4 6 8 10

Hughes other (74) (76) (78) (80) (82) (84)

Cost Challenge - - - - - -

Allocated BSS Corp - J3 lease 191 191.0 191 191 191 191

OIBDA (a) 336.3 338.8 303 300 293 315

% of Rev 23.7% 25.1% 21.3% 20.2% 18.0% 17.3%

OIBDA w/ Corp Allocated to PC

NA Consumer w/ Corp 169 106 23 (27) (91) (137)

Managed Services w/ Corp (43) (25) (12) 4 25 49

Aero w/ Corp (4) 23 47 66 90 120

Oneweb w/ Corp (10) 6 14 20 22 24

Int'l Consumer w/ Corp 16 7 2 1 1 1

Int'l Ent w/ Corp 17 29 33 37 42 49

Gov't w/ Corp 1 1 3 4 7 10

Factory PC w/ Corp - 1.2 2.9 4.4 6.0 7.7

OIBDA w/ Corp Allocated to PC 336 339 303 300 293 315

5Y forecast 5 of 24 Echostar Proprietary

Allocated BSS - 5 Year Forecast - Financials ($M)

December 2, 2025

2025 2026 2027 2028 2029 2030

Capex

NA Consumer 94 30 17 6 5 4

Managed Services 7 6 7 8 8 9

Aero 6 5 7 8 9 10

Oneweb 1 3 3 1 0 0

Int'l Consumer 13 5 4 2 2 2

Int'l Ent 9 10 8 9 10 10

Gov't 2 2 3 3 3 3

Hughes other 9 12 12 12 12 12

Less: Capex (b) 142 73 61 47 48 50

OFCF (a-b) 194 266 242 253 245 265

Working capital (23) 22 1 19 14 13

Adjusted OFCF 171 288 243 272 259 278

Adjusted OFCF w/ Corp Allocated to PC

NA Consumer w/ Corp 84 98 19 (29) (94) (140)

Managed Services w/ Corp (51) (31) (19) (3) 17 40

Aero w/ Corp (43) 18 28 72 93 123

Oneweb w/ Corp (12) 3 11 19 21 24

Int'l Consumer w/ Corp 4 2 (2) (1) (1) (1)

Int'l Ent w/ Corp 8 19 24 28 33 39

Gov't w/ Corp (1) (1) 0 1 4 7

Factory PC w/ Corp - 1 3 4 6 8

Hughes other (9) (12) (12) (12) (12) (12)

Adjusted OFCF

w/ Corp Allocated to PC 288 171 243 272 259 278

HSSC Interest Pmt (89) (89) (135) (135) (135) (135)

AGR (10) (10) (10) (10) (10) (10)

Cash Tax Distribution

HSSC J3 prepaid lease 44

Allocated BSS J3 prepaid (44)

Other miscelaneous (out) in (73) (20) (20) (20) (20) (20)

Free cash flow (0) 169 78 107 94 113

AGR reimbursement _DirecTV

Divesture PC

CF (0) 169 78 107 94 113

5Y forecast 6 of 24 Echostar Proprietary

BSS Corp Summary - J3 payment only

Financials ($M)

2025 2026 2027 2028 2029 2030

Service Revenue - - - - - -

Equip/Other Revenue - - - - - -

Revenue - - - - - -

Cost of Service -J3 (191.0) (191.0) (191.0) (191.0) (191.0) (191.0)

Cost of Equip - - - - - -

COGS (191.0) (191.0) (191.0) (191.0) (191.0) (191.0)

R&D

S&M

G&A - - - - - -

Op Expense (less D&A) (191.0) (191.0) (191.0) (191.0) (191.0) (191.0)

OIBDA 191.0 191.0 191.0 191.0 191.0 191.0

CapEx

OFCF 191.0 191.0 191.0 191.0 191.0 191.0

BSS Corp - J3 7 of 24 Echostar Proprietary

NA Consumer Summary

2025 2026 2027 2028 2029 2030

Gross Adds 140 46 26 0 0 0

Net Adds (108) (149) (100) (91) (63) (44)

EOP - Retail 547 398 298 207 144 100

Average subs - Retail 601 462 341 246 171 118

Churn (%) 3.31% 3.43% 3.00% 3.00% 3.00% 3.00%

NA ARPU ($/sub) 96.29 $ 97.51 $ 98.89 $ 100.36 $ 100.97 $ 100.71 $

NA SAC ($/add) $1,135 $973 $988 $0 $0 $0

NA COGS ($/sub) $21.45 $23.87 $27.16 $31.72 $39.07 $49.38

Service Revenue

NA ARPU Revenue 694 541 404 296 207 143

XCI 15 10 5 5 4 4

Equip Revenue

NA Consumer 2 1 1 0 0 0

Service COGS 132 155 111 94 80 70

Equipment COGS 11 18 9 6 5 4

R&D

NA Consumer 2 1 1 1 0 0

Channel Comp amotization

NA Consumer 40 31 19 6 2 1

S&M

NA Consumer 73 28 17 0 0 0

G&A

NA Consumer 27 23 17 15 12 10

Capex

NA Consumer 94 30 17 6 5 4

Working Capital

NA Consumer 9 22 13 4 1 0

8 of 24

cost per sub in

$M 2025 2026 2027 2028 2029 2030

Adjusted Service Plan Revenue 525.4 409 309 228 160 111

Extra ARPU Impact - - - - -

Rental Plan Revenue 101.3 78 58 42 28 19

NYB 0.7 1 1 - - -

Optional Service Revenue 44.3 34 25 18 13 9

Truckroll, Invoice Fee, and others 6.5 5 4 3 2 1

UEF & ETF Collection 16.2 13 8 6 4 3

XCI 14.7 10 5 5 4 4

Total Service Revenue 709.0 551 409 302 211 147

ARPU 96.29 97.51 98.89 100.3 100.9 6 100.71 7

Total HW Revenue 2 1 1 0 0 0

Total Revenue ($M) 712 552 410 302 211 147

-10% -22% -26% -26% -30% -30%

Space Segment - Consumer - - - - - -

XCI 1 1 0 0 0 0

Customer Services 27 21 15 11 8 5

Installer Field Maintenance 14 10 7 5 4 2

Network Services 14 12 10 9 8 7

Satellite Ops 3 2 2 2 2 2

Gateways 25 24 24 24 24 24

RMA Return Credits 2 (1) 0 - - -

Repair Center Cost- Consumer 10 11 7 5 4 3

Operations Engineering 12 12 10 9 8 7

Operations Mgmt / Optional Services 10 9 7 5 3 2

Quality Assurance 2 2 2 2 2 1

Fusion Services 7 4 3 2 1 1

Voip Program 3 3 2 1 1 1

Move Program 4 3 2 2 1 1

Other / Property Tax / Excise Tax 2 2 2 2 2 2

SDG 7 8 7 6 6 5

Cloud 4 5 4 4 3 3

Sustaining 6 5 5 4 4 3

Extra Cost Adj - - - - - -

Total Services Costs 132.32 155 111.05 94 80 70

Consumer HW Cost 3 1 1 0 0 0

Install support 8 7 5 4 3 2

Business Operations 2 1 1 1 1 1

Operations support 0 0 0 0 0 0

Manufacturing Variances 1 2 1 1 1 1

Inventory / Warranty Reserve 0 0 0 0 0 0

Corp Assessment 3 - - - - -

Sustaining R&D 0 0 0 0 0 0

Total Other HW Costs 10 15 8 6 5 4

Total HW Cost 11 18 9 6 5 4

Total Cost 172 144 120 100 85 75

Gross Margin 539 408 290 201 126 72.80

GM% 75.8% 74.0% 70.8% 66.8% 59.6% 49.4%

PL 9 of 24 Echostar Proprietary

$M 2025 2026 2027 2028 2029 2030

S&M Expenses - Variable 66 25 13 - - -

S&M Expenses - Fixed 6 3 3 - - -

S&M Expenses 72.4 27.5 16.2 - - -

Marcomm & Corp Alloc 0 0 0 0 0 0

Channel Comp P/L SAC 40 31 18.8 6 2 1

S&M 112 59 35.4 6 3 1

G&A 8 8 7 7 7 7

Bad Debt - NAD 10 8 6 4 3 2

Bank Charges 9 7 5 4 3 2

G&A Expenses 27 23 17 15 12 10

Total Operating Expenses 139 82 53 21 15 12

Total Operating Income 400 327 238 181 111 61

OI% 56% 59% 58% 60% 53% 42%

R&D 2 1 1 1 0 0

OIBDA 325 397 237 180 110 60.9

-18% -27% -24% -39% (0.4)

Rental Capital 75 17 10 0 0 0

Svc Del Capex ($M) 3 32222

J3 Post Launch ($M) 0 00000

SDG Capex ($M) 8 32211

Eng Capex ($M) 0 00000

Non-Cash Capex Adj. 0

Capex ($M) 86 23 14 4 3 2

FAS86 8 73221

OFCF 303 295 219 174 106 57

Adj OFCF 313 318 232 179 107 57

Cash SAC

HW/Install Cost 464 320 332 315 315 315

Upfront Rev 14 6 (4) 19 19 19

HW/Install SAC 478 326 311 - - -

Channel Comp SAC 165 115 118 - - -

S&M SAC 491 532 558 - - -

Total Cash SAC $ 1,135 973 988 - - -

-14% 1% -100% #DIV/0! #DIV/0!

PL 10 of 24 Echostar Proprietary

$M 2025 2026 2027 2028 2029 2030

Cost excl SAC & all Depreciation ($M) 200 167 138 116 98 86

Cost per sub per month $27.70 $30.09 $33.68 $39.16 $47.91 $60.24

1 - 2 3 4 5

Cost of Capital (yearly) 10.0%

Cost of Capital (monthly) 0.8%

PV 304 202 141 77 38

NPV - 5Y 762

NPV - 10Y 751

2025 2026 2027 2028 2029 2030

Beginning Subs 655,069 546,709 397,987 298,275 206,956 143,595

Raw Adds 143,360 50,008 28,119 0 0 0

Raw Adds w/o Adj 143,36 50,008 0 28,119 0 0 0

Raw Adds Adj - - - - -

Gross Adds 140,326 46,288 26,027 0 0 0

Rental% 97.3% 97.2% 97.2% 97.2% 97.2% 97.2%

Raw Adds w/ Duplicates 147,266 51,608 29,019 0 0 0

# BRMs 9,204 3,720 2,092 0 0 0

# Churns - New Adds 30,888 7,812 3,893 0 0 0

# Churns - Older Subs 217,798 187,198 121,847 91,319 63,361 43,963

# Churns + BRMs 257,890 198,730 127,831 91,319 63,361 43,963

Churn Rate 3.31% 3.43% 3.00% 3.00% 3.00% 3.00%

Churn Rate w/o Adj 3.31% 3.43% 3.25% 3.25% 3.25% 3.25%

Churn Adj 0.00% -0.25% -0.25% -0.25% -0.25%

BRM% 6.42% 7.44% 7.44% 7.44% 7.44% 7.44%

Churn + BRM 3.58% 3.58% 3.13% 3.09% 3.09% 3.09%

Ending Subs - New Adds 109,438 38,475 22,135 0 0 0

Ending Subs - Older Subs 437,271 359,511 276,140 206,956 143,595 99,632

Ending Subs 546,709 397,987 298,275 206,956 143,595 99,632

Net Adds (108,360) (148,722) (99,712) (91,319) (63,361) (43,963)

Avg Subs - New Adds 60,162 21,132 12,239 0 0 0

Avg Subs - Older Subs 540,746 440,840 328,433 246,147 170,787 118,499

Avg Subs 600,908 461,972 340,671 246,147 170,787 118,499

-23% -26% -28% -31% -31%

Lite Plan Mix 3.0% 8.0% 8.0% 8.0% 8.0% 8.0%

Dealer% 11.54% 11.54% 11.54% 11.54% 11.54%

J3 Subs

BeginningSubs 203,990 245,177 195,916 155,891 108,164 75,049

Raw Adds 136,973 45,087 25,352 0 0 0

Spins 2,280 - - - - -

BRM+Churn (95,786) (94,348) (65,377) (47,727) (33,115) (22,977)

Ending Subs 245,177 195,916 155,891 108,164 75,049 52,072

Cost Assumption 2025 2026 2027 2028 2029 2029

Service Costs

Space Segment - Consumer 191.03 191.03 191.03 191.03 191.03 191.03

XCI 0.83 0.6 0.3 0.3 0.2 0.2

Customer Services 3.68 3.78 3.78 3.78 3.78 3.78

Installer Field Maintenance 1.96 1.88 1.81 1.73 1.72 1.70

Network Services 13.55 12.30 10.43 9.01 7.79 6.76

Satellite Ops 3.06 2.30 2.30 2.30 2.30 2.30

Gateways ($M) 25.5 24.3 24.3 24.3 24.3 24.3

RMA Return Credits 0.27 (0.12) 0.06 - - -

Repair Center Cost- Consumer 1.76 1.55 1.76 1.76 1.76 1.76

Operations Engineering 12.0 12.1 10.2 8.8 7.6 6.6

Operations Mgmt / Optional Services 1.35 1.64 1.64 1.64 1.64 1.64

Quality Assurance 1.96 1.82 1.73 1.64 1.56 1.48

Fusion Services 6.89 4.18 2.76 1.67 0.99 0.59

Voip Program 0.45 0.47 0.47 0.47 0.47 0.47

Move Program 0.52 0.52 0.52 0.52 0.52 0.52

PL 11 of 24 Echostar Proprietary

$M 2025 2026 2027 2028 2029 2030

Other / Property Tax / Excise Tax 2.47 2.30 2.30 2.30 2.30 2.30

SDG 7.39 7.60 6.84 6.16 5.54 4.99

Cloud 3.98 4.64 4.18 3.76 3.38 3.21

Sustaining 6.49 5.23 4.70 4.23 3.81 3.43

Extra Cost Adj - - - - -

HW Cost 103% 100% 103% 103% 103% 103%

Other HW Costs

Install support 1.18 1.33 1.32 1.32 1.32 1.32

Business Operations 1.69 1.05 1.05 1.05 1.05 1.05

Operations support 0.00 0.00 0.00 0.00 0.00 0.00

Manufacturing Variances 1.4 2.0 1.0 1.0 1.0 1.0

Inventory / Warranty Reserve 0.02 0.02 0.06 0.06 0.06 0.06

Corp Assessment 2.5 - - - - -

Sustaining 0.38 0.28 0.28 0.29 0.30 0.31

Total Other HW Costs

S&M Variable 450 475 462 0 0 0

S&M Variable w/o plug 450 475.02 461.7 - 6 - -

S&M Fixed 6.0 2.95 2.8 0.0 0.0 0.0

Marcomm & Corp Alloc 0.4 0.4 0.4 0.4 0.4 0.4

Average Commission 165.30 115.01 118.46 - - -

G&A Expenses

G&A ($M) 7.98 7.73 6.50 6.50 6.50 6.50

Bad Debt - NAD 1.46% 1.50% 1.45% 1.45% 1.45% 1.45%

Bank Charges 1.21% 1.22% 1.22% 1.22% 1.22% 1.22%

R&D 1.14 2.42 0.84 0.61 0.42 0.29

Non-Rental D&A w/o SS & Svc Delivery 22.0 22.00 22.00 22.00 22.00 22.00

Svc Del Capex ($M) 2.9 2.6 2.3 2.1 1.9 1.7

J3 Post Launch ($M) - - - - - -

SDG Capex ($M) 1.1% 0.63% 0.5% 0.5% 0.5% 0.5%

Eng Capex ($M) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

FAS86 ($M) 1.15% 1.24% 0.75% 0.75% 0.75% 0.75%

HW/Install Cash SAC 2025 2026 2027 2028 2029 2030

IDU 151.10 167 167 167 167 167

ODU 90.00 88 88 88 88 88

Fusion 182.00 192 192 192 192 192

Fusion% 3.6% 3.6% 2.0% 2.0% 2.0% 2.0%

Antenna 61.00 64 64 64 64 64

Mount 10.50 12 12 12 12 12

Reconditioned HW cost saving (87.76) (257) (242) (259) (259) (259)

Reconditioned IDU% 34.36% 97.97% 93.48% 100.00% 100.00% 100.00%

Reconditioned ODU% 37.05% 97.97% 93.48% 100.00% 100.00% 100.00%

Reconditioned Fusion% 37.73% 100.00% 100.00% 100.00% 100.00% 100.00%

HW Material Cost 231.46 81 93 76 76 76

Installation Cost 232.30 239 239 239 239 239

HW/Install Cost 463.76 320 332 315 315 315

HW/Install Upfront Billing 14.37 6 (4) 19 19 19

HW/Install Cash SAC 478.12 326 328 334 334 334

Wifi Mesh Node Cost 45 36 31 27 22 22

Wifi Mesh Node Install cost 35 35 35 35 35 35

% Hughes-Installed 100% 100% 100% 100% 100% 100%

IDU 151 167 167 167 167 167

ODU 90 88 88 88 88 88

ODU usage% 78% 79% 79% 79% 79% 79%

Fusion 182 192 192 192 192 192

Fusion% 27% 14% 14% 14% 14% 14%

Antenna 61 64 64 64 64 64

Mount 11 12 12 12 12 12

Antenna usage% 13% 13% 13% 13% 13% 13%

Reconditioned HW saving (96) (258) (248) (263) (263) (263)

Reconditioned IDU% 34% 98% 93% 100% 100% 100%

Reconditioned ODU% 37% 98% 93% 100% 100% 100%

Reconditioned Fusion% 38% 100% 100% 100% 100% 100%

HW Material Cost 183 15 25 10 10 10

Installation Cost 166 167 167 167 167 167

HW/Install Cost 349 182 192 177 177 177

PL 12 of 24 Echostar Proprietary

$M 2025 2026 2027 2028 2029 2030

Year 2 Year 3 Year 4 Year 5

Cost 36 month distribution factor 33% 33% 15%

Cost 48 month distribution factor 25% 25% 25% 11%

Cost 30 month distribution factors 40% 34% 4% starting Jan 2025

Baseline

Installed Adds

Baseline 129,019 116,076 98,795 87,603 76,130

Fusion% 3.6% 2.0% 2.0% 2.0% 2.0%

Upgrades

IDU 20,315 6,772 - - -

ODU 16,049 5,350 - - -

Fusion 2,797 932 - - -

Recond% - Baseline

Reconditioned IDU% 48.17% 60% 70% 79% 87%

Reconditioned ODU% 40.53% 60% 70% 79% 87%

Reconditioned Fusion% 63.00% 63% 70% 79% 87%

Recond. IDU available for use 71,929 73,741 69,503 68,887 65,859

Recond. ODU available for use 58,792 72,887 69,503 68,887 65,859

Recond. Fusion available for use 4,688 2,050 1,390 1,378 1,317

Recond. IDU available for use as a % of J3 churns 57% 57% 57% 57% 57%

Recond. J3 IDU available for use 61,480 37,058 27,053 18,771 13,024

Recond. J3ODU available for use 61,480 37,058 27,053 18,771 13,024

Recond. Fusion available for use 4,688 2,050 1,390 1,378 1,317

% J3 subs need repair 6.5% 6.5%

12,785 16,000

24,272 45,480

Recond% - Scenario 2026 2027 2028 2029 2030

Recond. IDU available for use 98% 93% 100% 100% 100%

Recond. ODU available for use 98% 93% 100% 100% 100%

Recond. Fusion available for use 100% 100% 100% 100% 100%

PL 13 of 24 Echostar Proprietary

Managed Services (000)

2025 2026 2027 2028 2029 2030

HW Revenue 48,663 64,441 82,510 112,826 130,107 139,438

Other1 0 0 0 0 0

Other2 - - - - - -

HW Rev Total 48,663 64,441 82,510 112,826 130,107 139,438

% growth 32% 28% 37% 15% 7%

Service Revenue 126,337 136,180 166,958 219,048 280,325 349,714

Other1 0

Other2 - - - - - -

Service Rev Total 126,337 136,180 166,958 219,048 280,325 349,714

% growth 00 000

Total Revenue 175,000 200,621 249,468 331,874 410,432 489,152

% growth 0% 15% 24% 33% 24% 19%

HW cogs 51,876 64,723 78,313 104,000 118,286 125,830

Other1 0 0 0 0 0 0

Other2 - - - - - -

HW Cogs 51,876 64,723 78,313 104,000 118,286 125,830

Service cogs 127,391 120,014 138,195 171,895 210,129 253,200

Other1 0 0 0 0 0 0

Other2 - - - - - -

Service Cogs 127,391 120,014 138,195 171,895 210,129 253,200

Total Cost 179,267 184,737 216,508 275,895 328,415 379,030

HW Margin (3,213) (282) 4,197 8,826 11,821 13,608

HW Margin % -7% 0% 5% 8% 9% 10%

Service Revenue (1,054) 16,166 28,763 47,154 70,197 96,514

Service Margin % -1% 12% 17% 22% 25% 28%

Total Gross Margin (4,267) 15,884 32,960 55,980 82,018 110,121

Gross Margin % -2.4% 7.9% 13.2% 16.9% 20.0% 22.5%

R & D - Helius 1,891 1,538 1,569 1,600 1,632 1,665

R & D 503 518 534 550 566 583

Other

R&D 2,394 2,056 2,102 2,150 2,198 2,248

Enterprise 22,107 20,783 22,524 24,318 26,166 28,069

ESS

Marcomm 1,334 1,374 1,415 1,458 1,501 1,546

B&P 330 300 309 318 328 338

Other

Sales & Marketing Expenses 23,771 22,457 24,249 26,094 27,995 29,953

G&A 3,254 3,971 4,090 4,213 4,339 4,469

G&A ESS 706 727 749 771 794 818

G&A - Jupiter 3

Bad Debt - NAD 111 500 600 720 936 1,217

Other 0 0 0 0 0 0

G&A Expenses 4,071 5,198 5,439 5,704 6,070 6,504

Total Operating Expenses (wo D&A) 30,236 29,711 31,790 33,948 36,263 38,705

OIBDA (34,503) (13,827) 1,170 22,032 45,755 71,416

OIBDA % -20% -7% 0% 7% 11% 15%

CAPEX 3,189 2,350 3,000 3,500 3,750 4,250

CAPEX - FAS86 4,012 3,900 4,017 4,138 4,262 4,389

OFCF (OIBDA less CAPEX) (41,704) (20,077) (5,847) 14,394 37,743 62,777

Managed Svc 14 of 24 Echostar Proprietary

Aero Summary (K)

2025 2026 2027 2028 2029 2030

HW Revenue

BACKLOG

Customer 1 - 29 - - - -

Customer 2 - 507 - - - -

Customer 3 - 117 - - - -

Customer 4 52,604 40,890 52,604 48,357 41,817 40,945

Customer 5 15,157 76,727 - - - -

Customer 5 6,778 10,068 - - - -

Customer 5 3,692 421 28,309 8,645 - -

Customer 6 26,966 19,110 - - - -

Other - 61 - - - -

NEW BUSINESS

Other 7,767 884 31,076 - - -

Customer 7 - - 6,980 6,893 6,806 6,719

Customer 8 4,000 278 5,000 6,000 7,000 7,000

Incremental Market Capture 16,000 (5,669) 95,054 139,209 183,364 218,909

HW REVENUE 143,424 132,964 219,024 209,104 238,987 273,573

Service Revenue

BACKLOG

Customer 1 928 972 - - - -

Customer 3 2,223 2,078 2,278 2,278 2,278 2,278

Customer 4 - - - - - -

Customer 5 48,992 4,158 57,011 57,011 57,011 57,011

Delta New Business (65 AC) - - 4,175 15,018 18,146 18,146

Customer 6 - - 739 1,078 1,088 1,088

NEW BUSINESS

Other - - 7,764 10,480 10,498 10,498

Customer 9 - - 631 2,285 3,542 4,359

Customer 7 - - 908 3,924 6,901 9,842

Customer 10 - - 1,452 6,283 11,083 15,854

Customer 8 - 49 3,000 4,000 5,000 5,000

Incremental Market Capture - - 10,602 51,666 111,804 191,018

SERVICE REVENUE 7,258 52,143 88,560 154,022 227,352 315,093

TOTAL REVENUE 150,681 185,107 307,584 363,126 466,339 588,666

HW COST

BACKLOG

Customer 1 - 3 - - - -

Customer 2 - 150 - - - -

Customer 3 - 146 - - - -

Customer 4 24,724 19,682 21,042 19,343 16,727 16,378

Customer 5 14,399 72,894 - - - -

Customer 5 3,460 5,182 - - - -

Customer 5 3,508 401 26,353 8,032 - -

Customer 6 23,337 16,253 - - - -

Other (Product Line, Sustaining, one-offs e 3,850 308 4,139 $ 4,449 $ 4,783 $ 5,142 $

NEW BUSINESS - -

Other 6,802 840 25,490 - - -

Customer 7 - - 5,584 5,515 5,445 5,375

Customer 8 4,000 141 $ 4,800 $ 5,600 $ 5,600 $

Incremental Market Capture - 18,260 76,044 111,368 146,692 175,127

HW COST 116,001 98,340 162,651 153,506 179,246 207,622

AERO 15 of 24 Echostar Proprietary

2025 2026 2027 2028 2029 2030

Service Cost

BACKLOG

Customer 1 232 196 - - - -

Customer 3 823 752 1,139 1,139 1,139 1,139

Customer 4 - - - - - -

Customer 5 4,900 2,954 8,552 8,552 8,552 8,552

Delta New Business (65 AC) - - 2,271 8,408 10,368 10,368

Customer 6 - - 266 388 392 392

NEW BUSINESS - -

Other - - 3,168 5,692 5,702 5,702

Customer 9 - - 1,572 1,295 2,008 2,471

Customer 7 - - 590 2,550 4,486 6,397

Customer 10 - - 944 4,084 7,204 10,305

Customer 8 - 60 1,950 2,600 3,250 3,250

Incremental Market Capture - - 6,891 33,583 72,673 124,162

Labor 17,472 11,739 18,870 19,436 20,019 20,619

Other Services Costs/Shared Services (inc 8,950 5,204 9,845 10,829 11,912 13,104

SERVICE COST 32,377 20,905 56,057 98,557 147,705 206,461

TOTAL COST 130,717 136,905 218,708 252,063 326,951 414,082

HW Margin

BACKLOG

Customer 1 - 26 - - - -

Customer 2 - 357 - - - -

Customer 3 - (29) - - - -

Customer 4 27,880 21,208 31,562 29,014 25,090 24,567

Customer 5 758 3,833 - - - -

Customer 5 3,319 4,886 - - - -

Customer 5 185 20 1,956 612 - -

Customer 6 3,629 2,857 - - - -

Other (Product Line, Sustaining, one-offs e (3,850) (247) (4,139) (4,449) (4,783) (5,142)

NEW BUSINESS

Other 964 44 5,587 - - -

Customer 7 - - 1,396 1,379 1,361 1,344

Customer 8 4,000 137 1,000 1,200 1,400 1,400

Incremental Market Capture (5,669) (2,260) 19,011 27,842 36,673 43,782

HW GROSS MARGIN 27,423 34,624 56,373 55,598 59,741 65,951

HW Gross Margin %

Service Margin

BACKLOG

Customer 1 696 776 - - - -

Customer 3 1,401 1,326 1,139 1,139 1,139 1,139

Customer 4 - - - - - -

Customer 5 44,092 1,204 48,460 48,460 48,460 48,460

Delta New Business (65 AC) - - 1,905 6,610 7,778 7,778

Customer 6 - - 473 690 696 696

NEW BUSINESS

Other - - 4,596 4,788 4,796 4,796

Customer 9 - - (941) 989 1,534 1,888

Customer 7 - - 318 1,373 2,416 3,445

Customer 10 - - 508 2,199 3,879 5,549

Customer 8 - (11) 1,050 1,400 1,750 1,750

Incremental Market Capture - - 3,711 18,083 39,131 66,856

Labor (17,472) (11,739) (18,870) (19,436) (20,019) (20,619)

Other Services Costs/Shared Services (5,204) (8,950) (9,845) (10,829) (11,912) (13,104)

SERVICE GROSS MARGIN (13,647) 19,767 32,503 55,465 79,647 108,632

Service Gross Margin % -188% 38% 37% 36% 35% 34%

TOTAL GROSS MARGIN 54,391 13,776 88,876 111,063 139,388 174,583

Total Gross Margin % 9% 29% 29% 31% 30% 30%

Sales & Marketing 2,685 6,150 6,457 6,780 7,119 7,475

G&A (w/o Amort. of Special Projects) 2,209 7,812 6,501 6,696 6,897 7,104

Amortization of HBC+ Linefit Retrofit 848 - 1,739 1,810 1,810 1,810

Amortization of Product Line Costs - - 2,351 2,351 2,351 2,351

R&D 5,222 6,300 7,690 7,882 $ 8,079 $ 8,281 $

OIBDA 33,281 3,660 64,138 85,544 113,132 147,562

D & A (EQUIP & FAS) 4,169 476 3,849 5,447 7,256 7,800

CAPEX 2,000 730 3,076 3,631 4,663 5,887

OFCF (OIBDA - Capex)

FAS86 5,411 2,500 4,000 4,500 4,500 4,500

4,500 6,140 7,076 8,131 9,163 10,387

OFCF w/FAS86 (2,480) 28,781 57,062 77,413 103,969 137,176

-2% 16% 19% 21% 22% 23%

Working Capital & BS Expenditure adjustm (89) (32,885) (12,299) 14,514 12,604 12,704

OFCF w/ WC & BS expenditure adjustmen 28,692 (35,365) 44,764 91,927 116,573 149,879

AERO 16 of 24 Echostar Proprietary

OneWeb Summary

2025 2026 2027 2028 2029 2030

Customer 1 27.8 13.3 5.5 4.2 4.2 4.2

Customer 2 - 30.0 50.0 70.0 10.0 -

Customer 3 62.0 76.0

Other - - - - - -

HW-Total 27.8 $ 43.3 $ 55.5 $ 74.2 $ 76.2 $ 80.2 $

Customer 1 4.2 0.5 1.5 1.0 1.0 1.0

Customer 2

Customer 3 - - - - - -

Other - - - - - -

Service 4.2 0.5 1.5 1.0 1.0 1.0

Revenue 32.0 43.8 57.0 75.2 77.2 81.2

Growth % 37% 30% 32% 3% 5%

Customer 1 29.9 9.1 3.2 2.3 2.3 2.3

Customer 2 20.1 33.6 47.0 6.7 -

Customer 3 - - - - 40.3 49.4

Other 3.3 1.3 - - - -

HW 33.2 30.5 36.7 49.3 49.3 51.7

Customer 1 4.1 0.3 1.0 0.7 0.7 0.7

Customer 2

Customer 3 - - - - - -

Other - - - - - -

Service 4.1 0.3 1.0 0.7 0.7 0.7

COGS 37.3 30.8 37.7 50.0 50.0 52.4

HW (5.5) 12.8 18.8 24.9 26.9 28.5

GM% -20% 30% 34% 34% 35% 36%

Service 0.2 0.2 0.5 0.3 0.3 0.3

GM% 4% 40% 33% 30% 30% 30%

Gross margin (5.3) 13.0 19.3 25.2 27.2 28.8

R&D 2.8 4.3 2.0 1.0 1.0 0.5

S&M - - - - - -

G&A 0.6 0.23 0.50 0.50 0.50 0.50

OIBDA (8.7) 8.5 16.8 23.7 25.7 27.8

Capex 0.2 1.0 1.5 0.3 0.3 0.3

SFAS86 1.1 1.7 1.4 0.3 0.1 0.1

OFCF (OIBDA - Capex & FAS) (10.1) 5.8 13.8 23.2 25.4 27.5

Oneweb 17 of 24 Echostar Proprietary

Government Summary (M)

2025 2026 2027 2028 2029 2030

Operation 31.6 33.0 49.5 59.3 74.2 89.5

Other - - - - - -

Hardware 31.6 33.0 49.5 59.3 74.2 89.5

Operation 0.5 0.6 0.6 0.6 0.7 0.7

Other - - - - - -

Service 0.5 0.6 0.6 0.6 0.7 0.7

Revenue 32.1 33.6 50.1 60.0 74.9 90.2

YOY Change 5% 49% 20% 25% 20%

Hardware 24.5 23.8 36.5 43.6 54.4 65.5

Service 0.5 0.2 0.3 0.3 0.3 0.3

COGS 24.7 24.3 36.8 44.0 54.8 65.8

Gross Margin 7.4 9.3 13.3 16.0 20.1 24.3

Margin % 23.1% 27.8% 26.6% 26.7% 26.8% 27.0%

R&D 0.8 0.9 1.2 1.5 1.9 2.2

S&M 3.1 4.5 5.1 5.4 5.7 6.2

G&A 0.9 1.0 1.6 1.7 1.8 1.9

Operating Expense 6.3 4.9 7.9 8.6 9.4 10.3

OIBDA 2.6 3.1 5.4 7.4 10.7 14.0

OIBDA % 8% 9% 11% 12% 14% 16%

Capex 1.1 1.5 1.1 1.2 1.2 1.3

SFAS86 1.0 1.1 1.4 1.5 1.7 1.8

OFCF 0.3 0.6 2.9 4.7 7.8 10.9

Gov't 18 of 24 Echostar Proprietary

Factory Summary (M)

2026 2027 2028 2029 2030

Hardware 8.6 20.0 30.0 40.0 50.0

Service

Revenue 8.6 20.0 30.0 40.0 50.0

YOY Change #DIV/0! 133% 50% 33% 25%

Hardware 6.9 16.0 24.0 32.0 40.0

Service - - - - -

COGS 6.9 16.0 24.0 32.0 40.0

Gross Margin 1.7 4.0 6.0 8.0 10.0

Margin % 20% 20% 20% 20% 20%

R&D

S&M

G&A

Operating Expense - - - - -

OIBDA 1.7 4.0 6.0 8.0 10.0

OIBDA % 20% 20% 20% 20% 20%

Capex

SFAS86

OFCF 1.7 4.0 6.0 8.0 10.0

Factory 19 of 24 Echostar Proprietary

International Financial Summary

Key Segment (M) FY25 FY26 FY27 FY28 FY29 FY30

Hardware Revenue

Brazil 0.8 - - - - -

LATAM 0.0 - - - - -

Consumer - 0.8 - - - -

ROW 20.8 27.7 27.2 27.2 27.2 27.2

Europe 4.8 4.5 5.0 5.5 6.1 6.7

India 29.8 35.4 37.2 39.0 41.0 43.0

Brazil 13.2 12.4 13.1 13.9 14.7 15.6

LATAM 6.4 6.7 7.0 7.4 7.8 8.1

Other - - - - - -

Enterprise 75.0 86.7 89.6 93.1 96.8 100.7

Mobilsat 13.0 16.2 16.2 16.2 16.2 16.2

Hardware Revenue 88.8 102.9 105.7 109.2 112.9 116.9

Service Revenue

Brazil 47.8 35.8 22.1 - - -

LATAM 26.2 21.2 17.5 12.2 11.6 11.0

Consumer 57.0 74.0 39.6 12.2 11.6 11.0

ROW 18.4 17.8 17.8 17.8 17.8 17.8

Europe 34.0 24.6 27.1 29.8 32.7 36.0

India 27.0 32.3 37.2 42.8 49.2 56.5

Brazil 33.0 42.3 47.0 52.2 57.9 64.4

LATAM 32.8 40.4 44.9 49.8 55.3 61.4

Other - - - - - -

Enterprise 145.1 157. 173.9 4 192.3 212.9 236.1

Mobilsat 12.1 11.3 11.3 11.3 11.3 11.3

Service Revenue 225.6 231.2 224.8 215.8 235.8 258.3

Revenue

Brazil 48.6 35.8 22.1 - - -

LATAM 26.2 21.2 17.5 12.2 11.6 11.0

Consumer 57.0 74.8 39.6 12.2 11.6 11.0

ROW 39.1 45.5 45.0 45.0 45.0 45.0

Europe 38.8 29.2 32.1 35.3 38.8 42.7

India 56.8 67.7 74.3 81.8 90.1 99.6

Brazil 46.2 54.7 60.1 66.1 72.7 80.0

LATAM 39.2 47.1 51.9 57.2 63.0 69.5

Other - - - -

Enterprise 220.2 244.1 263.5 285. 309.7 4 336.8

Mobilsat 25.1 27.4 27.4 27.4 27.4 27.4

Total Revenue 320.0 328.5 330.5 325.0 348.7 375.2

Hardware COGS

Brazil 0.6 - - - - -

LATAM 0.0 - - - - -

Consumer - 0.6 - - - -

ROW 20.9 23.9 23.8 23.8 23.8 23.8

Europe 3.8 3.7 3.6 3.9 4.3 4.7

India 20.2 27.1 28.5 29.9 31.4 33.0

Brazil 8.8 8.7 9.2 9.7 10.3 10.9

LATAM 4.3 5.3 5.6 5.9 6.2 6.5

Other - - - - - -

Enterprise 58.1 68.7 70.6 73.2 76.0 78.9

Mobilsat 10.6 11.6 11.6 11.6 11.6 11.6

Hardware Cogs 69.4 80.3 82.2 84.8 87.6 90.5

International 20 of 24 Echostar Proprietary

Key Segment (M) FY25 FY26 FY27 FY28 FY29 FY30

Service COSG

Brazil 21.4 18.5 14.4 - - -

LATAM 15.1 12.3 9.6 6.7 6.3 6.0

Consumer 30.9 36.4 24.0 6.7 6.3 6.0

ROW 17.9 15.6 12.0 12.0 12.0 12.0

Europe 26.5 20.8 21.7 23.8 26.2 28.8

India 18.7 20.9 24.4 28.0 32.3 37.1

Brazil 25.5 30.7 34.4 37.6 41.1 45.3

LATAM 13.6 15.9 17.7 19.7 21.8 24.2

Other - - 4.3 4.5 4.7 4.9

Enterprise 102.1 104.0 114. 125.6 4 138.1 152.2

Mobilsat 4.2 4.4 4.4 4.4 4.4 4.4

Service COGS 139.3 142.7 142.8 136.7 148.8 162.6

COGS

Brazil 22.0 18.5 14.4 - - -

LATAM 15.1 12.3 9.6 6.7 6.3 6.0

Consumer 30.9 37.1 24.0 6.7 6.3 6.0

ROW 38.8 39.5 35.8 35.8 35.8 35.8

Europe 30.3 24.5 25.2 27.7 30.5 33.5

India 38.9 48.0 52.9 57.9 63.6 70.0

Brazil 34.3 39.4 43.6 47.3 51.5 56.2

LATAM 17.9 21.3 23.3 25.5 28.0 30.7

Other - - 4.3 4.5 4.7 4.9

Enterprise 160.2 172.7 185.0 198.8 214.1 231.2

Mobilsat 14.8 16.0 16.0 16.0 16.0 16.0

Total COGS 212.1 219.6 225.0 221.5 236. 253.1 4

Hardware Margin

Brazil 0.2 - - - - -

LATAM 0.0 - - - - -

Consumer - 0.2 - - - -

ROW (0.2) 3.8 3.4 3.4 3.4 3.4

Europe 1.0 0.9 1.5 1.6 1.8 1.9

India 9.6 8.3 8.7 9.1 9.6 10.1

Brazil 4.3 3.7 3.9 4.2 4.4 4.7

LATAM 2.1 1.4 1.4 1.5 1.6 1.7

Other - - - - - -

Enterprise 16.9 18.0 18.9 19.8 20.8 21.8

Mobilsat 2.4 4.6 4.6 4.6 4.6 4.6

Hardware Margin 19.5 22.6 23.5 24.4 25.4 26.4

Service Margin

Brazil 26.4 17.3 7.6 - - -

LATAM 11.1 8.8 8.0 5.6 5.3 5.0

Consumer 26.1 37.5 15.6 5.6 5.3 5.0

ROW 0.5 2.1 5.8 5.8 5.8 5.8

Europe 7.5 3.8 5.4 6.0 6.5 7.2

India 8.3 11.4 12.8 14.7 16.9 19.4

Brazil 7.5 11.5 12.6 14.6 16.8 19.1

LATAM 19.2 24.5 27.2 30.2 33.5 37.2

Other - - (4.3) (4.5) (4.7) (4.9)

Enterprise 43.1 53.3 59.5 66.7 74.8 83.8

Mobilsat 7.9 6.9 6.9 6.9 6.9 6.9

Service Margin 88.5 86.3 82.0 79.1 87.0 95.7

International 21 of 24 Echostar Proprietary

Key Segment (M) FY25 FY26 FY27 FY28 FY29 FY30

Margin

Brazil 26.6 17.3 7.6 - - -

LATAM 11.1 8.8 8.0 5.6 5.3 5.0

Consumer 26.1 37.7 15.6 5.6 5.3 5.0

ROW 0.3 6.0 9.2 9.2 9.2 9.2

Europe 8.5 4.6 6.9 7.6 8.3 9.1

India 17.9 19.7 21.5 23.8 26.5 29.5

Brazil 11.9 15.2 16.6 18.8 21.2 23.8

LATAM 21.3 25.8 28.6 31.7 35.1 38.8

Other - - (4.3) (4.5) (4.7) (4.9)

Enterprise 60.0 71.4 78.5 86.5 95.6 105.6

Mobilsat 10.3 11.4 11.4 11.4 11.4 11.4

Total Margin 108.0 109.0 105.5 103.5 112.3 122.0

R&D

ROW 0.4 0.4 0.3 0.3 0.3 0.3

Europe - - - - - -

Other - - - - - -

Enterprise 0.4 0.4 0.3 0.3 0.3 0.3

Mobilsat (0.0) - - - - -

R&D 0.4 0.4 0.3 0.3 0.3 0.3

S&M

Brazil 8.9 4.5 2.0 - - -

LATAM 3.9 3.5 2.9 2.0 1.9 1.8

Consumer 8.0 12.8 4.9 2.0 1.9 1.8

ROW 3.4 4.1 4.1 4.1 4.1 4.1

Europe 3.5 2.9 2.9 3.2 3.5 3.9

India 2.0 2.2 2.4 2.6 2.9 3.2

Brazil 2.7 3.1 3.4 3.6 3.9 4.2

LATAM 3.4 3.6 4.0 4.4 4.8 5.3

Other - - - - - -

Enterprise 15.1 15.9 16.7 17.9 19.2 20.7

Mobilsat 0.0 0.2 0.2 0.2 0.2 0.2

S&M 27.9 24.2 21.8 20.1 21.3 22.7

G&A

Brazil 1.9 5.6 3.8 - - -

LATAM 2.9 2.7 2.6 1.9 1.8 1.7

Consumer 8.3 4.8 6.4 1.9 1.8 1.7

ROW 2.5 2.5 3.1 3.1 3.1 3.1

Europe 4.6 3.7 3.7 4.1 4.5 5.0

India 7.0 6.7 7.1 7.8 8.6 9.5

Brazil 6.9 5.1 5.6 6.0 6.3 6.5

LATAM 2.8 3.3 3.7 4.0 4.4 4.9

Other - - 0.6 0.6 0.7 0.7

Enterprise 24.0 21.3 23.8 25.7 27.6 29.7

Mobilsat 0.6 0.7 0.4 0.4 0.4 0.4

G&A 30.2 29.3 30.7 28.0 29.8 31.8

International 22 of 24 Echostar Proprietary

Key Segment (M) FY25 FY26 FY27 FY28 FY29 FY30

OIBDA

Brazil 15.7 7.2 1.8 - - -

LATAM 4.4 2.7 2.5 1.7 1.6 1.5

Consumer 9.8 20.1 4.3 1.7 1.6 1.5

ROW (6.1) (1.1) 1.7 1.7 1.7 1.7

Europe 0.4 (1.9) 0.3 0.3 0.3 0.3

India 8.9 10.8 12.0 13.4 15.0 16.8

Brazil 2.2 7.1 7.6 9.1 11.0 13.1

LATAM 15.1 18.9 21.0 23.3 25.8 28.6

Other - - (4.9) (5.2) (5.4) (5.6)

Enterprise 20.5 33.7 37.6 42.6 48.5 54.9

Mobilsat 9.7 10.6 10.9 10.9 10.9 10.9

OBIDA 54.1 50.3 52.7 60.9 55.1 67.3

CAPEX

Brazil 9.1 1.7 1.7 - - -

LATAM 3.4 2.9 2.4 1.7 1.6 1.5

Consumer 4.7 12.5 4.2 1.7 1.6 1.5

ROW 3.5 5.0 0.5 0.5 0.5 0.5

Europe 1.0 0.2 0.2 0.2 0.2 0.2

India 1.8 1.5 1.6 1.8 2.0 2.2

Brazil 1.8 2.7 2.1 2.3 2.5 2.8

LATAM 0.9 1.0 1.1 1.2 1.3 1.5

Other - - 0.6 0.6 0.6 0.7

Enterprise 8.9 10.4 6.1 6.6 7.2 7.8

Mobilsat 0.1 0.1 0.1 0.1 0.1 0.1

FAS 86 (In Other) - - 2.2 2.2 2.3 2.4

CAPEX 15.2 21.5 12.5 10.6 11.2 11.8

Capex Europe EML

FY25 FY26 FY27 FY28 FY29 FY30

OFCF

Brazil 6.5 5.4 0.0 - - -

LATAM 1.0 (0.3) 0.0 (0.0) (0.0) (0.0)

Consumer 5.1 7.5 0.1 (0.0) (0.0) (0.0)

ROW (9.5) (6.1) 1.2 1.2 1.2 1.2

Europe (0.6) (2.1) 0.1 0.1 0.1 0.1

India 7.1 9.3 10.4 11.6 13.0 14.6

Brazil 0.5 4.3 5.5 6.8 8.5 10.3

LATAM 14.3 17.9 19.9 22.1 24.5 27.1

Other - - (7.7) (8.0) (8.3) (8.7)

Enterprise 11.7 23.3 29.4 33.8 39.0 44.7

Mobilsat 9.6 10.5 10.8 10.8 10.8 10.8

OFCF 39.0 28.8 40.2 49.7 44.5 55.5

International 23 of 24 Echostar Proprietary

International KPI

2025 2026 2027 2028 2029 2030

Fcst 5 YR 5 YR 5 YR 5 YR 6 YR

Brazil 81,521 123,466 - - - -

LATAM 36,034 45,042 30,121 21,529 20,372 19,151

Ending Subs 117,555 168,507 30,121 21,529 20,372 19,151

Brazil - 38,326 - - - -

LATAM 9,960 14,005 8,889 8,230 7,621 7,056

Gross Adds 9,960 52,331 8,889 8,230 7,621 7,056

Brazil (21,529) (41,944) (81,521) - - -

LATAM (10,812) (9,008) (5,913) (8,592) (1,156) (1,222)

Net Adds (32,341) (50,952) (87,434) (8,592) (1,156) (1,222)

Brazil 3.7% 3.4% 11.5% 0.0% 0.0% 0.0%

LATAM 4.1% 3.9% 3.8% 3.5% 3.5% 3.5%

Churn 3.8% 3.5% 6.8% 3.5% 3.5% 3.5%

Brazil $29.94 $30.06 $30.20 $0.00 $0.00 $0.00

LATAM $43.73 $44.39 $44.76 $46.49 $46.47 $46.46

ARPU Reported $33.72 $34.16 $36.65 $46.49 $46.47 $46.46

Brazil $48.6 $35.8 $22.1 $0.0 $0.0 $0.0

LATAM $26.2 $21.2 $17.5 $12.2 $11.6 $11.0

Revenue $74.8 $57.0 $39.6 $12.2 $11.6 $11.0

Int'l KPI's 24 of 24 Echostar Proprietary

EX-99.3

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