AT&T Inc and EchoStar Corp Transaction Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks. Good morning. I hope everyone's well. I guess two questions. One, I'd love to hear you guys talk a little more about the incremental revenue, service revenue, and EBITDA you think you can generate as a result of closing this transaction. It sounds like fixed wireless might be something that you're incrementally more enthused about, with this acquisition coming on. And kind of related. Just could you talk about how quickly the team can light the spectrum up on the network once the deal closes? Thanks so much.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks, John.

Question: John Hodulik - UBS AG - Analyst : Great, thank you and congrats on the transaction. John, getting back to your comments on the 600. I was a little surprised seeing that in the list there because as you said, you don't have a presence in the 600 megaz band. I mean just any thoughts on what that could do to your network or how you expect that, access to that spectrum to change, whether it's capacity or quality levels. And then there's other bands that EchoStar has that, like, the 700 that would have fit sort of better with what you guys already have. So were there other options within the portfolio that EchoStar has that you looked at, that you decided not to pursue because the 600 just sort of just stands out as a little bit different like as you said, it's sort of dominated by T-Mobile, but so any thoughts there. And then, lastly, just anything additionally about the cost, especially again the 600. I think, it's going to require -- you sort of referred to the network modernization plan with all the new Ericsson gear. Are there economies that you can point to based on where you are in that deployment that can help you, that can aid you in rolling out this new 600? Thanks.

Question: John Hodulik - UBS AG - Analyst : Alright. Thanks, John.

Question: Michael Rollins - Citi Infrastructure Investments LLC - Analyst : Thanks. Good morning and congratulations on the transaction. I'm so curious how this transaction may influence your wholesale strategy going forward, whether it's the relationship you've announced now with EchoStar, as well as, maybe looking at new wholesale partners with the additional capacity you have that may even include the cable and VNOs. And then just, secondarily to this, a few years ago, I believe you announced a transaction with EchoStar or DISH at the time, for at least $5 billion of wholesale revenue. Is that agreement still in place, post this transaction, and maybe you can give us an update on how that portion of that business has been proceeding. Thanks.

Question: Michael Rollins - Citi Infrastructure Investments LLC - Analyst : Thanks.

Question: Michael Funk - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah, thank you all for doing the call this morning. So John, first for you. You mentioned earlier, you know the new spectrum allows you to lean in a bit more fixed wireless maybe than you have in the past, so. Can you expand on that, how it might change your marketing strategy, whether pricing, packaging, otherwise, and how you intend to lean in. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 12:30PM, T.N - AT&T Inc and EchoStar Corp Transaction Call And then Pascal, I apologize you cut out a bit when mentioning returning to the 2.5x leverage target, the time frame if you can just repeat what you said about timing for returning to the target.

Question: Michael Funk - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. Thank you both.

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Good morning. Thanks for taking my question. Just two quick ones if I could. One is, as you think about the allocation of the spectrum to both your future core mobile growth as well as fixed wireless growth, can you give us any kind of ballpark estimate of how many fixed wireless subscribers you hope to eventually support with this spectrum on the margin? And then maybe secondly, relative to the spectrum deployment, at what point in time would you expect the spectrum to be fully deployed on your network?

Question: James Schneider - Goldman Sachs Group Inc - Analyst : Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 26, 2025 / 12:30PM, T.N - AT&T Inc and EchoStar Corp Transaction Call

Question: Sebastiano Petti - JPMorgan Chase & Co - Analyst : Alright, congratulations on the deal and thanks for fitting me in. John, I guess just maybe kind of stepping back for a moment. If you look at Gail Slater's approval of USM T-Mobile deal, she did make comments about the aggregation of spectrum amongst the big three, and so as you look across the landscape and kind of getting across the approval process, obviously very unknown, what may occur there. But do you see any perhaps, behavioral remedies or anything from like an MVNO perspective that the DOJ perhaps may kind of opine on, your MVNO practices or broader practices across the ecosystem as it pertains to wholesalers as EchoStar kind of moves further away from being a facilities-based provider and more towards a wholesaler. Just kind of overall views on, maybe, getting over the finish line there. Thank you.

Question: Sebastiano Petti - JPMorgan Chase & Co - Analyst : Thank you, John.