VSAT ViaSat Inc

Exhibit 99.2

Q3 FY25 Shareholder Letter

Fellow shareholders, Our Q3 fiscal year 2025 results are good and moderately better than expectations — and we remain on track for our full fiscal year guidance. Performance reflected a blend of good growth in our strongest target markets, transitions to enhanced value propositions in maritime, and expected declines in fixed broadband. We are also making steady progress in achieving capital synergies and operating cost efficiencies supporting earnings and driving cash conversion. We intend to sustain and enhance already strong positions in attractive and growing satellite services and technology markets. Key factors enabling our growth, and progress on areas we expect can sustain and accelerate growth include: › In aviation, the number of commercial IFC aircraft in service grew ~13% YoY, business jets grew ~18% YoY, and backlog grew even faster at 22% YoY. Aviation continues to be an attractive growth market for us. We have a compelling value proposition in IFC and have continued to expand our customer base both in the US and internationally. We have made very steady progress in integrating capacity from multiple third-party satellite operator partners to expand our coverage and capacity. We have been successful at winning new airlines as well as new fleets with existing customers, going increasingly global with our “full, fast and free” service plans for airlines choosing that business model, and meeting SLA’s even on the busiest routes and at major hub airports. Customers are responding positively. For instance, as just announced, we are very pleased to expand to full fleet with STARLUX in Asia Pacific. A recent report from a Hawaii Travel News website described their experience with ViaSat WiFi on a United 737 MAX from LAX to Hawaii, receiving 130 Mbps speeds on a plane served by ViaSat-3 (VS-3) F1 testing our newest WiFi technology provided free to passengers. We are anticipating even better performance with VS-3 F2 and F3. VS-3 F1 with its ability to dedicate satellite beams to individual planes has served over 10,000 flights to date. In business aviation, we are in the process of upgrading a number of legacy Inmarsat-served jets to service contracts with uncapped speeds and usage volumes — and have continued to grow the number of business jets in service. › Our Defense and Advanced Technologies segment grew revenue almost 20% YoY in Q3 FY2025, reflecting revenue increases in each of its four business lines following an exceptional level of new orders in Q2. Backlog is up YoY, as is our cumulative unawarded IDIQ portfolio. › We are pleased to see very positive customer feedback on our GEO/LEO multi-orbit enterprise maritime service, NexusWave. We are going step by step. After launching beta service last fall, we have grown our order pipeline, turned the leading edge of that into firm backlog and this quarter we are expecting to accelerate turning that backlog into vessels in service, thereby driving additional maritime service revenue. Based on our order pipeline, customer service plan selection and feedback from direct customers and global distribution partners, we are targeting a return to growth in our maritime business line in FY2026. › We have been aggressive and ambitious in forming key partnerships with multiple GSO and NGSO operators and continue to incorporate capacity on multiple new third party satellites into a more highly integrated version of the combined Inmarsat/ViaSat satellite fleet to deliver state-of-the art services. We have made meaningful progress on techniques to expand geographic coverage and optimize resources to better serve our mobility customers. This work contributed to a portion of the capex savings in FY2025 — while still expanding total platforms in service and increasing bandwidth per platform and reducing near-term scheduling risk for the VS-3 satellites. We have also made steady progress on getting the VS-3 satellite constellation into service — as we get closer to completion, schedule risk is diminishing. We continue to expect VS-3 F2 to be completed and shipped to Cape Canaveral this summer and to enter commercial service late CY2025. The VS-3 F3 manufacturing and test schedule outlook is unchanged from last quarter, but given our significantly increased coverage and capacity resources, we have chosen a less capital intensive launch configuration that has slightly extended the orbit raising time, which is expected to shift the commercial in-service date for VS-3 F3 into CY2026. › We are also making good progress on our collaborative approach to transforming our L-band networks. We are very pleased that the European Space Agency (ESA) has established an agreement with the Mobile Satellite Services Association (MSSA) and a new contract with Viasat, which are intended to support and promote European participation in the development of a standards-based, open architecture LEO constellation that can augment existing GEO and LEO direct-to-device (D2D) satellite services. We see global engagement and participation in D2D satellite services as a critical element in delivering 5G NTN (Non-Terrestrial Networks) services that augment national telecommunications architectures while supporting their sovereignty and security, and ensuring regulatory compliance. We believe it is a differentiated strategy that promotes global interests in participating in the space economy, technology innovation, and a safe and sustainable space environment. We, and our partners in MSSA, are excited about ESA’s involvement in this endeavor. Shared, open architecture, and standards-based multi-tenant space infrastructure utilize proven business models from terrestrial mobile networks, and they are expected to reduce costs and help countries and companies compete effectively. From ViaSat’s perspective we anticipate that these initiatives will help reduce our future capital outlays while enabling state-of-the-art networks and services. Lastly, we believe recent D2D transactions help underscore the value of our MSS spectrum, and the benefits of supporting 3GPP NBIoT D2D services on our existing fleet. Overall, we are making steady progress building our mid to long-term outlook and we remain focused on growth, cash conversion and reducing leverage. We continue to believe we have portfolio and strategic optionality in the means and sequences in which we address our challenges and opportunities. Shareholder Letter | Q3 Fiscal Year 2025 1

Q3 FY2025 Financial Results Revenue of $1.1 billion in Q3 FY2025 was flat YoY. Strong revenue growth of 20% YoY in the Defense and Advanced Technologies segment was offset by lower revenues in the Communication Services segment. Net loss of $158 million for Q3 FY2025 increased from a net loss of $124 million in Q3 FY2024, primarily reflecting the loss on the extinguishment of the Inmarsat 2026 senior secured notes partially offset by higher operating income and lower net interest expense. Q3 FY2025 Adjusted EBITDA1 was $393 million, an increase of 3% YoY. Strong operating performance in aviation services, government satcom, space and mission systems, and tactical networking products was partially offset by declines in fixed services and other (FS&O), and maritime service revenues. Incremental Adjusted EBITDA contributions improved relative to revenue compared to the prior year period. Defense and Advanced Technologies revenue increased 20% YoY driven primarily by strong growth in information security and cyber defense, space and mission systems, and tactical networking products. Communication Services revenue decreased 6% YoY due primarily to expected declines in FS&O service revenues and lower revenue from maritime services, which were partially offset by continued growth in aviation services and government satcom services. Awards for the quarter were $1.1 billion, a decline of 12% YoY. Defense and Advanced Technologies segment awards grew 49% to $327 million, partially offset by a decline in Communication Services of 25% primarily related to strong prior year award growth in government satcom. Our Net Debt3 relative to LTM Adjusted EBITDA increased slightly sequentially. AWARDS $ in millions BACKLOG $ in millions REVENUE $ in millions ADJ. EBITDA1 $ in millions OPERATING INCOME (LOSS) $ in millions NET INCOME (LOSS)2 $ in millions Shareholder Letter | Q3 Fiscal Year 2025 2

Communication Services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility, maritime, fixed broadband (residential) energy and enterprise customers AWARDS, REVENUE AND ADJ. EBITDA1 $ in millions SERVICE REVENUE MIX $ in millions SERVICE METRICS—KA BAND ONLY End of period aircraft and vessels Communication Services Segment Highlights › Announced leading global shipping operator “K” LINE chose to trial Inmarsat Maritime’s new bonded network service NexusWave on “K” LINE’s fleet. › Launched JetXP enhanced performance for select business aviation connectivity customers. JetXP features uncapped speeds, expanded capacity and increased network prioritization which improve overall experience. It is a unique offering that could only be achieved with our combination of our world-class technology, expertise and innovation, and our partner ecosystem, which includes business leading value-added resellers, OEMs and MROs. Initial results have been extremely positive. › ViaSat-3 F1 began delivering connectivity to US Government customers including the US Marine Corps. Our ViaSat-3 satellite design provides greater capacity and the flexibility to dynamically shift bandwidth where it is needed most. The use of small beams, beam shaping, encryption and unique anti-jam capabilities are designed to provide secure and reliable connectivity to support the most critical government missions. › Successfully completed in-orbit testing of GX10A and GX10B satellite payloads. The payloads are hosted on Space Norway’s Arctic Satellite Broadband Mission spacecraft and are expected to provide broadband satellite coverage over the Arctic region for government and commercial customers early to mid-calendar year 2025. › Successfully demonstrated direct-to-device (D2D) satellite connectivity at high profile events in Saudi Arabia, India, and United Arab Emirates sending SoS and two-way messages over the company’s highly reliable L-band satellites which orbit above Asia. › Completed the divestiture of the Energy Services System Integration business which was included in Fixed Services and Other business line. Awards Q3 FY2025 Communication Services awards decreased 25% YoY to $751M million. Strong YoY growth in aviation was more than offset by declines in government satcom, FS&O and maritime services. The government satcom business also benefitted from a significant new satellite services contract from the US government in Q3 FY2024. Q3 FY2025 total backlog of $2.6 billion decreased 13% YoY; aviation and government satcom backlog increased 22% and 12%, respectively. Revenue In Q3 FY2025, Communication Services revenue decreased 6% YoY to $820 million. The decline was primarily driven by product revenues which were down 40% primarily due to accelerated IFC terminal deliveries in the prior year period. Service revenue increases of 12% and 11% YoY from aviation and government satcom, respectively, were more than offset by a 21% YoY decrease in FS&O services and a 9% YoY decrease in maritime services as third-party companion offerings created incremental ARPU pressure. Mobility Ka-band service metrics continued to grow YoY and sequentially, ending the quarter with an aggregate of approximately 20,200 vessels and aircraft in service. Commercial and business aviation ended the quarter with approximately 3,950 and 2,000 aircraft in service, respectively. U.S. fixed broadband ended the quarter with approximately 205,000 subscribers and $115 average revenue per user. Adjusted EBITDA Communication Services Q3 FY2025 Adjusted EBITDA of $330M was flat compared to prior year. Strong operating performance in aviation and government satcom services was offset by lower incremental revenue flow-through from FS&O, maritime services, and overall product revenues. Q3 FY2025 incremental Adjusted EBITDA contributions improved relative to revenue compared to Q3 FY2024, reflecting increased gross margins as well as lower R&D expenditures and sales and marketing expenses. Shareholder Letter | Q3 Fiscal Year 2025 3

Defense and Advanced Technologies segment provides a diverse set of resilient, vertically integrated solutions, leveraging core technical competencies in encryption, cyber security, tactical gateways, modems and waveforms, to government and commercial customers AWARDS, REVENUE AND ADJ. EBITDA1 $ in millions PRODUCT REVENUE MIX $ in millions BACKLOG AND SOLE SOURCE UNAWARDED IDIQ $ in millions Defense and Advanced Technologies Segment Highlights › Awarded up to $568 million sole-source IDIQ contract to support C5ISR capabilities for US Defense Forces. Through this contract, Viasat will continue to deliver a diverse portfolio of technologies and services. Our Communication Services and Defense and Advanced Technologies portfolios offer proven and innovative government solutions, including tactical gateways and advanced networking, airborne SATCOM terminals and hubs, ground terminals and modems, beyond-line-of-sight satellite services, and cybersecurity and encryption capabilities. › Antenna systems (AS), part of SMS, secured a $50 million award from a prime contractor for providing full-motion antenna systems that will be part of ground infrastructure supporting global coverage for missile warning, tracking, and defeat missions as well as demonstrate advanced tactical data links. › Selected by Defense Innovation Unit to deliver resilient orchestration software for autonomous systems. Our mobile network orchestration solution is an optimal fit for addressing the network and advanced requirements to enable resilient, multi-path communications through contested and denied environments. › Ramped up shipment of a $35M Q2 FY2025 award for sales & support of Move Out/ Jump Off (MOJO) Link 16 expeditionary tactical gateway system in support of the Marine Expeditionary Forces. The MOJO kits provide ground combat forces with the ability to exchange situational awareness and targeting data with other Link 16 or Situational Awareness Data Link (SADL)-enabled platforms, supporting Joint All-Domain Command and Control for operations. Awards Defense and Advanced Technologies Q3 FY2025 awards increased 49% YoY to $327 million. The YoY growth was primarily driven by significant awards in space and mission systems solutions driven by antenna systems, tactical networking products, and information security and cyber defense products. Backlog was $925 million in Q3 FY2025, an increase of 26% YoY and flat sequentially, and book-to-bill was 1.1. Revenue Q3 FY2025 Defense and Advanced Technologies revenue was $303 million, a 20% increase YoY. The YoY revenue growth was driven primarily by product revenue increases in tactical networking, information security and cyber defense, and space and mission systems. Adjusted EBITDA In Q3 FY2025, Defense and Advanced Technologies Adjusted EBITDA increased 27% YoY to $64 million. Strong YoY operating performance across the segment portfolio from tactical networking, space and mission systems, and information security and cyber defense more than offset higher R&D expenditures. Q3 FY2025 incremental Adjusted EBITDA contributions improved relative to revenue compared to Q3 FY2024, driven primarily by increased product gross margins. Shareholder Letter | Q3 Fiscal Year 2025 4

Endnotes 1. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, as further adjusted to exclude certain non-cash items and non-recurring expenses such as stock-based compensation expense, acquisition-related expenses, gain or loss on disposal of assets, gain or loss on debt extinguishment, and impairment of assets. A reconciliation of Adjusted EBITDA to its closest GAAP equivalent is provided at the end of this letter under “Non-GAAP Financial Reconciliation.” See “Use of Non-GAAP Financial Information” for additional information. 2. Net income (loss) as used herein is defined as net income (loss) attributable to Viasat, Inc. common stockholders. 3. Net Debt is defined as total debt less cash and cash equivalents and short-term investments. A reconciliation of Net Debt to its closest GAAP equivalent is provided at the end of this letter under “Non-GAAP Financial Reconciliation.” See “Use of Non-GAAP Financial Information” for additional information. Shareholder Letter | Q3 Fiscal Year 2025 8

Forward Looking Statements This shareholder letter contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others, statements regarding projections of earnings, revenue, Adjusted EBITDA, net leverage, free cash flow, capital expenditures, investments, costs, expected cost savings, efficiencies and synergies, deleveraging, return on capital or other financial items, including financial guidance and outlook and expectations for performance and results of operations in FY2025 and beyond; proposed initiatives to strengthen capital structure, create shareholder value and drive down capital intensity; anticipated trends in our business or key markets; growth opportunities; ability to successfully compete in our target markets, and durability or strengthening of competitive advantages; the construction, completion, testing, launch, commencement of service, expected performance and benefits of satellites and satellite payloads (including satellites planned or under construction) and the timing thereof; the expected capacity, coverage, service speeds and other features of our satellites, and the cost, economics and other benefits associated therewith; anticipated subscriber growth; introduction and integration of multi-orbit capabilities; the ability to capitalize on backlog and awards received and unawarded IDIQ contract vehicles; future economic conditions; the development, customer acceptance and anticipated performance and demand for our technologies, products or services; our ability to meet the performance and coverage levels required by our customers and to meet customer SLA requirements; our plans, objectives and strategies for future operations, including expansion into emerging markets such as D2D services and LEO strategies to augment existing D2D services; statements regarding existing and prospective orders from current and new aviation and maritime customers and future growth in the number of aircraft or vessels in service; and other characterizations of future events or circumstances, are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially include: our ability to realize the anticipated benefits of any existing or future satellite; unexpected expenses related to our satellite projects; risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, launch, operational or deployment failure or degradation in satellite performance; capacity constraints in our business in the lead-up to the commencement of service on new satellites; increasing levels of competition in our target markets; our ability to successfully implement our business plan on our anticipated timeline or at all; the ability to realize anticipated benefits and synergies of the Inmarsat acquisition, including the expectation of enhancements to our products and services, greater revenue or growth opportunities, and the realization of operating efficiencies and cost savings (including the timing and amount thereof); our ability to successfully develop, introduce and sell new technologies, products and services; audits by the U.S. Government; changes in the global business environment and economic conditions; delays in approving U.S. Government budgets and cuts in government defense expenditures; our reliance on U.S. Government contracts, and on a small number of contracts which account for a significant percentage of our revenues; reduced demand for products and services as a result of continued constraints on capital spending by customers; changes in relationships with, or the financial condition of, key customers or suppliers; our reliance on a limited number of third parties to manufacture and supply our products; introduction of new technologies and other factors affecting the communications and defense industries generally; the effect of adverse regulatory changes (including changes affecting spectrum availability or permitted uses) on our ability to sell or deploy our products and services; changes in the way others use spectrum; our inability to access additional spectrum, use spectrum for additional purposes, and/or operate satellites at additional orbital locations; competing uses of the same spectrum or orbital locations that we utilize or seek to utilize; the effect of recent changes to U.S. tax laws; our level of indebtedness and ability to comply with applicable debt covenants; our involvement in litigation, including intellectual property claims and litigation to protect our proprietary technology; and our dependence on a limited number of key employees. In addition, please refer to the risk factors contained in our SEC filings available at www.sec.gov, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to revise or update any forward-looking statements for any reason. Shareholder Letter | Q3 Fiscal Year 2025 9

Use of Non-GAAP Financial Information To supplement Viasat’s consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), Viasat uses non-GAAP net income (loss) attributable to Viasat, Inc., Adjusted EBITDA and Net Debt, measures Viasat believes are appropriate to enhance an overall understanding of Viasat’s past financial performance and prospects for the future. We believe non-GAAP net income (loss) attributable to Viasat, Inc. and Adjusted EBITDA provide useful information to both management and investors by excluding specific expenses that we believe are not indicative of our core operating results. We believe Net Debt provides useful information to both management and investors in order to monitor our leverage (including our ability to service our debt and make capital expenditures) and evaluate our consolidated balance sheet. A limitation associated with using Net Debt is that it subtracts cash and therefore may imply there is less debt than the most comparable GAAP measure. In addition, since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency in our financial reporting and facilitates comparisons to Viasat’s historical operating results. Further, these non-GAAP results are among the primary indicators that management uses as a basis for evaluating the operating performance of our segments, allocating resources to such segments, planning and forecasting in future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of specific adjustments to GAAP results is provided in the tables below. Copyright © 2025 Viasat, Inc. All rights reserved. Viasat, the Viasat logo and the Viasat signal are registered trademarks of Viasat, Inc. All other product or company names mentioned are used for identification purposes only and may be trademarks of their respective owners. Shareholder Letter | Q3 Fiscal Year 2025 10

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