#12021 2ND QUARTER EARNINGS AT&T Investor Update July 22, 2021 © 2021 AT&T Intellectual Property. AT&T, Globe logo, and DIRECTV are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T#22 July 22, 2021/2021 AT&T Intellectual Property - AT&T Proprietary Cautionary Language Concerning Forward-looking Statements Information set forth in this presentation contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this presentation based on new information or otherwise. The "quiet period" for FCC Spectrum Auction 110 is in effect. During the quiet period, auction applicants are required to avoid discussions of bids, bidding strategy and post-auction market structure with other auction applicants. This presentation may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on slide 12 of this presentation and on the company's website at https://investors.att.com. AT&T#33 Business Priorities Grow Subscriber Relationships Focus on Wireless, Fiber, and HBO Max July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary Effective and Efficient in Everything We Do Drive transformation and improve customer experiences Deliberate Capital Allocation Invest in growth, reduce debt, review portfolio of assets AT&T#44 Business Priorities - Progress since 2Q20 Grow Subscriber Relationships ✓ Grew postpaid phone net adds by nearly 3 million ✓ Grew Fiber subscribers by 1 million ✓ Grew domestic HBO Max/HBO subscribers by ~11 million July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary Effective and Efficient in Everything We Do ✓ Significantly improved customer satisfaction and lowered churn ✓ Achieved initial ~$2B in transformation savings, reinvested to ignite customer growth ✓ Positioned for improved returns going forward + See notes slide 12 Deliberate Capital Allocation ✓ Invested $60B+ in 5G/wireless, fiber and premium content ✓ Announced significant asset monetizations ✓ Positioned major businesses with the right capital structure and partners ✓ Expect AT&T to have best leverage among peers AT&T#52021 2ND QUARTER EARNINGS 2Q21 Financial Results 5 July 22, 2021/2021 AT&T Intellectual Property - AT&T Proprietary AT&T#62Q21 Momentum Continued in Areas of Market Focus Postpaid Phone Subscribers Net Adds thousands millions 62.9 0.84% Wireless 63.5 6 64.2 64.8 65.5 Postpaid phone subscribers Postpaid phone churn 0.69% (151) 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 2Q21 789 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T Fiber Subscribers millions 4.3 Fiber 31% 4.7 5.0 HI 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 2Q21 Fiber subscribers Penetration Net Adds thousands 5.4 5.2 36% + See notes slide 12 225 246 HBO Max HBO Max and HBO Subscribers millions 36.3 38.0 41.5 44.2 47.0 2Q20 3Q20 4Q20 1Q21 2Q21 Domestic HBO Max and HBO subscribers †1 AT&T#72Q21 Financial Summary $ in billions, except EPS 7 Adjusted EPS Adj. Ol Margin $0.83 $0.89 21.9% 20.2% O 2Q20 2Q21 Reported EPS Adjustments: Impairments Amortization of intangibles Actuarial loss on benefit plans Other adjustments, net Adjusted EPS Revenues $41.0 $44.0 2Q20 2Q21 2Q20 $0.17 $0.32 $0.24 $0.10 $0.83 Cash from Ops Free Cash Flow CAPEX $12.1 $7.6 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary $4.5 $10.9 $7.0 $4.0 2Q20 2Q21 2Q21 $0.21 $0.52 $0.12 $0.02 $0.02 $0.89 Solid revenue growth $44.0 billion, up 7.6% Communications revenues up 6.1%, with growth in Mobility and Consumer Wireline WarnerMedia revenues up 31%, driven by higher content sales, subscription and advertising revenues Adjusted EPS of $0.89 Up 7.2% year over year Strong cash flows and liquidity position Cash from operations of $10.9B Capex of $4.0B; gross capital investment ¹² of $5.3B $7.0B free cash flowt3; dividend payout ratio¹3 of ~55% + See notes slide 12 AT&T#82Q21 Communications Segment $ in billions Revenues 8 EBITDA EBITDA Margin Mobility $17.1 $7.8 45.6% $2.6 41.1% 2Q20 $18.9 2Q20 2Q21 Business Wireline $6.1 $6.3 $2.3 $8.0 $1.1 36.8% 2Q20 42.4% 38.7% 2Q21 Consumer Wireline $3.1 $3.1 $1.1 33.7% 2Q21 Strong revenue, EBITDA and subscriber gains Revenues up 10.4%; service revenues up 5.0% Record EBITDA and strong service margins Solid gross adds and tied record for lowest postpaid phone churn 789,000 postpaid phone net adds; 174,000 prepaid phone net adds Continued to deliver solid margins Emphasizing core network and transport connectivity 2Q20 included one-time demand-driven benefits related to the pandemic Broadband drives revenue growth Solid AT&T Fiber gains; growing penetration; expect 1 million Fiber net adds for full year Expect YOY EBITDA and revenue trend improvements to continue in second half of 2021 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#92Q21 WarnerMedia Segment $ in billions Revenues 9 EBITDA EBITDA Margin WarnerMedia $6.7 $2.1 30.8% 2Q20 $8.8 $1.4 $1.9 Direct-to-Consumer 2Q20 21.1% 2Q21 Subscription Revenues $2.0 2Q21 Strong subscription growth and improved content and advertising revenues WarnerMedia revenues up ~31% Advertising revenues up ~49% with return of sports Expect continued theatrical revenue improvement in second half of 2021 HBO Max success accelerated DTC subscription revenue growth to ~39% 47 million domestic HBO Max/HBO subscribers; more than 67 million globally Increasing guidance: expect 70-73 million global subscribers by end of 2021 millions Global HBO Max and HBO Subscribers 67.5 55.6 36.3 47.0 2Q20 2Q21 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary †1 International Domestic W do& max ORIGINAL FRIENDS THE REUNION + See notes slide 12 SPACE JAM JULY 16 IN THEATERS mod HBOMAX HBO ORIGINAL MARE SUCCESSION of EASTTOWN Premium content portfolio continues to expand HBO ORIGINAL U AT&T#10Updating 2021 Financial Guidance 10 REVENUE GROWTH Wireless Service Rev Growth EPS-ADJUSTED ¹4 GROSS CAPITAL INVESTMENT Capital Expenditures FREE CASH FLOW +3 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary +2 Current 2021 Consolidated Guidance* 1% range ~2% Stable with 2020 $22B range $17B range $26B range *Assumes inclusion of DIRECTV results for full year + See notes slide 12 Updated 2021 Consolidated Guidance* 2-3% range ~3% Low to mid single-digit growth $22B range $17B range $27B range AT&T#112021 2ND QUARTER EARNINGS CARTOON NETWORK Q&A AT&T 5G CAN HBC AT&T NEW LINE CINEMA a WarnerMedia company 11 WarnerMedia July 22, 2021/2021 AT&T Intellectual Property - AT&T Proprietary AT&T fiber HBOMAX AT&T Business FIRSTNET. Built with AT&T S DO CARTOON NETWORK X#12Notes 1. Domestic HBO Max and HBO subscribers consist of U.S. accounts with access to HBO Max (including wholesale subscribers that may not have signed in) and HBO accounts, and exclude free trials and Cinemax subscribers. Global HBO Max and HBO subscribers consist of domestic and international HBO Max and HBO subscribers, and exclude free trials, basic and Cinemax subscribers. 2. Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 2Q21, gross capital investment included $1.3 billion in vendor financing payments. In 2021, vendor financing payments are expected to be in the $4 billion range and FirstNet reimbursements are expected to be about $1 billion. 3. Free cash flow is a non-GAAP financial measure that is frequently used by investors and credit rating agencies to provide relevant and useful information. Free cash flow is cash from operating activities minus capital expenditures. Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. In 2Q21, total dividends paid were $3.830 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities and capital expenditures, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort. 4. The company expects adjustments to 2021 reported diluted EPS to include merger-related amortization in the range of $4.3 billion and other adjustments, a non-cash mark-to- market benefit plan gain/loss, and other items. The company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. AT&T's 2021 EPS depends on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort. 12 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#13AT&T