#1AT&T Investor Update January 24, 2024 2023 4th QUARTER EARNINGS Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.#22 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. This presentation may contain certain non-GAAP financial measures. Information about non-GAAP financial measures is contained on slide 12 and reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at www.att.com/investor.relations. © 2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.#33 2023 Business Priorities - Accomplishments 1 Grow durable 5G and Fiber relationships ● Sustained success with consistent and disciplined go- to-market strategy 5G Wireless - added 1.7 million postpaid phone subscribers and grew service revenues 4.4% Fiber-added 1.1 million consumer subscribers and grew Fiber revenues ~27% 2 Effective and efficient in everything we do Achieved targeted $6B+ in run- rate cost savings ● ● ● Expanded cost savings target to an additional $2B+ by mid 2026 Implemented efficiencies, enhanced customer experiences and drove scale benefits that improved operating leverage Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. t See notes slide 12 3 Deliberate capital allocation ● Invested in growth - surpassed 210 million POPS with 5G mid-band spectrum and more than 26 million locations passed with fiber Strengthened balance sheet - reduced net debt to Adj. EBITDA†¹ from 3.19x to 2.97x Provided an attractive dividend with improved quality - generated $16.8B of free cash flowt² AT&T#44 2024 Business Priorities Do it again... Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. AT&T#55 4Q23 Financial Results Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. asildoals asided s is abus s & 26aidools asided zos ashenolesso#65G and Fiber 6 Postpaid Phone Subscribers millions 69.6 $55.43 71.3 4Q22 Postpaid phone subscribers Postpaid phone ARPU 7.2 $56.23 $64.82 AT&T Fiber Subscribers millions 8.3 4Q23 $68.50 4Q22 Fiber subscribers AT&T Fiber ARPU 4Q23 Mobility Service Revenues $ in billions $15.4 4Q22 * YOY change $1.4 $16.0 4Q22 *YOY change +3.9%* AT&T Fiber Revenues $1.7 $ in billions 4Q23 +22%* 4Q23 Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. t See notes slide 12 Mobility EBITDA +3 $ in billions $7.9 51.4% 4Q22 $1.0 $8.4 EBITDA EBITDA Service Margin +3 31.2% 52.2% Consumer Wireline EBITDAŤ3 $ in billions 4Q22 4Q23 $1.1 33.1% 4Q23 EBITDA EBITDA Margin +3 AT&T#77 4Q23 Financial Summary Continuing Operations, $ in billions, except EPS Revenues $31.3 $32.0 4Q22 4Q23 Adjusted EPS +4 Adj. Ol Margint3 Continuing Operations Reported EPS Adjustments: $0.61 $0.54 18.0% 18.1% 4Q22 4Q23 DIRECTV intangible amortization (proportionate share) Actuarial (gain)/loss Impairments, abandonments and restructuring Tax items and other adjustments Continuing Operations Adjusted EPS 4Q22 ($3.20) $0.04 $0.19 $3.57 Cash from Ops Free Cash Flow+² $11.4 $0.01 $0.61 $10.3 $6.1 4Q22 $6.4 4Q23 4Q23 $0.30 $0.03 $0.18 $0.06 ($0.03) $0.54 Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Revenue growth driven by subscriber and ARPU gains Revenues of $32.0B, up 2.2%; 2023 revenues of $122.4, up 1.4% Mobility service revenue growth of 3.9%; up 4.4% for 2023 Consumer broadband revenue growth of 8.3%; up 8.1% for 2023 ● ● Adjusted EPS¹4 of $0.54; $2.41 for 2023 4Q23 includes ~($0.10) impact from higher non-cash pension costs, lower capitalized interest, lower equity income from DIRECTV and higher effective tax rate Cash from operations of $11.4B; $38.3B for 2023, up $2.5B Free cash flowt² of $6.4B; includes $0.9B from DIRECTV ● ● ● ● Capital expenditures of $4.6B Capital investment 5 of $5.6B; includes $1.0B of vendor financing payments 2023 free cash flowt2 of $16.8B, up $2.6B t See notes slide 12 AT&T#88 4Q23 Mobility Results EBITDA Margin +3 Revenues EBITDA 13 $ amounts in billions Mobility $21.5 $7.9 36.9% 4Q22 884 $22.4 656 $8.4 37.4% Postpaid Phones 4Q23 526 0.85% 0.84% 0.84% 4Q21 4Q22 4Q23 Net additions (in thousands) Churn Strong revenue and EBITDA*3 growth from high-quality subscriber and ARPU gains Wireless service revenues grew ~$600M, up 3.9% Postpaid phone ARPU of $56.23, up 1.4% EBITDA¹3 of $8.4B, up 5.6% ● ● ● ● Consistent and disciplined execution with profitable customer growth • 526,000 postpaid phone net additions; added more than 1.7M postpaid phones in 2023 Continued low postpaid phone churn of 0.84%, as value proposition continues to resonate Focus on high value customers and deliberate segmentation ● Continued strong EBITDA*3 and margin expansion from sustainable go-to-market strategy and cost transformation ● Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. t See notes slide 12 AT&T#99 4Q23 Consumer and Business Wireline Results Revenues EBITDA +3 EBITDA Margin +3 $ amounts in billions Consumer Wireline $3.2 $3.4 $1.0 31.2% 4Q22 Business Wireline $5.6 $1.9 $1.1 O 33.1% 4Q23 33.7% 4Q22 $5.1 $1.5 30.4% 4Q23 Revenue and EBITDA+3 growth driven by Fiber adoption, with Fiber revenues up ~22% Broadband revenues grew 8.3%, driven by Fiber subscriber and ARPU growth from mix shift to Fiber Fiber ARPU of $68.50, up 5.7%, with intake ARPU of $70+ AT&T Fiber net additions of 273K, reflecting resilient demand, seasonality and product superiority; added 1.1M AT&T Fiber subscribers in 2023 AT&T Internet Air now available in 35 locations; added 67K subscribers in 4Q23 ● ● Business Wireline results impacted by ongoing transition toward core connectivity • Year-over-year EBITDA*3 comparisons impacted by about $100M, which include discrete IP sales in 4Q22 not repeated in 4Q23 • Continued connectivity growth through 5G and fiber expansion enables share gains in small/medium businesses Business Solutions t6 wireless service revenues grew 5.9%; FirstNet added ~260K connections ● Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. t See notes slide 12 AT&T#1010 2024 Financial Guidance REVENUE GROWTH Wireless Service Revenues Broadband Revenues ADJUSTED EBITDA+1,3 GROWTH CAPITAL INVESTMENT+5 FREE CASH FLOW+² 2023 Adjusted EPS+4 Organic growth and other Higher non-cash depreciation Higher non-cash pension/post-retirement costs Lower capitalized interest and DIRECTV eq. income 2024 ADJUSTED EPS+4 Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. t See notes slide 12 2024 Guidance 3% range 7%+ 3% range $21 - $22 billion $17- $18 billion $2.41 $0.06 - $0.16 ($0.17) ($0.07) ($0.08) $2.15 - $2.25 AT&T#1111 Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. Q&A#121. 2. Notes Net debt-to-adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters of Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and Time Deposits (deposits at financial institutions that are greater than 90 days, e.g., certificates of deposit and time deposits), from Total Debt. Adjusted EBITDA is calculated by excluding from operating revenues and operating expenses certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairment, benefit-related gains and losses, employee separation and other material gains and losses. 5. Net Debt of $128.9 billion at December 31, 2023 is calculated as Total Debt of $137.3 billion less Cash and Cash Equivalents of $6.7 billion and Time Deposits of $1.8 billion. Net Debt of $132.2 billion at December 31, 2022 is calculated as Total Debt of $135.9 billion less Cash and Cash Equivalents of $3.7 billion. Adjusted EBITDA was $43.4 billion for 2023 and $41.5 billion for 2022. 3. EBITDA, EBITDA margin, EBITDA service margin and adjusted operating income margin are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Financial and Operational Schedules & Non-GAAP Reconciliations document on the company's Investor Relations website, investors.att.com. Adjusted EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected Adjusted EBITDA and the most comparable GAAP metrics without unreasonable effort. 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. In 4Q23, free cash flow of $6.4 billion is cash from operating activities of $11.4 billion, plus cash distributions from DIRECTV classified as investing activities of $0.6 billion, minus capital expenditures of $4.6 billion and cash paid for vendor financing of $1.0 billion. For 2023, free cash flow of $16.8 billion is cash from operating activities of $38.3 billion, plus cash distributions from DIRECTV classified as investing activities of $2.0 billion, minus capital expenditures of $17.9 billion and cash paid for vendor financing of $5.7 billion. For 2022, free cash flow of $14.1 billion is cash from operating activities of $35.8 billion, plus cash distributions from DIRECTV classified as investing activities of $2.6 billion, minus capital expenditures of $19.6 billion and cash paid for vendor financing of $4.7 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, cash distributions from DIRECTV, capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort. 4. Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairment, benefit-related gains and losses, employee separation and other material gains and losses. For 2023, Adjusted EPS of $2.41 is Diluted EPS of $1.97 adjusted for $0.18 restructuring and impairments, $0.17 net actuarial and settlement loss on benefit plans, and $0.14 proportionate share of intangible amortization at the DIRECTV equity method investment, minus $0.04 benefit from tax items and $0.01 of benefit-related, transaction and other costs. 12 The company expects adjustments to 2024 reported diluted EPS to include our proportionate share of intangible amortization at the DIRECTV equity method investment in the range of $0.5-$0.7 billion, 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. Our projected 2024 Adjusted EPS depends on future levels of revenues and expenses, most of 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. Our projected 2024 adjusted equity in net income from DIRECTV investment depends on financial projections provided by DIRECTV. The company is not able to provide a reconciliation to the most comparable GAAP metric as DIRECTV's financial results are not reasonably estimable by AT&T. Capital investment includes capital expenditures and cash paid for vendor financing ($1.0 billion in 4Q23 and $5.7 billion for 2023). For 2024, Capital Investment is expected to be in the $21-$22 billion range. Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metrics without unreasonable effort 6. As a supplemental presentation to our Communications segment operating results, AT&T Business Solutions results are provided in the Financial and Operational Schedules & Non-GAAP Reconciliations document on the company's Investor Relations website, investors.att.com. AT&T Business Solutions includes both wireless and fixed operations and is calculated by combining our Mobility and Business Wireline operating units and then adjusting to remove non-business operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. Reconciliations of non-GAAP financial measures cited in this document to the most directly comparable GAAP financial measures can be found at https://investors.att.com and in our Form 8-K dated January 24, 2024. All metrics discussed above represent continuing operations. Ⓒ2024 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. AT&T#13AT&T