#1AT&T Investor Update October 19, 2023 2023 3rd QUARTER EARNINGS © 2023 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 10 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. © 2023 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.#32023 Business Priorities 1 Grow durable 5G and Fiber relationships Execute consistent and disciplined go-to-market strategy ● Implement tailored approach that delivers solutions to meet customers' needs Create and enrich profitable long-term customer relationships across 5G and Fiber 2 Effective and efficient in everything we do ● ● ● Achieve incremental $2B+ in targeted savings within next three years Transform network to enable legacy rationalization and workforce efficiencies Drive operating leverage and margin expansion with scale gains and Al-enabled process improvements © 2023 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. 3 3 Deliberate capital allocation ● ● ● Invest for long-term growth- 5G and Fiber Strengthen balance sheet by reducing net debt and other liabilities, improving financial flexibility over time Provide an attractive dividend with improving credit quality AT&T#44 3Q23 Financial Results © 2023 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.#55G and Fiber 5 Postpaid Phone Subscribers millions 69.0 $55.67 3Q22 70.8 6.9 $55.99 Postpaid phone subscribers Postpaid phone ARPU $62.62 3Q23 AT&T Fiber Subscribers millions 8.0 $68.21 3Q23 3Q22 Fiber subscribers AT&T Fiber ARPU Mobility Service Revenues $ in billions $15.3 3Q22 * YOY change $1.3 $15.9 3Q22 * YOY change +3.7%* AT&T Fiber Revenues $ in billions $1.6 3Q23 +27%* 3Q23 © 2023 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. + See notes slide 10 Mobility EBITDAT¹ $ in billions $8.3 53.9% 3Q22 $0.9 $8.9 EBITDA EBITDA Service Margin †1 29.6% 55.9% Consumer Wireline EBITDA+¹ $ in billions 3Q22 3Q23 $1.0 31.0% 3Q23 EBITDA EBITDA Margin +1 AT&T#63Q23 Financial Summary Continuing Operations, $ in billions, except EPS Revenues $30.0 $30.4 3Q22 3Q23 Adjusted EPS+² Adj. Ol Margin¹¹ Continuing Operations Reported EPS Adjustments: $0.68 $0.64 20.7% O 21.5% 3Q22 3Q23 DIRECTV intangible amortization (proportionate share) Actuarial (gain)/loss Restructuring and non-cash impairments* 3Q22 $0.79 Cash from Ops Free Cash Flow +3 $10.3 $10.1 $0.04 ($0.14) $0.01 ($0.02) $0.68 $3.8 $5.2 3Q22 3Q23 Other adjustments Continuing Operations Adjusted EPS *3Q23 includes $0.06 severance charge and $0.05 impairment of an equity investment 3Q23 $0.48 $0.03 ($0.01) $0.11 $0.03 $0.64 © 2023 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. 6 Revenue growth driven by subscriber and ARPU gains Revenues of $30.4B, up $0.3B Mobility service revenue growth of 3.7%, 4.6% YTD Consumer broadband revenue growth of 9.8%, 8.1% YTD Adjusted EPS of $0.64 Includes ~($0.08) impact from higher non-cash pension costs, lower capitalized interest, higher effective tax rate and lower equity income from DIRECTV Cash from operations of $10.3B; $26.9B YTD, up $1.5B Free cash flowt3³ of $5.2B; includes $0.9B from DIRECTV Capital expenditures of $4.6B Capital investment ¹4 of $5.6B; includes $1.0B of vendor financing payments t See notes slide 10 2023 YTD free cash flowt3 of $10.4B, up $2.4B, with $0.9B lower DIRECTV cash AT&T#77 3Q23 Mobility Results Revenues EBITDA 1 EBITDA Margin †1 $ amounts in billions $20.3 Mobility $8.3 40.8% 3Q22 928 0.72% 3Q23 Postpaid Phones $20.7 708 $8.9 43.0% 468 0.84% 0.79% 3Q21 3Q22 3Q23 Net additions (in thousands) Churn Strong revenue and EBITDA1 growth from high-quality subscriber and ARPU gains Wireless service revenues grew $571M, up 3.7% Postpaid phone ARPU of $55.99, up 0.6% EBITDA¹ of $8.9B, up 7.6% ● ● ● ● Consistent and disciplined execution with profitable customer growth • 468,000 postpaid phone net additions Continued low postpaid phone churn of 0.79%, as value proposition continues to resonate Focus on high value customers with deliberate segmentation ● Continued strong EBITDA and margin expansion from sustainable go-to-market strategy and cost transformation ● © 2023 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 10 AT&T#83Q23 Consumer and Business Wireline Results Revenues EBITDA †1 EBITDA Margin †1 $ amounts in billions Consumer Wireline $3.2 $3.3 $0.9 O 29.6% 3Q22 $5.7 Business Wireline $2.0 $1.0 34.6% 3Q22 31.0% 3Q23 $5.2 $1.7 32.5% 3Q23 Revenue and EBITDA+¹ growth driven by Fiber adoption, with Fiber revenues up ~27% Broadband revenues grew 9.8%, driven by Fiber subscriber and ARPU growth from mix shift to Fiber Fiber ARPU of $68.21, up 8.9%, with intake ARPU $70+ AT&T Fiber net additions of 296K, reflecting resilient demand and product superiority Introduced AT&T Internet Air fixed wireless access service in 20 locations ● ● Business Wireline results impacted by ongoing transition toward core connectivity Portfolio rationalization continuing to impact year-over-year comparisons ● • Continued fiber expansion supports connectivity gain opportunities in small/medium businesses ● Business Solutions t5 wireless service revenues grew 7.0%; FirstNet added ~275K connections ● © 2023 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. 8 t See notes slide 10 AT&T#99 Ⓒ2022 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#10Notes 1. 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. 2. Adjusted EPS from continuing operations is calculated by excluding from operating revenues, operating 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. 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. In 3Q23, free cash flow of $5.2 billion is cash from operating activities from continuing operations of $10.3 billion, plus cash distributions from DIRECTV classified as investing activities of $0.5 billion, minus capital expenditures of $4.6 billion and cash paid for vendor financing of $1.0 billion. For 3Q23 year-to-date, free cash flow of $10.4 billion is cash from operating activities from continuing operations of $26.9 billion, plus cash distributions from DIRECTV classified as investing activities of $1.4 billion, minus capital expenditures of $13.3 billion and cash paid for vendor financing of $4.7 billion. For 3Q22 year-to-date, free cash flow of $8.0 billion is cash from operating activities from continuing operations of $25.5 billion, plus cash distributions from DIRECTV classified as investing activities of $2.2 billion, minus capital expenditures of $15.4 billion and cash paid for vendor financing of $4.2 billion. 4. Capital investment includes capital expenditures and cash paid for vendor financing ($1.0 billion in 3Q23 and $4.7 billion for 3Q23 year-to-date). 5. 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. © 2023 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. 10 AT&T#11AT&T