#12021 1ST QUARTER EARNINGS AT&T Investor Update April 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 April 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. 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 11 of this presentation and on the company's website at https://investors.att.com. AT&T#33 Our Market Focus Broadband connectivity 5G, Fiber Software-based entertainment HBO Max Fantastic storytelling Industry leader for 2020 Emmy wins April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary Our 2021 Priority GROW Customer Relationships Deliberate Capital Allocation Investing in strategic growth – 5G, Fiber, HBO Max Committed to sustaining dividend at current levels Utilizing cash after dividends to reduce debt Continued portfolio review - restructuring non-core assets AT&T#41Q21 Progress Toward Growing Customer Relationships Postpaid Phone Subscribers Net Adds thousands millions 63.1 62.9 63.5 0.86% Wireless 1Q20 2Q20 3Q20 4Q20 Postpaid phone subscribers Postpaid phone churn ● ● 64.2 4 64.8 Efficient and Effective 0.76% 1Q21 163 595 1Q20 1Q21 Mobility EBITDA grew 2.3% EBITDA service margins expanded 100bps April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary millions ● ● AT&T Fiber Subscribers 4.1 30% 4.3 Fiber 4.7 5.0 Fiber subscribers Penetration 5.2 35% Net Adds thousands 1Q20 2Q20 3Q20 4Q20 1Q21 1Q20 1Q21 209 IP Broadband revenues up ~5% IP Broadband revenue growth offsetting legacy declines + See notes slide 11 235 ● ● HBO Max and HBO Subscribers millions 33.1 HBO Max 1Q20 36.3 38.0 41.5 44.2 2Q20 3Q20 4Q20 1Q21 Domestic HBO Max and HBO subscribers +4 DTC subscription revenues up ~35% Transformation savings helping offset HBO Max investment AT&T#52021 1ST QUARTER EARNINGS 1Q21 Financial Results 5 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#61Q21 Financial Summary $ in billions, except EPS Adjusted EPS Adj. Ol Margin 6 $0.84 $0.86 $42.8 $43.9 ÜÜ 20.2% 21.2% 1Q20 1Q21 Reported EPS Adjustments: Actuarial gain on benefit plans Amortization of intangibles Gain on spectrum transaction Other adjustments, net Adjusted EPS Revenues 1Q20 1Q21 1Q20 $0.63 $0.23 ($0.10) $0.08 $0.84 Cash from Ops Free Cash Flow CAPEX $8.9 $3.9 $9.9 $5.9 $5.0 $4.0 1Q20 1Q21 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary 1Q21 $1.04 ($0.30) $0.12 $0.86 Adjusted EPS of $0.86 On track with full-year guidance of stable adjusted EPS+1 Revenues of $43.9 billion Communications segment revenues up 5.2%, led by Mobility Confident in ~2% wireless service revenue growth projection for 2021 WarnerMedia growth driven by higher subscription and advertising revenues Strong cash flows and liquidity position Cash from operations of $9.9B, up $1B Capex of $4.0B; gross capital investment ¹2 of $5.7B $5.9B free cash flow+³; dividend payout ratio¹³ of ~63% + See notes slide 11 AT&T#71Q21 Communications Segment $ in billions Revenues 7 EBITDA EBITDA Margin Mobility $17.4 $7.8 45.0% $2.4 38.0% 1Q20 $19.0 1Q20 1Q21 Business Wireline $6.3 $6.0 $2.3 $8.0 $1.2 39.6% 1Q20 42.1% 38.6% 1Q21 Consumer Wireline $3.1 $3.1 $1.1 34.4% 1Q21 Strong subscriber momentum Service revenue growth driven by subscriber gains Growing EBITDA and improving service margins Higher gross adds and lower phone churn Continued to deliver solid margins Emphasizing core network and transport connectivity Remain focused on cost management Focus on fiber growth Solid AT&T Fiber gains; penetration exceeding 35% Expect EBITDA growth to improve in second half of 2021 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#81Q21 WarnerMedia Segment $ in billions Revenues 8 EBITDA EBITDA Margin WarnerMedia $7.8 $2.2 27.8% 1Q20 $8.5 Direct-to-Consumer $1.3 $2.1 24.9% 1Q21 Subscription Revenues $1.8 1Q20 1Q21 Higher subscription growth and improved advertising trends Advertising revenues up 18.5% with return of sports Expect continued theatrical revenue improvement in 2021 HBO Max success drove DTC subscription revenue growth of ~35% Domestic ARPU+4 stable at ~$12; rising retail mix provides upside opportunity 60 international markets planned by year-end AVOD on target to launch in June 2021 Global Subscribers Domestic Subscribers +4 millions millions 63.9 53.8 1Q20 33.1 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary 44.2 1Q21 HBO Max and HBO subscribers †4 1Q20 1Q21 + See notes slide 11 GODZILLA KONG HBOMAX max ORIGINAL ZACK SNYDER'S JUSTICE LEAGUE HBO ORIGINAL MARE of EASTTOWN Premium content resonating with subscriber base THE NEVERS AT&T#91Q21 Capital Allocation and Liquidity Update 9 $ in billions $171 2.8x 4Q18 2018-2021 Net Debt $151 2.5x $148 2.7x $169 3.1x 4Q19 4Q20 1Q21 Net debt to adj EBITDA¹5 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary ~$154 ~3.0x 4Q21 1 | 1 Debt reduction plan on target with strong cash flows and asset monetization C-Band financing and $23B payment in March impacted 1Q21 net debt Expect net debt to adjusted EBITDA15 of ~3.0x at end of 2021 Long-term target of ~2.5x during 2024 Asset monetization and portfolio review continue Expect to close DIRECTV and Crunchyroll transactions in 2021 with ~$9B in proceeds Continue to evaluate asset monetization opportunities Debt management provides liquidity and flexibility Approximately 90% of debt is fixed rate Weighted avg. maturity is 16 years at 3.8% Weighted avg. rate is down 50bps ~ Decline of $150M in interest expense in 1Q21 $11B cash on hand at end of 1Q21 + See notes slide 11 AT&T#102021 1ST QUARTER EARNINGS N CARTOON NETWORK NEW LINE CINEMA a WarnerMedia company 10 Pos T&T 5G Q&A AT&T 5G CAN HBC AT&T WarnerMedia April 22, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary omax AT&T fiber HBOMAX AT&T Business FIRSTNET. Built with AT&T S DO CARTOON NETWORK X#11Notes 1. 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. 2. Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 1Q21, gross capital investment included $1.7 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 1Q21, dividends paid totaled $3.741 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. Domestic HBO Max and HBO subscribers consist of 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. Domestic ARPU is defined as domestic HBO Max and HBO subscriber revenues during the period divided by domestic HBO Max and HBO subscribers during the period, excluding HBO commercial revenues and subscribers. Global HBO Max and HBO subscribers consist of domestic HBO Max subscribers and domestic and international HBO subscribers and exclude free trials, and basic and Cinemax subscribers. 5. 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. 11 Net Debt to Adjusted EBITDA Adjusted Annualized EBITDA Total Debt Less: Cash and Cash Equivalents Net Debt Net Debt to Adjusted EBITDA Ratio $ 4018¹ 81,2 60,615 $ 176,505 5,204 171,301 2.826 4Q19² April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary 59,287 $ 163,147 12,130 151,017 2.547 4Q20² 54,546 $ 157,245 9,740 147,505 2.704 1Q21² 53,878 180,199 11,342 168,857 3.134 ¹4Q18 Adjusted Annualized EBITDA is calculated using Pro Forma Adjusted EBITDA to reflect the June 14, 2018 acquisition of Time Warner Inc. as reported in AT&T's Form 8-K filed January 30, 2019 and July 24, 2018. 2As reported in AT&T's Form 8-K filed January 30, 2019, January 29, 2020, January 27, 2021, and April 22, 2021, respectively. AT&T#12AT&T