#1AT&T Investor Update July 21, 2022 2022 2nd QUARTER EARNINGS © 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.#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. The "quiet period" for FCC Spectrum Auction 108 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. Information about non-GAAP financial measures is contained on slide 11, 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. © 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. AT&T#32022 Business Priorities - Update 2 Effective and Efficient in Everything We Do 1 Grow Customer Relationships ■ 5G Wireless-800K+ postpaid phone net adds in 2Q22 Fiber-300K+ net adds in 2Q22 with improved penetration rates ■ ■ On track to achieve $4B+ of $6B run-rate cost savings target Anticipate $1B+ of inflationary impacts partially offset by pricing actions and 5G and fiber customer growth 3 Deliberate Capital Allocation ■ ■ Invest in growth - on track with 5G spectrum and fiber deployments Strengthen balance sheet - applied ~$40B in WBD transaction proceeds to reduce net debt Provide attractive dividend © 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. 3 AT&T#44 2Q22 Financial Results © 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. AT&T#55G and Fiber ம 2Q22 Subscriber Gains Postpaid Phone Subscribers Net Adds millions thousands 68.3 67.3 67.5* 66.4 65.5 0.69% M M 2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 2Q22 Postpaid phone subscribers Postpaid phone churn * 1Q22 includes 3G shutdown base adjustment of ~(400K) 0.75% 789 813 AT&T Fiber Subscribers millions 5.4 6.3 6.0 11 2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 2Q22 Fiber subscribers Penetration ~36% 6.6 5.7 Net Adds thousands ~37% 246 © 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. 316 AT&T#66 2Q22 Financial Summary Continuing Operations, $ in billions, except EPS Revenues Standalone AT&T* U.S. Video and other $35.7 $6.7 $29.0 $29.6 2Q21 2Q22 Continuing Operations EPS Adjustments: Adjusted EPS+5 Standalone AT&T* U.S. Video and other Comparable Adj. Ol Margin¹1,2 $0.73 $0.09 $0.65 $0.64 Continuing Operations Adjusted EPS Less: U.S. Video and other dispositions Standalone AT&T* Adjusted EPS 19.7% 19.9% 2Q21 2Q22 DIRECTV intangible amortization (proportionate share) Actuarial loss/(gain) on benefit plans Non-cash restructuring and impairments Other adjustments 2Q21 $0.76 $0.02 Cash from Ops Free Cash Flow+3 ($0.05) $0.73 ($0.09) $0.64 $10.2 $5.2 $7.7 $1.4 2Q21 2Q22 2Q22 $0.59 $0.04 ($0.13) $0.06 $0.09 $0.65 $0.65 Solid revenue growth on a comparable basis 2Q22 standalone AT&T* revenues of $29.6B On a comparable basis, standalone AT&T* revenues were up ~$640M, or 2.2% Standalone AT&T* Adjusted EPS +1,5 of $0.65 Cash from operations of $7.7B Free cash flowt³ of $1.4B; includes $0.8B from DIRECTV Capital expenditures of $4.9B Capital investment¹4 of $6.7B, up $1.7B; includes $1.8B in vendor financing payments * "Standalone AT&T" reflects the historical results of the company presented as Continuing Operations, and also excludes U.S. Video and other 2021 dispositions. Standalone AT&T results for 2Q21 are presented for comparability. For the current quarter, "standalone AT&T" is the same as Continuing Operations. See note 1 on slide 11. © 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. + See notes slide 11 AT&T#77 2Q22 Mobility Results $ in billions Revenues Mobility $18.9 $8.0 42.4% 2Q21 EBITDA †2 0.84% $19.9 0.69% $8.2 41.3% 2Q22 Mobility Net Adds 789 813 EBITDA Margin †2 0.75% Strong revenue gains with subscriber and ARPU growth Revenues up 5.2%; wireless service revenues up ~$660M, or 4.6% Postpaid phone ARPU of $54.81, up 1.1% year over year and $0.81 sequentially Continued strong EBITDA and service margins even with better-than-expected customer growth 2Q22 included ~$100M impact from lower CAF II/FirstNet reimbursements and ~$130M in higher bad debt Wireless subscriber growth driven by consistent execution and efficient distribution Low postpaid phone churn of 0.75% 813,000 postpaid phone net adds 196,000 prepaid phone net adds (151) 2Q20 2Q21 2Q22 Postpaid phone subscribers (in thousands) Postpaid phone churn © 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. + See notes slide 11 AT&T#82Q22 Consumer & Business Wireline Results $ in billions Revenues Consumer Wireline $3.1 $3.2 $1.1 $1.1 34.3% 34.3% 2Q21 2Q22 $6.1 EBITDA †2 Business Wireline $2.4 39.0% 2Q21 EBITDA Margin †2 $5.6 $2.0 O 36.2% 2Q22 Fiber growth drives broadband revenue gains, with fiber revenues up ~28% Broadband revenues grew 5.6% due to Fiber growth and higher ARPU 2Q22 Fiber ARPU of $61.65 with gross addition intake ARPU in the $65-$70 range 316,000 Fiber net additions; ability to serve 18M customer locations with 1M added in 2Q22 Restructuring and portfolio rationalization underway; focus on core connectivity Revenues impacted by legacy product declines, product rationalization and lower government sector demand EBITDA margins impacted by wholesale access cost increases Emphasizing fiber-based connectivity and 5G integrated solutions Business Solutions wireless service revenues grew 7.4%; FirstNet wireless connections grew 319,000 8 © 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. + See notes slide 11 AT&T#99 2022 Financial Outlook - Update Standalone AT&T* Total Revenue Wireless Service Revenue Broadband Revenue Adjusted EBITDA* Adjusted EPS* Capital Investment* Free Cash Flow* *See notes slide 11 for further information on Non-GAAP measures Previous Guidance Low single digit growth 3%+ growth 6%+ growth $41- $42 billion $2.42 $2.46 ~$24 billion - $16 billion range © 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. Updated Guidance No change 4.5% - 5.0% growth No change No change No change No change $14 billion range AT&T#1010 Q&A#1111 Notes 1. "Standalone AT&T" results reflect the historical operating results of the company presented as continuing operations, and also excludes U.S. Video and other 2021 dispositions included in Corporate and Other. Standalone AT&T results are presented to provide 2Q21 results that are comparable to 2Q22 continuing operations financial data. For the current and future quarters, "standalone AT&T" is the same as Continuing Operations. See our Form 8-K dated July 21, 2022, for further discussion and information. Standalone AT&T revenues for 2Q21 of $29.0 billion is calculated as operating revenues from continuing operations of $35.7 billion less revenues of $6.7 billion from U.S. Video and other divested businesses. a. b. C. Adjusted operating income of standalone AT&T for 2Q21 of $5.7 billion is calculated as adjusted operating income from continuing operations of $7.5 billion less $1.8 billion from U.S. Video and other divested businesses, including a comparative adjustment applied to prior periods for estimated DIRECTV-related retained costs. Adjusted operating income margin of standalone AT&T for 2Q21 of 19.7% is calculated as adjusted operating income of standalone AT&T for 2Q21 of $5.7 billion divided by standalone AT&T revenues for 2Q21 of $29.0 billion. 2. EBITDA, EBITDA Margin and adjusted operating income are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Reconciliation 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 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 integrations and transaction costs, actuarial gains and losses, significant abandonments and impairment, severance and other material gains and losses. EBITDA and 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 EBITDA and projected Adjusted EBITDA and the most comparable GAAP metrics without unreasonable effort. 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 2Q22, free cash flow is cash from operating activities from continuing operations of $7.7 billion, plus cash distributions from DIRECTV classified as investing activities of $0.3 billion, minus capital expenditures from continuing operations of $4.9 billion and cash paid for vendor financing of $1.8 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. Capital investment includes capital expenditures and cash paid for vendor financing. In 2Q22, capital investment included $1.8 billion in vendor financing payments. Capital Investment for continuing operations is expected to be in the $24 billion range for 2022. 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. 5. 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, severance and other material gains and losses. The company expects adjustments to 2022 reported diluted EPS from continuing operations (that excludes any impact of adoption of new accounting standards) to include the proportionate share of intangible amortization at the DIRECTV equity method investment in the range of $1.5 billion for 2022, 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 2022 Adjusted EPS from continuing operations 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. © 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. AT&T#12AT&T