#12021 3RD QUARTER EARNINGS AT&T Investor Update October 21, 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#2N October 21, 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 10 of this presentation and on the company's website at https://investors.att.com. AT&T#33 Business Priorities - Continued Consistent Execution in 3Q21 Grow Customer Relationships ✓ Most postpaid phone net adds in more than 10 years ✓ Fiber share gains with sequential increase in net adds ✓ HBO and HBO Max global subscribers t1 near 70 million October 21, 2021/2021 AT&T Intellectual Property - AT&T Proprietary Effective and Efficient in Everything We Do ✓ Increased cost efficiencies enabled reinvestment in growth ✓ On track to achieve half of $6B cost savings by end of 2021 ✓ Mobility EBITDA¹2 growth of 3.6% ✓ Shift to Fiber driving Consumer Wireline EBITDA+² growth + See notes slide 10 Deliberate Capital Allocation ✓ Announced or closed $55B+ in asset monetization and generated ~$26B in free cash flow t3 over past 12 months +3 ✓ Closed DIRECTV transaction ✓ WarnerMedia deal expected to close by mid-year 2022 ✓ Right capital structure in place to support future success AT&T#42021 3RD QUARTER EARNINGS 3Q21 Financial Results 4 October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#53Q21 Solid Subscriber Gains in Areas of Market Focus Postpaid Phone Subscribers millions 63.5 5 Wireless 64.2 64.8 65.5 66.4 Postpaid phone subscribers Postpaid phone churn Net Adds thousands 645 0.69% 0.72% 1 ¡ll 3Q20 4Q20 1Q21 2Q21 3Q21 3Q20 3Q21 928 October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary AT&T Fiber Subscribers millions 4.7 33% 5.0 Fiber 3Q20 4Q20 1Q21 5.4 5.2 il 37% 5.7 Fiber subscribers Penetration Net Adds thousands 357 + See notes slide 10 289 2Q21 3Q21 3Q20 3Q21 HBO Max and HBO Subscribers millions 56.9 HBO Max 38.0 60.6 41.5 63.9 67.5 69.4 44.2 47.0 45.2 3Q20 4Q20 1Q21 2Q21 3Q21 Domestic HBO Max and HBO subscribers International HBO Max and HBO subscribers †1 AT&T#63Q21 Financial Summary $ in billions, except EPS 6 Adjusted EPS Adj. Ol Margint2 $0.76 $0.87 19.4% 21.1% 3Q20 3Q21 Revenues Revenues Ex U.S. Video +4 U.S. Video impact $42.3 $39.9 $38.1 $36.4 3Q20 3Q21 Reported EPS Adjustments: Amortization of intangibles DIRECTV intangible amortization (proportionate share) Gain on sale of assets Actuarial loss/(gain) on benefit plans Debt redemption and other adjustments Adjusted EPS Cash from Ops Free Cash Flow +3 CAPEX $12.1 $8.3 $3.9 3Q20 $0.39 3Q20 3Q21 $0.22 $0.01 $0.14 $0.76 $9.9 $5.2 October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary $4.7 3Q21 $0.82 $0.11 $0.04 ($0.08) ($0.04) $0.02 $0.87 Solid revenue growth on a comparable basis 3Q21 reported revenues of $39.9B included one month of U.S. Video Excluding U.S. Video ¹4, revenues up $1.7B, or 4.7% Adjusted EPS of $0.87 Up 14.5% year over year Strong cash flows and liquidity position Cash from operations of $9.9B Capex of $4.7B; gross capital investment ¹5 of $5.7B $5.2B free cash flow¹³; YTD dividend payout ratio¹³ of ~63% ~$10B of asset monetizations closed, including DIRECTV/TPG transaction + See notes slide 10 AT&T#73Q21 Communications Segment $ in billions Revenues 7 EBITDA †2 EBITDA Margin t2 Mobility $17.9 $7.7 43.1% $2.5 39.9% 3Q20 $19.1 3Q20 3Q21 Business Wireline $6.3 $5.9 $8.0 $0.9 30.4% 3Q20 41.7% $2.3 38.5% 3Q21 Consumer Wireline $3.0 $3.1 $1.0 30.5% 3Q21 Strong revenue, EBITDA and subscriber gains Revenues up 7.0%; service revenues up 4.6% Strong EBITDA and service margins 928,000 postpaid phone net adds; 249,000 prepaid phone net adds Margins remain strong with a refined portfolio Revenue comps impacted by pandemic demand in 3Q20 and proactive portfolio rationalization Emphasizing core network and transport connectivity Broadband drives revenue and EBITDA growth Solid AT&T Fiber gains with sequential net add growth EBITDA and revenue growth as Fiber strength offsets legacy declines October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary + See notes slide 10 AT&T#83Q21 WarnerMedia Segment $ in billions Revenues 8 EBITDA †2 EBITDA Margin †2 WarnerMedia $7.4 J $1.9 25.9% 3Q20 $8.4 $1.6 $2.2 Direct-to-Consumer 3Q20 25.7% 3Q21 Subscription Revenues $2.0 3Q21 Strong subscription growth offset sports timing impacts on advertising WarnerMedia revenues up ~14% driven by strong DTC subscription growth and content licensing 3Q21 includes ~$200M in DIRECTV advertising revenue sharing costs DTC subscription revenue growth of ~25% Strong HBO Max subscriber growth in Latin America; Spain and the Nordics launch in October International and AVOD subscriber growth more than offset impact from Amazon wholesale losses millions Global HBO Max and HBO Subscribers 69.4 56.9 38.0 45.2 3Q20 3Q21 October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary †1 International Domestic + See notes slide 10 MAKE YOUR MOVE SUCCESSION HBOMAX WILL SMITH.. KING KICHARD HEAD IN THE FIEL IN THEATEST SEAT OCTOBER 22 4Q21 content slate is strong THE CHOICE IN YOURS 12.22.21 IN THEATERSTON AT&T#92021 3RD QUARTER EARNINGS N CARTOON NETWORK NEW LINE CINEMA a WarnerMedia company 9 Pos T&T 5G Q&A AT&T 5G CAN HBC AT&T WarnerMedia October 21, 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#10Notes 1. Global HBO Max and HBO subscribers consist of domestic and international HBO Max and HBO subscribers, and exclude free trials, basic and Cinemax subscribers. 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. International HBO Max and HBO subscribers consists of non-domestic accounts with access to HBO Max (including wholesale subscribers that may not have signed in), and HBO accounts and exclude free trial, basic and Cinemax subscribers. 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. 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 for the past 12 months is cash from operating activities of $40.8 billion, plus cash distributions from DIRECTV classified as investing activities ($0), minus capital expenditures $15.1 billion. Cash from operating activities were $30.7 billion for 3Q21 YTD and $10.1 billion for 4Q20). Capital expenditures were $12.7 billion for 3Q21 YTD and $2.4 billion for 4Q20. Free cash flow ($5.2 billion in 3Q21; $18.0 billion YTD) is cash from operating activities ($9.9 billion in 3Q21; $30.7 billion YTD), plus cash distributions from DIRECTV classified as investing activities ($0 in 3Q21 and YTD), minus capital expenditures ($4.7 billion in 3Q21; $12.7 billion YTD). Free cash flow total dividend payout ratio is total dividends paid divided by free cash flow. On a YTD basis, total dividends paid were $11.3 billion. 4. "Revenues excluding U.S. Video" for 3Q21 is calculated as Operating Revenues of $39.9 billion minus Video operating revenues of $2.1 billion, plus WarnerMedia sales for content and advertising of $0.3 billion that are external after close of the transaction. Further information is included in our Forms 8-K dated September 9 and October 21, 2021. 5. Gross capital investment includes capital expenditures and cash payments for vendor financing and excludes FirstNet reimbursements. In 3Q21, gross capital investment included $1.0 billion in vendor financing payments and $0 in FirstNet reimbursements. 10 October 21, 2021 / 2021 AT&T Intellectual Property - AT&T Proprietary AT&T#11AT&T