#1Investor Day 2022 verizon#2"Safe Harbor" Statement NOTE: In this presentation we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words "anticipates," "believes," "estimates," "expects," "hopes," "forecasts," "plans" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the "SEC"), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions or terrorist attacks and any resulting financial or reputational impact; the impact of public health crises, including the COVID-19 pandemic, on our operations, our employees and the ways in which our customers use our networks and other products and services; disruption of our key suppliers' or vendors' provisioning of products or services, including as a result of geopolitical factors, the COVID-19 pandemic or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; the effects of competition in the markets in which we operate; failure to take advantage of developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or treaties, or in their interpretation; and changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings. This presentation includes the following measures, each of which is a non-GAAP financial measure: adjusted earnings per share, free cash flow forecast, net unsecured debt/adjusted EBITDA ratio, and net unsecured debt/adjusted EBITDA ratio forecast. As required by SEC rules, we have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in materials on our website at www.verizon.com/about/investors. 2#3Network-as-a-Service Personalized Mobility Distributed Virtualized Network Metaverse IoT 5G Enabling the 5G Economy 21st Century Infrastructure Broadband Network-as-a-Service Strategy Our Network is the Foundation for the 5G Economy Cloud 3#4Key Verizon Milestones 2019 mmWave Acquisition Verizon Intelligent Edge Network First to 5G Mix & Match Launch Verizon 2.0 Model First Industry Green Bond ✓ 2020 Nationwide 5G Public MEC Launch with AWS Private MEC Launch with AWS + Microsoft CBRS Acquisition Citizen Verizon 2021 C-Band Acquisition TracFone Acquisition VMG Divestiture 10-Year NFL 5G Deal EDISON Alliance 2022 C-Band Deployment Mix & Match 4.0 Verizon Ultra Internet for Home & Business 4#5Delivering Financial Performance and Growth Wireless Service Revenue Dividends $B $B Adjusted EPS $ per Share $18.0 $11.0 $6.00 $17.5 $5.50 $10.5 $17.0 $5.00 $10.0 $16.5 $4.50 $9.5 $16.0 $4.00 $9.0 $15.5 $3.50 $15.0 $8.5 $3.00 4Q17 4Q18 4Q19 4Q20 4Q21 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 5#65 Vectors of Growth 5G ов об 7 5G Mobility Nationwide Broadband MEC & B2B Solutions Value Market Network Monetization 5 Vectors of Growth Drive Verizon's Performance 6#7Financial Outlook Overview Revenue Growth 4% annual service and other revenue growth in 2024 & beyond Strong Margins NaaS to drive long-term consolidated Adjusted EBITDA growth at or above revenue growth Capital Intensity Reduction below pre-C-Band levels Leverage Achieve target long-term leverage ratio of 1.75-2.0x by 2025 Return of Capital Dividends and Buybacks ESG Invest $3B in Digital Inclusion by 2025 & carbon neutral operations by 2035 7#8Rima Qureshi EVP & Chief Strategy Officer @QureshiVZ#9Network-as-a-Service Framework Network-as-a-Service Disrupt Broadband Market Leadership in Mobility New Business Models Fundamentals Network Leadership Customer-Driven Models Trusted Brand Financial Discipline 9#10Investments Enabling Our Strategy Network Spectrum Acquisition ¡EN C-Band Tracfone® OneFiber mmWave BlueJeans Strategic Investments are the Key Enablers that Accelerate our Strategy 10#11Building an Ecosystem Around Us Connectivity OEMs Cloud & Integrators SAMSUNG aws Global Partners américa móvil NHL amazon project kuiper Azure kt VISA Google Google Cloud амс+ verizon NOKIA T SAP B SAMSUNG hulu Disney+ ESPN+ ERICSSON ROGERS IBM Music O 1111111 CISCO. Deloitte. vodafone discovery+ 11#12First-of-its-kind Strategic Partnership verizon * Meta The Metaverse represents a new use case of Verizon's multi-purpose network Partnership to determine: ○ Verizon's network requirements to support XR cloud rendering and low latency streaming Measure impact of edge computing with Verizon's MEC infrastructure on key performance metrics for metaverse optimized experiences Verizon's Network will Enable the Metaverse 12#13Network-as-a-Service Overview 5G об 7 ((R) 5G Mobility + Drive new customer growth + Increase revenue via step-ups, premium offerings and subscription services Measures of Success + ARPA + Subscribers & Accounts + Premium Unlimited Penetration Nationwide Broadband + Capture share + Fiber + Fixed Wireless Access (FWA) Measures of Success + Households and Businesses Covered + Total Subscribers MEC & B2B Solutions + Build on the first mover advantage + Edge computing and next-gen enterprise solutions Measures of Success + Total Revenue Value Market + #1 Share Tracfone v's'ble SafeLink Straight Talk Walmart + WIRELESS + total wireless Verizon SIMPLE Mobile FamilyMobile Prepaid Measures of Success + Prepaid ARPU + Prepaid Subscribers + Prepaid Revenue Network Monetization Return on invested capital Wholesale, MVNOs, and other strategic partnerships Measures of Success + Wireless Service Revenue 13#14Addressable Market ✓ $120B $460B $340B Growth 2021 $120B Serviceable Addressable Market Expansion over Next 5 Years 2026E 14#15More Pathways to Growth Consistent strategy driving execution Portfolio of assets designed to compete Vibrant ecosystem, redefining our market . Multiple new paths to growth 15#16Kyle Malady EVP & President, Global Network and Technology#17Global Networks & Technologies Enable NaaS 噸 Build the world's Deploy the world's best networks best systems Drive best efficiency Develop the world's best culture 4 Pillars Serve as Foundation for NaaS Strategy and Underpin the 5G Economy 17#18What Makes Us Different Multi-Purpose Network Core Fiber 80 RAN Technology ((opp)) 18#19Verizon Intelligent Edge Network Vision Supports NaaS 1 Core 93% Reduction in Edge Routers 90% Reduction in Transport Network Elements ¡EN Driving over $1B in Cumulative Benefits 19#20Virtualization is Transforming Networks Best-in-class latency Compute RAN Owned Webscale Platform World leader for VRAN deployment Virtualization Layer Network Core Verizon is a World Leader in VRAN Storage 20#21Fiber is Fundamental to NaaS Sites on Verizon Fiber YE 2021 Fios Open for Sale YE 2021 45% 16.5M Expect 50% YE 2022 Expect Incremental 550K in 2022 Owned Fiber Assets Improves Performance and Reliability 21#22Fiber Owner's Economics Expected Backhaul Increase 10x Owner's Economics Benefits ~$300M Access cost savings in 2021 Fiber Owner's Economics Drives Cost Efficiency 22#23Transforming the Network 4.5M Circuits Off Copper 36 Wire Centers Converted to Fiber 60M 11% kWhs Saved Copper Trouble Reduction YoY due to network transformation Copper to Fiber Transformation Drives Additional Cost Savings 23#24Industry Leading RAN Design Any (ps)) mmWave High density + Urban + Enterprises + Industrial Mid-Band Suburban + In-building + Complements mmWave Low-Band Wide Coverage Rural + Delivers loT over distances Satellite Global Coverage +Enterprise grade connectivity + Automobile+loT + Backhaul & Broadband + 5G Integration Coverage and Range A 24 24#25mmWave Usage is Growing Fast mmWave Usage Growth Avg. daily usage (TB) mmWave Usage in Deployed Footprint Percentage usage on mmWave 800 +856% YoY 10% 8% 600 6% 400 4% 200 2% 0 0% Jan 2019 Jan 2020 Jan 2021 Jan 2022 Jan 2020 Jan 2021 mmWave is Vital to 5G Plan to Support and Scale Usage in Dense Areas ~10% Jan 2022 25#26C-Band Performance Ultra Speed Peak DL speeds on C-Band Peak DL speeds with aggregation >900 >1 Mbps Gbps Unique devices connected to C-Band network 12M Massive Capacity C-Band Spectrum (MHz) 60 - Today C-Band Spectrum (MHz) 161 2023+ C-Band off to a Fast Start with Better than Expected Performance 26#27Efficient Use of One Network for Mobility and FWA Peak Mobility Usage 12PM- 6PM While customers are at work Peak FWA Usage 7PM- 9PM While customers are binge watching video Mobility & FWA Peak Usage is Complementary 27#28Spectral Efficiency Forecast with C-Band Network Spectral Efficiency (bps/Hz) 2018 LTE-A +1.8x 12.3x Capacity Enablers • More spectrum 2020 5G-NR 4TRX 2022 5G-NR 64TRX 2024 5G-NR Adv. mMimo · Complementary usage patterns Bits per Hertz efficiency 5G Spectrum is 80% more Efficient than LTE 28#29C-Band Coverage Exceeding Expectations 2021 Investor Day Guide 2022 Investor Day Guide 100M POPS 175M POPS 250M+ POPS ΕΟΥ 2021 ΕΟΥ EOY 2022 2023 EOY 2024 100M+ 175M POPS POPS C-Band Deployment is Accelerating Faster than Original Build Plan 250M+ POPS 29#30Network Leadership in MEC & Multi-Cloud Services Cloud Provider 1 Cloud Provider 2 Customer Cloud MEC ¡EN: Multi-Cloud Customer Leverage Intelligent Edge Network to Connect Customers to Multiple Cloud Environments 30#31Technologies 5G Services Evolution Capabilities LTE, 5G Broadband, Fixed Wireless, Voice over LTE Evolved Packet Core Non-Standalone Consumer & Private Network Slices Standalone Cloud Native 5G Packet Core Ultra Reliable 5G Core Evolution will Enable Network Slicing Use Cases as the Ecosystem Evolves ©2022 Verizon 31#32Advanced Fios Network Speed Multi-gig up to 10 Gbps symmetrical using NG-PON2 Efficiency Multi-Purpose Upgraded Technology Enhances Fios Customer Speeds 2022 Verizon Reliability 32#33Internet of Things Cloud integration and digitization Market-leading platform Coverage Low latency Real-time Unique Network Capabilities Make Verizon an Ideal IoT Partner 2022 Verizon 33#34More Pathways to Growth Network leadership in core, fiber, RAN and technology Reliable, differentiated and scalable platform Top engineering talent © 2022 Verizon 34#35Tami Erwin EVP & Group CEO Verizon Business @TamiErwinVZ#36Path to Accelerated Growth Be our customers' choice for their digital transformation journey Build on our strong leadership position Network-as-a-Service КУ Expand into new growth categories © 2022 Verizon 36#37Market Leader in Mobility and Fiber Broadband 44% 49% Wireless Share #1 in Wireless across Enterprise, Public Sector & SMB B2B Fios Share #1 broadband provider in Fios footprint © 2022 Verizon 37#385G Mobility 5G Phone Adoption Outlook 18% 80% Expected 5G Mobility Drivers Continued growth in premium plan step-ups Suite of above network products Security ○ One Talk О Unified Communications YE 2021 YE 2025 4Q21 Delivered Highest Wireless Win Share in More than 2 Years; C-Band Accelerates Industry-Leading Market Share Growth 2022 Verizon 38#39Nationwide Broadband Fixed Wireless Access (FWA) Subscribers ~100K YE 2021 1M+ YE 2025 14M Expected FWA business locations covered by 2025 FWA as Primary Broadband Access for Every Customer Segment and New Use Cases 2022 Verizon 39#40Verizon Addressable Opportunity by 2025 $30B Private Networks + Edge Compute + Enterprise Solutions • • • Rapid ecosystem development First and only player with all 3 major cloud platforms Seamlessly integrate Public and Private MEC into hybrid, multi-cloud solutions © 2022 Verizon 40#415G Enables Increased Sensor Capacity & Accelerated Adoption Continued double-digit loT connections growth expected се Honeywell Cooler Screens® nuro Audi © 2022 Verizon 41#42Enterprise Private Networking Solutions 000 Increased Productivity Revenue Opportunity Cost Savings 80 Network Customization IIII $ Operations Monetization Gateway to Enable 5G Private Edge Computing 2022 Verizon 42#43Private Networking Use Cases 0 In-building coverage with Hybrid MEC $ Financial Services F Industrial Operations D Logistics Automotive Education/ Universities Sporting Events & Entertainment Superior Network Positions Verizon to Drive the Market to Accelerated Adoption of Private Networks 2022 Verizon 43#44Business Transformation 1 New Customers & Revenue Acceleration 23 Enhanced Customer Experiences & Digital Strong Cost Control & Business Simplification Initiatives Targeting 25% EBITDA Margin ©2022 Verizon 44#45More Pathways to Growth Building the 21st Century infrastructure: Mobility, Broadband & Cloud Accelerating Growth with Many Ways to Win . Delivering Transformational Customer Outcomes 45 45#46Manon Brouillette EVP & Group CEO Verizon Consumer @brouilletm#47Even Stronger Consumer Group than 12 Months Ago 1 Diversified brand portfolio Tracfone v's ble Straight Talk SIMPLE Mobile 2 Home broadband coverage 100M POPS mobility C-Band coverage 30M FWA HHS coverage SafeLink total Walmart wireless™ Verizon FamilyMobile Prepaid 3 Connecting everyone, everything, everywhere 盒 47#48Go to Market Strength Customer Experience 30 200 Value Prop Differentiation Product Innovation Omni-Channel Capabilities Brand Equity Lifetime Value Management Network-as-a-Service ©2022 Verizon Wholesale 48#49Winning with Mix & Match 4.0 and C-Band ..l5G U Expanded 5G Ultra Wideband coverage U Unlimited premium data with no speed caps The most hotspot capacity offered by any carrier + 6 entertainment subscriptions Mix and Match Offers Flexibility and Efficiency that brings more Value to Customers ©2022 Verizon 49#50Personalized Customer Base Management ARPA & Step-up Strategy Maximize Yield Exclusive Partnerships Personalized Upgrade Offers Drive Lifetime Value Create Loyalty ©2022 Verizon 50#51Exceeding 2021 Investor Day Targets 2021 Outlook Exceeded Expectations 5G Postpaid Phone Penetration 9% 55% Postpaid Plan Mix ARPA Forecast Metered/ Entry UNL Premium Unlimited 21% -50% 2%+ CAGR -$118 YE 2020 YE 2023 YE 2020 YE 2023 YE 2020 YE 2023 34% EOP 2021 33% © 2022 Verizon Premium UNL EOP 2021 3.3% ARPA growth to $122.30 FY 2021 51#52Raising our Outlook 2022 Outlook 5G Postpaid Phone Penetration 34% >60% >80% Postpaid Plan Mix ARPA Forecast Metered/ Entry UNL Premium Unlimited 2.5%+ CAGR -$122 33% -55% -70% YE 2021 YE 2023 YE 2025 YE 2021 YE 2023 YE 2025 YE 2021 YE 2023 YE 2025 ©2022 Verizon 52#53YE 2025 Nationwide Broadband Targets 50M Expected HHs covered FWA 18M Expected Fios Open For Sale Opportunity to be THE Nationwide Broadband Provider in the U.S. ©2022 Verizon 53#54Winning with Mobile & 5G Home No contracts, data caps or extra fees, equipment included >> 50% off pricing for Mobile & Home customers Self set-up enhancements KY Base & Acquisition management to support stress free switching Increase 5G Open for Sale (OFS) Disrupting the Industry with Unparalleled Experience ©2022 Verizon 54#55Home Broadband Subscribers 6.5M 11M YE 2021 2025 E Total Broadband Subscribers = Fios + Fixed Wireless Access © 2022 Verizon 55#56Scaling Value Drives Churn Benefits Incremental Improvement in Consumer Phone Churn 16bps Active Content Subscription © 2022 Verizon 34bps Premium Unlimited + Broadband 56#57Unlocking Substantial Value Go to Market Agility & Lean Structure Premium Value Tracfone® verizon Market Market Amplify Mission with New Products, Services and Innovation © 2022 Verizon 57 140#58Verizon Value Market Outlook Prepaid Wireless Service Revenue 3% CAGR 2021 © 2022 Verizon 2025E 58#59Network Monetization $ ᎾᎯ Strong Revenue Stream Healthy Margins Open for Business Network-as-a-Service Strategy Creates an Additional Pathway to Revenue Growth © 2022 Verizon 59#60Operational Excellence Model Financial Imperatives Consumer Omni Operations Better Customer Experience Go to market Portfolio © 2022 Verizon Lower Costs to Serve Strong Margins 60#61More Pathways to Growth Multiple paths to grow Leading all customer segments Disrupting home broadband nationwide Agility and nimbleness Customer-centric model 61 1999#62Matt Ellis EVP & Chief Financial Officer#632021 Goals Delivered Acquired C-Band and achieved 100M POPS Target Completed TracFone acquisition Divested non-core assets Achieved financial targets 63 69#64Platform for Accelerating Performance Revenue Growth $ 四 Operating Leverage Capital Efficiency Free Cash Flow Conversion © 2022 Verizon IIII SA- $ Capital Allocation Model 94 64#655 Vectors Drive Accelerating Revenue 5G об 5G Mobility Nationwide Broadband MEC & B2B Solutions Value Market Network Monetization Expected Annual Service & Other Revenue Growth 2022 ~3%* YoY 2023 3%+ YoY 2024+ 4% YoY Proof Point: FWA Scaling Quickly. Positioned to Deliver 150K+ FWA Adds in 1Q22 *Organic (excludes Verizon Media Group and TracFone) © 2022 Verizon 65#66Revenue Growth Drivers Expected Service & Other Revenue Growth ($B) Vector Contributions to 2022-2025 Growth Growth rates 2.2%* 4% $124 $110 $30+ Business $28 $90+ Consumer $76 ■5G Mobility ■ Nationwide Broadband MEC & B2B Solutions ■ Value Market ■ Network Monetization 2021 * Excludes impact from Verizon Media 2025 © 2022 Verizon 66#675G Mobility Growth Drivers 5G Mobility Growth Outlook* $7B+ 2021 2022 2025 Growth 2025 * Vector includes postpaid net adds, ARPA/ARPU, and device protection Expected Key Drivers Consumer • 2.0%+ ARPA CAGR thru 2025 (excl. FWA) • ~2/3 from Premium mix and ~1/3 from products • Growth from subscribers and accounts • Customers with 5G phones are 2.5X more likely to take premium unlimited Business © 2022 Verizon • Growth from market leadership expansion 5G adoption grows to 80% by year end 2025 SMB premium mix of ~70% by year end 2025 67#68Nationwide Broadband Growth Drivers Broadband Revenue Outlook* ~$4B 2021 2022 2025 Growth 2025 *Note: Includes both Consumer & Business FWA + Fios Revenue Expected Key Drivers FWA • 50M Households Covered by YE 2025 • 14M Businesses covered by YE 2025 4M-5M Subscribers by YE 2025 Fios ● • >18M Open For Sale by YE 2025 ~8M Internet Subscribers by YE 2025 Consumer Internet-only mix grows from 40% to 50%+ by YE 2025 © 2022 Verizon 68#69MEC & B2B Solutions Growth Drivers MEC & B2B Solution Revenue Outlook* $2B+ 2021 2022 2025 Growth 2025 * Vector includes loT, MEC, Private Wireless Networks, BlueJeans and other services • • Expected Key Drivers loT revenue grows from $1.5B+ in 2021 driven by double-digit connections CAGR thru 2025 ~$1B of growth from Public MEC by YE 2025 Scaling private networks, delivering private MEC and solutions revenue © 2022 Verizon 69#70Value Market Growth Drivers Prepaid Revenue Growth Outlook Expected Key Drivers ~$1B+* 2021 2022 2025 Growth 2025 * Tracfone contribution only includes incremental revenue post acquisition • • Growing subscriber base over long term Shift to unlimited plans and growth in value added services driving ARPU Migrating 6M+ off-net subs helps drive ~$1B in synergies © 2022 Verizon 70 70#71Operating Leverage Plan 80 IIII SA - Operating Scale from Multiple Revenue Sources Network Owner's Economics Adjusted EBITDA Growth at or Above Revenue Growth $300M 2021 Fiber Access Cost Savings and Annualized Savings Approaching $1B by 2025 ©2022 Verizon 71#72Improving Capital Efficiency over Time Capex Outlook ($B) 13-14% + Capital Intensity Expected Key Drivers <12% • C-Band accelerated $10B spend concludes in 2023 14-17% - $22.5* $20.3 ~ $19.5 • $3B run-rate savings from key programs by 2024 О Less reliance on 4G LTE capacity over time Completion of One Fiber core build in 2023 $16.7- $18.2 $18.2 $16.5- $17.5 -$17.0 -$17.0 -$17.0 iEN efficiencies result in virtualization benefits 2015-2020 2021 2022 2023 2024 2025 ■C-Band Overlay ■Business As Usual * At the mid-point of 2022 guidance Positioned for $20B-$22B FCF in 2023 and Expected to Expand thereafter ©2022 Verizon 72#73Target Leverage Ratio Leverage Ratio (Net Unsecured Debt/Adjusted EBITDA) 2.0X 2.0x 1.75X 2.9x 2.8x 2.8x 2.0x 2.0X YE20 1Q21 YE 21 YE 22E Targeted Range YE 23E YE 24E Actual Forecasted YE 25E 1.75X Revenue Growth plus Capital Intensity Reduction Support Deleveraging ©2022 Verizon 73#74Capital Allocation Model 1 Investment in the Business 2 Commitment to Dividend 3 Strong Balance Sheet • Capital Expenditures • • Spectrum 15 consecutive years of increases • Target net unsecured debt to adjusted • • Mergers & Acquisitions EBITDA range of 1.75x-2.0x © 2022 Verizon 4 Share Repurchases Efficient return of excess cash flow to shareholders 74#75More Pathways to Growth Clear path to 4% annual service and other revenue growth in 2024+ Adjusted EBITDA growth at or above revenue growth Efficiencies drive lower capital intensity and overall spend Target leverage ratio remains at 1.75x-2.0x with share repurchases considered at 2.25x 75 15#76Empty