AT&T Analyst & Investor Conference

Financial Outlook AT&T Pro Forma* 2021 2022 Guidance* 2023 Total Revenue $118.2 billion Low single digit growth Low single digit growth Wireless Service Revenue $57.6 billion 3%+ growth Low single digit growth Broadband Revenue $9.1 billion 6%+ growth Mid to high single digit growth Adjusted EBITDA* Adjusted EPS* Capital Investment* Subset: 5G Spectrum Deployment $40.3 billion $41 $42 billion $2.41 $2.42 - $2.46 ~$20.1 billion ~$1 billion ~$24 billion ~$5 billion $43.5 $44.5 billion $2.50 - $2.60 ~$24 billion ~$5 billion Free Cash Flow* $19.2 billion (includes impact from vendor financing payments) $16 billion range Free cash flow* is defined as cash from operations and cash distributions from DIRECTV (classified as investing activities) minus capital expenditures and cash paid for vendor financing. *See appendix for further information on Non-GAAP measures and Pro Forma 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. All other marks are the property of their respective owners $20 billion range AT&T

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