AT&T Results Presentation Deck

Notes 1. EBITDA, EBITDA margin, EBITDA service margin and adjusted operating income margin are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Reconciliations 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. 2. 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, benefit-related gains and losses, employee separation and other material gains and losses. 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 3Q23, free cash flow of $5.2 billion is cash from operating activities from continuing operations of $10.3 billion, plus cash distributions from DIRECTV classified as investing activities of $0.5 billion, minus capital expenditures of $4.6 billion and cash paid for vendor financing of $1.0 billion. For 3Q23 year-to-date, free cash flow of $10.4 billion is cash from operating activities from continuing operations of $26.9 billion, plus cash distributions from DIRECTV classified as investing activities of $1.4 billion, minus capital expenditures of $13.3 billion and cash paid for vendor financing of $4.7 billion. For 3Q22 year-to-date, free cash flow of $8.0 billion is cash from operating activities from continuing operations of $25.5 billion, plus cash distributions from DIRECTV classified as investing activities of $2.2 billion, minus capital expenditures of $15.4 billion and cash paid for vendor financing of $4.2 billion. 4. Capital investment includes capital expenditures and cash paid for vendor financing ($1.0 billion in 3Q23 and $4.7 billion for 3Q23 year-to-date). 5. As a supplemental presentation to our Communications segment operating results, AT&T Business Solutions results are provided in the Financial and Operational Schedules & Non-GAAP Reconciliations document on the company's Investor Relations website, investors.att.com. AT&T Business Solutions includes both wireless and fixed operations and is calculated by combining our Mobility and Business Wireline operating units and then adjusting to remove non-business operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business customers. © 2023 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. 10 AT&T

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