AT&T Results Presentation Deck

Notes 1. "Revenues excluding Video" reflects the removal of the U.S. Video business and Vrio results from all periods presented. 1Q21 is calculated as Operating Revenues of $43.9 billion minus Video operating revenues of $6.7 billion and Vrio operating revenues of $0.7 billion, plus WarnerMedia sales for content and advertising of $1.0 billion that are now external after close of the U.S. Video and Vrio transactions. Further information is included in Form 8-K dated April 21, 2022. 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. In 1Q22, free cash flow is cash from operating activities of $5.7 billion, plus cash distributions from DIRECTV classified as investing activities of $1.3 billion, minus capital expenditures of $4.7 billion and cash paid for vendor financing of $1.6 billion. 4. Capital investment includes capital expenditures and cash paid for vendor financing. In 1Q22, capital investment included $1.6 billion in vendor financing payments. Capital Investment is expected to be in the $24 billion range for 2022 (with capital expenditures in the $20 billion range and vendor financing payments in the $4 billion range) and $24 billion range in 2023. 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. Standalone AT&T results for 1Q22 reflects the historical operating results of the company excluding certain businesses (WarnerMedia, Xandr, Playdemic, Vrio, Video and other dispositions included in Corporate and Other). See our Forms 8-K dated April 14, 2022, April 15, 2022 and April 21, 2022 for further discussion and information about these adjustments and reconciliations to the most comparable GAAP metrics. 6. Standalone AT&T Revenues for 1Q22 are calculated as Operating Revenues of $38.1 billion minus WarnerMedia segment operating revenues of $8.7 billion, plus WarnerMedia sales for content of $0.3 billion that are external after the close of the transaction. Further information is included in Forms 8-K dated April 14, 2022, April 15, 2022 and April 21, 2022. Represents AT&T's current best estimate of its unaudited results reflecting the discontinued operations and other dispositions. Actual results could differ from these estimates. 7. Standalone AT&T Cash from Operations for 1Q22 is calculated as cash from operations of $5.7 billion minus WarnerMedia cash from operations of ($2.0) billion. Standalone AT&T capital expenditures for 1Q22 of $4.5 billion is calculated as $4.7 billion capital expenditures minus WarnerMedia capital expenditures of $0.2 billion. Standalone AT&T Capital Investment for 1Q22 of $6.1 billion is calculated as Standalone AT&T capital expenditures of $4.5 billion, plus cash paid for vendor financing of $1.6 billion. Standalone AT&T free cash flow of $2.9 billion for 1Q22 is calculated as Standalone AT&T cash from operations of $7.7 billion, plus cash distributions from DIRECTV classified as investing activities of $1.3 billion, minus Standalone AT&T Capital Investment of $6.1 billion. Further detail of these adjustments and information is included in our Form 8-K dated April 21, 2022. Represents AT&T's current best estimate of its unaudited results reflecting the discontinued operations and other dispositions. Actual results could differ from these estimates. 8. Net Debt to adjusted EBITDA ratios are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt (total debt less cash and cash equivalents) by the sum of the most recent four quarters of Adjusted EBITDA. 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 Adjusted EBITDA and the most comparable GAAP metric without unreasonable effort. AT&T © 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. 12

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