AT&T Results Presentation Deck

2Q21 Financial Summary $ in billions, except EPS 7 Adjusted EPS Adj. Ol Margin $0.83 $0.89 21.9% 20.2% O 2Q20 2Q21 Reported EPS Adjustments: Impairments Amortization of intangibles Actuarial loss on benefit plans Other adjustments, net Adjusted EPS Revenues $41.0 $44.0 2Q20 2Q21 2Q20 $0.17 $0.32 $0.24 $0.10 $0.83 Cash from Ops Free Cash Flow CAPEX $12.1 $7.6 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary $4.5 $10.9 $7.0 $4.0 2Q20 2Q21 2Q21 $0.21 $0.52 $0.12 $0.02 $0.02 $0.89 Solid revenue growth $44.0 billion, up 7.6% Communications revenues up 6.1%, with growth in Mobility and Consumer Wireline WarnerMedia revenues up 31%, driven by higher content sales, subscription and advertising revenues Adjusted EPS of $0.89 Up 7.2% year over year Strong cash flows and liquidity position Cash from operations of $10.9B Capex of $4.0B; gross capital investment ¹² of $5.3B $7.0B free cash flowt3; dividend payout ratio¹3 of ~55% + See notes slide 12 AT&T

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