AT&T Results Presentation Deck

2Q21 WarnerMedia Segment $ in billions Revenues 9 EBITDA EBITDA Margin WarnerMedia $6.7 $2.1 30.8% 2Q20 $8.8 $1.4 $1.9 Direct-to-Consumer 2Q20 21.1% 2Q21 Subscription Revenues $2.0 2Q21 Strong subscription growth and improved content and advertising revenues WarnerMedia revenues up ~31% Advertising revenues up ~49% with return of sports Expect continued theatrical revenue improvement in second half of 2021 HBO Max success accelerated DTC subscription revenue growth to ~39% 47 million domestic HBO Max/HBO subscribers; more than 67 million globally Increasing guidance: expect 70-73 million global subscribers by end of 2021 millions Global HBO Max and HBO Subscribers 67.5 55.6 36.3 47.0 2Q20 2Q21 July 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary †1 International Domestic W do& max ORIGINAL FRIENDS THE REUNION + See notes slide 12 SPACE JAM JULY 16 IN THEATERS mod HBOMAX HBO ORIGINAL MARE SUCCESSION of EASTTOWN Premium content portfolio continues to expand HBO ORIGINAL U AT&T

View entire presentation