AT&T Results Presentation Deck

4Q21 WarnerMedia Segment $ in billions Revenues 9 EBITDA 14 EBITDA Margin +4 WarnerMedia $8.6 $2.7 31.8% 4Q20 $9.9 $1.7 $1.7 Direct-to-Consumer 4Q20 17.7% 4Q21 Subscription Revenues $1.9 4Q21 Strong subscription growth offset impacts from advertising WarnerMedia revenues up 15.4% driven by content licensing and strong DTC subscription growth 4Q21 includes ~$380M in DIRECTV advertising revenue sharing costs DTC subscription revenue growth of 11.5% Strong international subscriber growth in Latin America and successful European launches HBO Max investment impact of ~$500M year-over-year millions Global HBO Max and HBO Subscribers †1 73.8 60.6 41.5 46.8 4Q20 4Q21 January 26, 2022 / 2022 AT&T Intellectual Property - AT&T Proprietary International Domestic + See notes slide 13 PETM WILLE HBOMAX HOUSE TOFFE DRAGON FIRE WILL REIGN HBO FLASH om Adam Malay Director of The Big Short and Vi 2022 content slate is strong HBO ORIGINAL WINNING TIME -THE RISE OF THE LAKERS DINASTY STREAMING MARCH HBOmax AT&T

View entire presentation