AT&T Results Presentation Deck

1Q21 Financial Summary $ in billions, except EPS Adjusted EPS Adj. Ol Margin 6 $0.84 $0.86 $42.8 $43.9 ÜÜ 20.2% 21.2% 1Q20 1Q21 Reported EPS Adjustments: Actuarial gain on benefit plans Amortization of intangibles Gain on spectrum transaction Other adjustments, net Adjusted EPS Revenues 1Q20 1Q21 1Q20 $0.63 $0.23 ($0.10) $0.08 $0.84 Cash from Ops Free Cash Flow CAPEX $8.9 $3.9 $9.9 $5.9 $5.0 $4.0 1Q20 1Q21 April 22, 2021/ © 2021 AT&T Intellectual Property - AT&T Proprietary 1Q21 $1.04 ($0.30) $0.12 $0.86 Adjusted EPS of $0.86 On track with full-year guidance of stable adjusted EPS+1 Revenues of $43.9 billion Communications segment revenues up 5.2%, led by Mobility Confident in ~2% wireless service revenue growth projection for 2021 WarnerMedia growth driven by higher subscription and advertising revenues Strong cash flows and liquidity position Cash from operations of $9.9B, up $1B Capex of $4.0B; gross capital investment ¹2 of $5.7B $5.9B free cash flow+³; dividend payout ratio¹³ of ~63% + See notes slide 11 AT&T

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