2024 2nd Quarter Earnings July 24, 2024

and/or AT&T affiliated companies. All other marks are the property of their respective owners

2024 2

Quarter Earnings

July 24, 2024

Cautionary Language Concerning

Forward-looking Statements

Information set forth in this presentation contains financial estimates and other forward-

looking statements that are subject to risks and uncertainties, and actual results might

differ materially. A discussion of factors that may affect future results is contained in

AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation

to update and revise statements contained in this presentation based on new information

or otherwise. This presentation may contain certain non-GAAP financial measures.

Information about non-GAAP financial measures is contained on slide 14 and reconciliations

between the non-GAAP financial measures and the GAAP financial measures are available

on the company’s website at investors.att.com.

Grow durable 5G and

Fiber relationships

Deliberate capital

allocation

• Execute consistent and disciplined

go-to-market strategy with a

focus on profitable growth

• Target underpenetrated segments

and expand converged customer

opportunities

• Generate value by creating and

maintaining high-value, long-term

customer relationships

• Invest for long-term growth – 5G

and fiber

• Strengthen balance sheet by

reducing net debt, with target of

achieving net debt-to-adjusted

EBITDA

†1

in the 2.5x range in the

first half of 2025

• Provide an attractive dividend

supported by strong free cash flow

Effective and efficient

in everything we do

• Achieve incremental run-rate cost

savings target of $2B+ by mid-2026

• Drive efficiencies, enhanced

customer experiences and scale

benefits with AI

• Expand 5G and fiber premium

services, enabling transition from

legacy infrastructure

1 2 3

† See notes slide 14

2024 Business Priorities

5G and

Fiber

millions

Postpaid phone subscribers

Postpaid phone ARPU

2Q24

70.3

71.9

2Q23

$56.42

$55.63

Mobility EBITDA

†2

56.5%

$8.7

2Q242Q23

$9.2

55.5%

Mobility Service Revenues

$15.7

$16.3

+3.4%*

$ in billions$ in billions

2Q242Q23

Fiber subscribers

AT&T Fiber ARPU

7.7

$69.00

AT&T Fiber Subscribers

8.8

2Q242Q23

$66.70

AT&T Fiber Revenues

$1.5

$1.8

+17.9%*

2Q242Q23

$1.0

32.8%

2Q242Q23

$1.1

31.5%

$ in billions

millions

Postpaid Phone Subscribers

EBITDA Margin

†2

EBITDA

Consumer Wireline EBITDA

†2

EBITDA Service Margin

†2

EBITDA

+5.3%*

+7.1%*

* YOY change

† See notes slide 14

1.8

1.9

2.0

2.1

2.3

2.4

2.5

2.7

2.8

2.9

3.1

3.2

3.4

3.5

5.2

5.4

5.7

6.0

6.3

6.6

6.9

7.2

7.5

7.7

8.0

8.3

8.6

8.8

1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

34.9%

35.3%

35.4%

36.0%

36.4%

36.6%

37.4%

37.8%

38.0%

38.3%

38.8%

39.2%

39.5%

Convergence Opportunity

Expanding availability of AT&T Fiber increases opportunity for converged service adoption

AT&T Fiber subscribers

with AT&T Mobility

% AT&T Fiber subscribers

with AT&T Mobility

*1,2

Total AT&T Fiber subscribers

Mobility is defined as consumer postpaid phone

2Q24 fiber metrics are presented based on available information and are subject to revision

in millions

2Q2024

Financial

Results

2Q24 Financial Summary

$ in billions, except EPS

Service revenue growth from subscriber and ARPU

gains offset by lower equipment revenues

• Revenues of $29.8B, with equipment revenues down $0.3B

• Mobility service revenues grew $0.5B, up 3.4%

• Consumer broadband revenues grew 7.0%

Adjusted EBITDA

†2

of $11.3B, up 2.6%

Adjusted EPS

†3

of $0.57

• 2Q24 includes ~($0.09) impact from higher depreciation, non-

cash pension/postretirement costs, lower capitalized interest

and lower equity income from DIRECTV

Cash from operations of $9.1B

• Free cash flow

†4

of $4.6B; includes $0.7B from DIRECTV

• Capital expenditures of $4.4B; Capital investment

†5

of $4.9B;

includes $0.6B of vendor financing payments

$6.1

$0.63

21.4%

21.1%

2Q242Q23

$0.57

$9.9

$9.1

2Q242Q23

Adj. OI Margin

†2

Adjusted EPS

†3

Cash from Ops

2Q23 2Q24

Reported EPS

$0.61 $0.49

Adjustments:

DIRECTV intangible amortization (proportionate share)

$0.03 $0.03

Restructuring costs

- $0.05

Actuarial and other adjustments

$(0.01) -

Adjusted EPS

$0.63 $0.57

Free Cash Flow

†4

$4.2 $4.6

† See notes slide 14

Revenues

Adj. EBITDA Margin

†2

Adj. EBITDA

†2

• Adjusted EBITDA margin

†2

expanded 110 bps

$29.9

2Q242Q23

$29.8

36.9% 38.0%

$11.1

$11.3

2Q24 Mobility Results

Revenues EBITDA

†2

EBITDA Margin

†2

2Q22

$20.3

$20.5

43.0%

44.9%

$8.7

$9.2

2Q23

2Q24

Mobility

2Q242Q23

Postpaid Phones

71.9

70.3

68.3

0.75%

0.79%

0.70%

Subscribers

Churn

Strong service revenue and EBITDA growth from high-quality, durable subscribers

• Wireless service revenues grew $0.5B, up 3.4%

• Postpaid phone ARPU of $56.42, up 1.4%

• EBITDA

†2

of $9.2B, up 5.3%; EBITDA service margin

†2

of 56.5%, up 100 bps

• Strong operating leverage driving margin expansion from consistent go-to-market strategy, profitable

customer growth and continued focus on operational efficiency

Consistent and sustainable execution, with profitable customer growth

• 419,000 postpaid phone net adds

• 0.70% postpaid phone churn, another expected industry-best performance

• Focus on deliberate segmentation and expanding value of convergence

$ in billions

† See notes slide 14

in millions

2Q24 Consumer Wireline Results

Revenue and EBITDA growth driven by fiber, with fiber revenues up ~18%

• Broadband revenues grew 7.0%, driven by fiber subscriber and ARPU growth

• Fiber ARPU of $69.00, up 3.4%, with intake ARPU of $70+

• Total broadband net adds of 52,000 – the 4

consecutive quarter of positive broadband net adds

• AT&T Fiber net adds of 239,000 reflect solid demand, product superiority and seasonality

• AT&T Internet Air net adds of 139,000, with availability in parts of 137 markets

$3.3

31.5%

32.8%

$3.3

2Q23

2Q24

$1.0

$1.1

Consumer Wireline

Revenues EBITDA

†2

EBITDA Margin

†2

$ in billions

† See notes slide 14

Fiber investment drives valuable convergence opportunities

• Wireless penetration of fiber subscribers has increased more than 400 bps since 2Q21

• Expansion of fiber footprint enables increased opportunities to sell into high quality cohort

• Converged customers are valuable and durable, with longer customer lives

$2.3

$2.4

$2.6

Non

Fiber

$58.53

$61.65

$66.70

AT&T Fiber ARPU

$69.00

$2.7

Broadband Revenues

$ in billions

2Q242Q232Q222Q21

2Q24 Business Wireline Results

Business Wireline results reflect accelerated product transition

• Transition of legacy wireline services continued, with ongoing declines in legacy voice and data

• EBITDA

†2

trends improved sequentially from favorable timing and early traction from cost initiatives

• AT&T Internet Air for Business was available nationwide for the entire quarter

Enterprise relationships are key to driving 5G and fiber-based connectivity growth

• AT&T Business Solutions

†6

provides services to nearly all Fortune 1000 companies and nearly 2.5M

businesses; opportunities for incremental growth from fiber, 5G and AT&T Internet Air

• Business Solutions

†6

wireless service revenue grew 4%; FirstNet added ~260K connections, up to 6.1M

total connections, includes phones and other devices

Business Wireline

$5.3

$4.8

32.8%

31.3%

$1.7

$1.5

2Q23

2Q24

Revenues EBITDA

†2

EBITDA Margin

†2

2Q242Q232Q222Q21

2.5

3.7

5.0

6.1

FirstNet Connections

in millions

† See notes slide 14

$ in billions

Vendor Financing Payments

Capital Expenditures

2Q24 Capital Allocation Update

Net Debt

†1

$132.0

$126.9

2.87x

3.10x

2Q242Q23

Net debt-to-adj. EBITDA ratio

†1

2Q242Q23

$0.6

$4.4

$4.9

$1.6

$4.3

$5.9

Capital Investment

†5

Investing for growth

• Capital Investment

†5

was $4.9B, down $1.0B driven by lower vendor financing payments

• On track for $21 - $22B of Capital Investment

†5

in 2024, with higher capital expenditures and

lower vendor financing payments versus 2023

Strengthening the balance sheet

• Reduced net debt

†1

by $5.1B YOY and $1.9B sequentially

• Remain on track to reach net debt-to-adjusted EBITDA

†1

in the 2.5x range in the first half of 2025

• Reduced vendor and direct supplier financing obligations by ~$1.9B YOY

• 95%+ of long-term debt is fixed with a weighted average maturity of 16 years at a weighted

average rate of 4.2%

Providing an attractive dividend

• Supported by strong free cash flow with improved ratability

$ in billions

† See notes slide 14

REVENUE GROWTH

Wireless Service Revenues

Broadband Revenues

3% range

7%+

ADJUSTED EBITDA

†1,2

GROWTH 3% range

CAPITAL INVESTMENT

†5

$21 - $22 billion

FREE CASH FLOW

†4

$17 - $18 billion

ADJUSTED EPS

†3

$2.15 - $2.25

2024 Guidance*

*All financial guidance on this slide is unchanged vs. guidance provided on January 24 with 4Q23 results

2024 Financial Guidance

† See notes slide 14

Q&A

Notes

1. 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 net debt by the sum of the most recent four quarters of adjusted EBITDA (defined below). Net debt is calculated by subtracting cash and cash equivalents and time deposits (deposits at financial

institutions that are greater than 90 days, e.g., certificates of deposit and time deposits), from total debt. Net debt of $126.9 billion at June 30, 2024 is calculated as total debt of $130.6 billion less cash and cash equivalents of $3.1

billion and time deposits of $0.7 billion. Adjusted EBITDA was $11.3 billion for 2Q24, $11.0 billion for 1Q24, $10.6 billion for 4Q23, and $11.2 billion for 3Q23. Net debt of $132.0 billion at June 30, 2023 is calculated as total debt of

$143.3 billion less Cash and Cash Equivalents of $9.5 billion and time deposits of $1.8 billion. Adjusted EBITDA was $11.1 billion for 2Q23, $10.6 billion for 1Q23, $10.2 billion for 4Q22, and $10.7 billion for 3Q22. Net debt of $128.7 billion

at March 31, 2024 is calculated as total debt of $132.8 billion less cash and cash equivalents of $3.5 billion and time deposits of $0.5 billion. Net debt and Adjusted EBITDA estimates depend on future levels of revenues, expenses

and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected Adjusted EBITDA and net debt-to-adjusted EBITDA and the most comparable GAAP metrics

and related ratios without unreasonable effort.

2. EBITDA, EBITDA margin, EBITDA service margin, adjusted EBITDA, adjusted EBITDA margin and adjusted operating income margin are non-GAAP financial measures that are frequently used by investors and credit rating

agencies to provide relevant and useful information. Adjusted EBITDA margin is adjusted EBITDA divided by total operating revenues. Adjusted EBITDA is calculated by excluding from operating revenues and operating

expenses certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and

losses, employee separation and other material gains and losses. For 2Q24, adjusted EBITDA of $11.3 billion is calculated as net income of $3.9 billion, plus income tax expense of $1.1 billion, plus interest expense of $1.7 billion,

minus equity in net income of affiliates of $0.3 billion, minus other income (expense) – net of $0.7 billion, plus depreciation and amortization of $5.1 billion, plus adjustments of $505 million. For 2Q23, adjusted EBITDA of $11.1

billion is calculated as net income of $4.8 billion, plus income tax expense of $1.4 billion, plus interest expense of $1.6 billion, minus equity in net income of affiliates of $0.4 billion, minus other income (expense) – net of $1.0

billion, plus depreciation and amortization of $4.7 billion, minus adjustments of $28 million.

3. Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including

dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Our

projected 2024 Adjusted EPS of $2.15 to $2.25 includes an expected ($0.17) higher depreciation expense, including accelerated depreciation from our Open RAN transformation, ($0.07) lower other income due to declines in non-

cash prior service credit amortization included in pension and postretirement benefits costs, ($0.05) lower capitalized interest and ($0.03) lower adjusted equity income from the DIRECTV investment (defined as equity in net

income from DIRECTV reported in Equity in Net Income of Affiliates and excludes AT&T’s proportionate share of the non-cash depreciation and amortization of fair value accretion from DIRECTV’s revaluation of assets and

purchase price allocation). The company expects adjustments to 2024 reported diluted EPS to include our proportionate share of intangible amortization at the DIRECTV equity method investment in the range of $0.5-$0.7

billion, a non-cash mark-to-market benefit plan gain/loss, and other items. The company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at

this time, to be a significant item. Our projected 2024 Adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation

between these projected non-GAAP metrics and the reported GAAP metrics without unreasonable effort.

4. 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 2Q24, free cash flow of $4.6 billion is cash from operating activities

of $9.1 billion, plus cash distributions from DIRECTV classified as investing activities of $0.4 billion, minus capital expenditures of $4.4 billion and cash paid for vendor financing of $0.6 billion. Due to high variability and difficulty in

predicting items that impact cash from operating activities, cash distributions from DIRECTV, capital expenditures and vendor financing payments, the company is not able to provide a reconciliation between projected free

cash flow and the most comparable GAAP metric without unreasonable effort.

5. Capital investment includes capital expenditures and cash paid for vendor financing ($0.6 billion in 2Q24 and $1.6 billion in 2Q23). For 2024, Capital Investment is expected to be in the $21-$22 billion range. 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.

6. As a supplemental presentation to our Communications segment operating results, AT&T Business Solutions results are provided in the Financial and Operational Schedules & Non-GAAP Reconciliations document on the

company’s Investor Relations website, investors.att.com. AT&T Business Solutions includes both wireless and fixed operations and is calculated by combining our Mobility and Business Wireline operating units and then

adjusting to remove non-business operations. This combined view presents a complete profile of the entire business customer relationship and underscores the importance of mobile solutions to serving our business

customers.

Reconciliations of non-GAAP financial measures cited in this document to the most directly comparable GAAP financial measures can be found at https://investors.att.com and in our Form 8-K dated July 24, 2024. All AT&T

consolidated metrics discussed above represent continuing operations.