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© 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 2026 2nd Quarter Earnings July 22, 2026
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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 (as identified throughout with an “*”). Reconciliations between the non-GAAP financial measures and the most comparable GAAP financial measures are available at the end of the presentation and on the company’s website at investors.att.com. © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 2
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Advanced home internet convergence rate* Total fiber locations reached* – most in America 38M+ Advanced Connectivity EBITDA* up 8.0% YoY $23.5B Adjusted EPS*, up 20.4% YoY $0.65 Free cash flow*, up 6.3% YoY $4.7B Consolidated Adjusted EBITDA* up 5.2% YoY $31.6B A c c e l e r a t i n g g r o w t h 2Q2026 Highlights 42.5% Advanced Connectivity net adds from fiber, fixed wireless, and postpaid phone 1M+ Consolidated revenue Advanced Connectivity service revenue Up 2.3% YoY Up 5.1% YoY © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. * See end of presentation for non-GAAP reconciliations & other definitions3
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Consolidated Results © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 4 +2.7% Service Revenue Growth YoY +5.2% Adj. EBITDA* Growth YoY +20.4% Adjusted EPS* Growth YoY Revenue ($B) Adjusted EBITDA* ($B) Free Cash Flow* ($B) Adjusted EPS* * See end of presentation for non-GAAP reconciliations Adj. EBITDA Margin* Service Equipment
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Advanced Connectivity | Financials © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 5 Revenue ($B) EBITDA* ($B) +5.1% Service Revenue Growth YoY +8.0% EBITDA* Growth YoY * See end of presentation for non-GAAP reconciliations Consumer Service Revenue ($B) Business Service Revenue ($B) +150bps EBITDA Margin* Expansion YoY Wireless Fiber & Advanced Connectivity Transitional & Other Wireless Advanced Home Internet Other Service Equipment EBITDA Margin*
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Advanced Connectivity | Metrics © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 6 Total Fiber Locations Reached* (M) Internet Connections (M) Converged Customers* (M) Postpaid Phone Net Adds (K) 1M+ Net Adds from Fiber, Fixed Wireless, and Postpaid Phone 646K Internet Connections Added Record quarter for net adds1 ~27% increase YoY * See end of presentation for non-GAAP reconciliations & other definitions Churn432K Postpaid Phone Net Adds ~8% increase YoY -1bps in churn YoY Fiber Fixed Wireless AT&T Fiber Reported Rate* Organic Rate* Reported Consumer Fiber Penetration* Organic Consumer Fiber Penetration* 1 Including net adds from the acquired mass markets business footprint AT&T Internet Air
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Legacy © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 7 * See end of presentation for non-GAAP reconciliations Revenue ($B) EBITDA* ($B) >85% Wire Centers Approved to Stop Selling Legacy Services 30%+ Wire Centers Approved to Discontinue Providing Legacy Services, effective by late 2026 EBITDA Margin*
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Capital Allocation © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 8 * See end of presentation for non-GAAP reconciliations Capital Investment* ($B) Net Debt* & Leverage ($B) Shareholder Returns ($B) • FX impacts decreased debt balance by $0.3B ($0.9B YTD) $17.6B Cash and Cash Equivalents at End of 2Q26 $4.1B Returned to Shareholders in 2Q26 Dividends Paid Share Repurchases Under 2024 Authorization Capital Expenditures Vendor Financing Payments Net Debt-to- Adj. EBITDA*
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Long-Term Outlook | 2026 – 2028 © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. SERVICE REVENUE Growth in the low-single-digit range annually Advanced Connectivity Growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026 ADJUSTED EBITDA* Growth in the 3% to 4% range in 2026, improving to 5% or better in 2028 Advanced Connectivity* Growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026 CAPITAL INVESTMENT* $23B to $24B range annually FREE CASH FLOW* $18B+ in 2026, $19B+ in 2027, and $21B+ in 2028 ADJUSTED EPS* $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028 9 * See end of presentation for non-GAAP reconciliations Continuing Operations
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Footnotes © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 10 EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures that are frequently used by investors and credit rating agencies to provide relevant and useful information. 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. Adjusted EBITDA margin is adjusted EBITDA divided by total operating revenues. Estimates for Adjusted EBITDA and EBITDA at the segment levels depend on future levels of revenues, expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations for projected adjusted EBITDA or Advanced Connectivity EBITDA, and the most comparable GAAP metrics without unreasonable effort.
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Footnotes © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 11 At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total operating revenues. Total fiber locations reached: Total consumer and business locations reached with fiber represents the sum of: (1) AT&T Owned and Operated locations, which reflect its customer locations passed by AT&T's fiber network and (2) AT&T Fiber Ventures locations, which represent locations served from the recently acquired mass markets fiber business, Gigapower, and other commercial open access providers. Reported consumer fiber penetration is calculated as AT&T Fiber connections divided by consumer fiber locations served, which include AT&T Fiber Ventures locations. A fiber location served is defined as: (1) where fiber has been built to a specific customer location, (2) the customer can place an order for fiber, and (3) service can be provisioned. Organic consumer fiber penetration excludes customers and locations associated with the recently acquired mass markets fiber business and any new locations built and customers acquired on that fiber network. Converged customers are defined as advanced home internet (AT&T Fiber or AT&T Internet Air) connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. Convergence metrics include customers from the recently acquired mass markets fiber business. Convergence metrics for the most recent quarter are presented based on available information and are subject to revision. Reported convergence rate represents the ratio of converged customers to advanced home internet connections. Organic convergence rate represents the ratio of converged customers to advanced home internet connections, excluding customers associated with the recently acquired mass markets fiber business and any new customer acquired on that fiber network.
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Footnotes © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 12 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. Reconciliations of adjusted EPS to the most comparable GAAP metric can be found at investors.att.com and in our Form 8-K dated July 22, 2026. The company expects adjustments to 2026 reported diluted EPS from continuing operations to include acquisition-related amortization of $0.3 billion (based on preliminary information), 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. AT&T’s projected adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, the Company cannot provide a reconciliation between this projected non-GAAP metric and the most comparable GAAP metric without unreasonable effort. 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 and calculated above). 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.
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Footnotes © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 13 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. Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity method investment that was sold in July 2025, minus capital expenditures and cash paid for vendor financing (classified as financing activities). Due to high variability and difficulty in predicting items that impact cash from operating activities, 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. Capital investment includes capital expenditures and cash paid for vendor financing. 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 metric without unreasonable effort.
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© 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners.