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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 3rd Quarter Earnings October 21, 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* — the most in America 39M+ Advanced Connectivity EBITDA* up 7.3% YoY $23.9B Adjusted EPS*, up 20.4% YoY $0.65 Free cash flow*, up 1.8% YoY $5.0B Consolidated Adjusted EBITDA* up 5.4% YoY $32.3B 42.8% Advanced Connectivity net adds from fiber, fixed wireless, and postpaid phone1M+ Consolidated revenue Advanced Connectivity service revenue Up 5.3% YoY Up 6.1% YoY Business Priorities • Grow converged customer relationships • Operate with greater efficiency • Invest for durable growth and attractive returns © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. * See end of presentation for non-GAAP reconciliations & other definitions
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Consolidated Results © 2026 AT&T Intellectual Property. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. All other marks are the property of their respective owners. 4 +5.4% Adj. EBITDA* Growth YoY +20.4% Adjusted EPS* Growth YoY Revenue ($B) Adjusted EBITDA* ($B) Free Cash Flow* ($B) Adjusted EPS* * See end of presentation for non-GAAP reconciliations Adj. EBITDA Margin* Service Equipment +3.8% Service Revenue Growth YoY Best growth in more than 4 years
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+2.5% Business Service Revenue Growth YoY 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) +6.1% Service Revenue Growth YoY +7.3% EBITDA* Growth YoY * See end of presentation for non-GAAP reconciliations Consumer Service Revenue ($B) Business Service Revenue ($B) 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. Total Fiber Locations Reached* (M) Internet Connections (M) Converged Customers* (M) Postpaid Phone Net Adds (K) * See end of presentation for non-GAAP reconciliations & other definitions Churn Fiber Fixed Wireless AT&T Fiber Convergence Rate* Consumer Fiber Penetration* AT&T Internet Air 42.8% Advanced Home Internet Convergence Rate* 39M+ Total Fiber Locations Reached 769K Internet Connections Added Record quarter for net adds ~25% increase YoY 6
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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) >90% Wire Centers Approved to Stop Selling Legacy Services 35%+ 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) • Net Debt* increased ~$23B sequentially, driven by purchase of spectrum licenses from EchoStar • $7B+ of share repurchases YTD • FX impacts decreased debt balance by $0.3B ($1.2B YTD) $10.8B Cash and Cash Equivalents at End of 3Q26 $4.8B Returned to Shareholders in 3Q26 Dividends Paid Share Repurchases Under Board Authorizations 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 upper portion of 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 in 2026 and in the $22B to $23B range annually in 2027 and 2028 FREE CASH FLOW* $18B+ in 2026, $19B+ in 2027, and $21B+ in 2028 ADJUSTED EPS* In the $2.40 range in 2026 with a double-digit 3-year CAGR through 2028 9 * See end of presentation for non-GAAP reconciliations Continuing Operations 1 1 Outlook for 2027 and 2028 excludes the held-for-sale Mexico wireless business
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Dollars in millions 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Income from Continuing Operations 145$ 4,408$ 4,692$ 4,861$ 9,677$ 4,156$ 4,219$ 5,038$ 1,306$ Additions: Income Tax Expense 1,285 900 1,299 1,237 976 109 1,179 784 1,390 Interest Expense 1,675 1,661 1,658 1,655 1,700 1,791 1,813 1,883 1,979 Equity in Net (Income) Loss of Affiliates (272) (1,074) (1,440) (485) 20 10 41 29 10 Other (Income) Expense - Net (717) (569) (455) (767) (6,254) (278) (594) (696) (590) Depreciation and amortization 5,087 5,374 5,190 5,251 5,317 5,128 4,966 4,966 4,978 EBITDA 7,203 10,700 10,944 11,752 11,436 10,916 11,624 12,004 9,073 Transaction, legal and other costs1 34 22 79 49 487 12 146 149 44 Benefit-related (gain) loss (73) 55 6 (70) (62) (26) 25 (101) 16 Asset impairments and abandonments and restructuring 4,422 14 504 - - 334 - 286 3,372 Adjusted EBITDA 11,586$ 10,791$ 11,533$ 11,731$ 11,861$ 11,236$ 11,795$ 12,338$ 12,505$ YoY Growth Rate 2.4% 4.1% 2.3% 5.2% 5.4% Operating Income 2,116$ 5,326$ 5,754$ 6,501$ 6,119$ 5,788$ 6,658$ 7,038$ 4,095$ YoY Growth Rate 189.2 % 8.7 % 15.7 % 8.3 % (33.1)% Total Operating Revenues 30,709 33,466 31,506 31,558 32,322 Operating Income Margin 19.9% 17.3% 21.1% 22.3% 12.7% Adjusted EBITDA Margin 38.6% 33.6% 37.4% 39.1% 38.7% 1 Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events. The third quarter of 2025 also includes approximately $440M of apportioned property and casualty settlements. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin 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 and 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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Dollars in millions 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Advanced Connectivity Operating Income $ 6,073 $ 5,276 $ 5,972 $ 6,106 $ 6,417 $ 6,093 $ 6,853 $ 7,345 $ 7,628 YoY Growth Rate 5.7 % 15.5 % 14.8 % 20.3 % 18.9 % Add: Depreciation and amortization 4,813 5,114 4,973 5,035 5,076 4,875 4,705 4,687 4,702 EBITDA $ 10,886 $ 10,390 $ 10,945 $ 11,141 $ 11,493 $ 10,968 $ 11,558 $ 12,032 $ 12,330 YoY Growth Rate 5.6% 5.6% 5.6% 8.0% 7.3% Total Operating Revenues 27,503 30,232 28,471 28,615 29,481 Operating Income Margin 23.3% 20.2% 24.1% 25.7% 25.9% EBITDA Margin 41.8 % 36.3 % 40.6 % 42.0 % 41.8 % Legacy Operating Income $ 1,083 $ 913 $ 1,019 $ 959 $ 679 $ 682 $ 612 $ 523 $ 498 YoY Growth Rate (37.3)% (25.3)% (39.9)% (45.5)% (26.7)% Add: Depreciation and amortization - - - - - - - - - EBITDA $ 1,083 $ 913 $ 1,019 $ 959 $ 679 $ 682 $ 612 $ 523 $ 498 YoY Growth Rate (37.3)% (25.3)% (39.9)% (45.5)% (26.7)% Total Operating Revenues 2,013 1,889 1,768 1,632 1,519 Operating Income Margin 33.7 % 36.1 % 34.6 % 32.0 % 32.8 % EBITDA Margin 33.7 % 36.1 % 34.6 % 32.0 % 32.8 % Segment EBITDA and EBITDA Margin 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. 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. 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 for the most recent quarter are presented based on available information and are subject to revision. Convergence rate represents the ratio of converged customers to advanced home internet connections.
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3Q25 4Q25 1Q26 2Q26 3Q26 Diluted Earnings Per Share (EPS) from Continuing Operations $ 1.29 $ 0.53 $ 0.54 $ 0.66 $ 0.13 Gain on sale of DIRECTV (0.79) (0.01) - - - Actuarial (gain) loss - 0.06 - - - Restructuring and impairments - 0.04 - 0.03 0.50 Benefit-related, transaction, legal and other items 0.04 (0.02) 0.03 0.01 0.02 Tax-related items - (0.08) - (0.05) - Adjusted EPS $ 0.54 $ 0.52 $ 0.57 $ 0.65 $ 0.65 YoY Growth Rate 20.4% Adjusted Diluted EPS Dollars in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted EBITDA $ 11,861 $ 11,236 $ 11,795 $ 12,338 $ 12,505 Trailing Twelve Months Adjusted EBITDA 45,916 46,361 46,623 47,230 47,874 Total Debt 139,468 136,100 138,407 143,954 159,627 Add: Mexico held-for-sale finance leases - - - - 1,209 Less: Cash and Cash Equivalents 20,272 18,234 11,964 17,570 10,767 Less: Time Deposits 350 500 - - 250 Net Debt 118,846 117,366 126,443 126,384 149,819 Annualized Net Debt-to-Adjusted EBITDA Ratio 2.59 2.53 2.71 2.68 3.13 Net Debt-to-Adjusted EBITDA 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 October 21, 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 adding debt classified as held-for-sale related to the company’s Mexico wireless operations and 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 the sum of total debt (debt maturing within one year and long-term debt).
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Dollars in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Capital expenditures $ 4,887 $ 6,781 $ 4,877 $ 5,700 $ 5,061 Payment of vendor financing 400 358 212 431 505 Capital Investment $ 5,287 $ 7,139 $ 5,089 $ 6,131 $ 5,566 Capital Investment Dollars in millions 3Q25 4Q25 1Q26 2Q26 3Q26 Net cash provided by operating activities from continuing operations $ 10,152 $ 11,320 $ 7,595 $ 10,801 $ 10,519 Less: Capital expenditures (4,887) (6,781) (4,877) (5,700) (5,061) Less: Payment of vendor financing (400) (358) (212) (431) (505) Free Cash Flow $ 4,865 $ 4,181 $ 2,506 $ 4,670 $ 4,953 Free Cash Flow 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 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.