AT&T (T) investor relations material

Business momentum and strategic priorities

• Achieved faster growth in service revenue, adjusted EBITDA, and EPS in Q2, with full-year outlook reiterated.

• Significant investments in fiber and 5G, including Lumen and EchoStar spectrum acquisitions, are driving accelerated broadband revenue growth.

• Double-digit EPS growth and $45 billion in owner returns targeted over the next three years.

• Focus on converged relationships, leveraging fiber and wireless to disrupt cable-dominated markets.

Customer behavior, pricing, and execution

• Switching levels among consumers remain steady, with competition healthy and unchanged from last year.

• Converged strategy is driving growth, especially in under-penetrated fiber areas and value segments.

• New pricing constructs and plan flexibility have been well received, supporting ARPU growth and reduced churn.

• Pricing actions are guided by value addition, transparency, and customer choice, resulting in lower-than-expected churn.

Device strategy and subsidy management

• Maintaining a strict subsidy budget despite rising device prices, focusing on profitability over volume.

• Offers are tailored using trade-in values, rate plan eligibility, and converged household value to optimize customer lifetime value.

• No net add targets; success measured by service revenue and customer value, not just volume.