AT&T (T) investor relations material

Strategic priorities and growth outlook

• Focus remains on accelerating EBITDA growth to 5%+ by 2028, driven by expanding fiber footprint and wireless modernization.

• Adding 7 million new fiber passings this year, with a long-term goal of 5 million homes per year.

• Cost discipline and restructuring efforts are expected to support cash flow and margin improvements.

• Vision for the end of the decade is a metropolitan fiber business with a top-tier national wireless network, positioned for AI-driven demand.

Direct-to-device JV and satellite strategy

• Satellite seen as a complement to existing networks, aiming for seamless customer experience.

• JV with peers targets standardization, efficient spectrum use, and robust wholesale satellite market.

• Collaboration aims to avoid duplicative infrastructure and ensure broad, cost-effective service availability.

• Regulatory approval process for the JV is ongoing, with timing dependent on DOJ review.

Go-to-market and network utilization

• Strategy targets under-penetrated, value-driven segments to maximize network utilization and long-term value.

• Entry-level offers are seen as a way to build profitable relationships over time.

• Fiber's overcapacity enables price discrimination and tailored offers for different customer needs.

• Filling the network, even at lower ARPU, is viewed as driving better returns.