Jeff McElfresh to Update Shareholders at Morgan Stanley Technology, Media & Telecom Conference on March 3

Tomorrow, AT&T's Chief Operating Officer will participate in a fireside chat at 10:00 a.m. ET to discuss the Company's progress on its multi-year growth strategy

Key Takeaways:

Recent acquisition of fiber assets from Lumen positions the Company to materially expand the reach of AT&T Fiber, the nation's best and fastest home internet.¹
AT&T's fiber services now reach over 36 million customer locations, and the Company continues to expect that it will reach more than 60 million total fiber locations by the end of 2030 as it accelerates the pace of fiber deployment.²
Expanded fiber footprint increases AT&T's ability to offer fiber internet and wireless services together, positioning the Company to win the home as a trusted provider that can meet more customers' advanced connectivity needs.
AT&T reiterates all 2026 and multi-year financial and operational guidance and capital return plans shared during its fourth-quarter 2025 earnings call.

Jeff McElfresh, Chief Operating Officer, AT&T (NYSE:T), will speak tomorrow at the Morgan Stanley Technology, Media & Telecom Conference where he will provide an update to shareholders.

AT&T closed its transaction to acquire substantially all of Lumen's Mass Markets fiber business on February 2, sooner than originally anticipated
Now that the transaction is complete, AT&T expects to begin unlocking significant opportunities to expand the total addressable market for its advanced connectivity services.

The transaction added more than 1 million fiber subscribers across more than 4 million fiber locations, expanding AT&T's industry-leading fiber home internet service to 32 states. This has created significant runway to increase current fiber penetration from roughly 25% in the acquired footprint to levels more consistent with AT&T Fiber penetration. Combined with its extensive wireless distribution in these geographies, AT&T further expects to grow its base of high-value converged customers that subscribe to both its advanced home internet and 5G wireless services.

Including the acquired Lumen fiber locations, AT&T now reaches over 36 million total fiber locations, and the Company expects to reach over 40 million total fiber locations by the end of 2026, up from 32 million at the end of last year. Beyond 2026, AT&T expects to expand its fiber reach to approximately 5 million additional locations annually, putting the Company on track to reach over 60 million total fiber locations by the end of the decade.²Fiber is a winning play for AT&T – the Company ranks #1 in brand love among consumers in its AT&T Fiber footprint.

Through the combination of its advanced fiber and fixed wireless internet services, AT&T can now offer converged services to over half the country – positioning the Company to win the home as a trusted provider that can meet more customers' at-home and on-the-go connectivity needs. Converged customers are more likely to recommend AT&T, remain customers longer, and provide the best returns.

AT&T remains on track to achieve its 2026 and multi-year financial guidance
AT&T reiterates all full-year 2026 and multi-year financial guidance and capital return plans provided with its fourth-quarter 2025 earnings report, including its outlook for improved growth in adjusted EBITDA and adjusted EPS and higher free cash flow through 2028, as well as plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases.

AT&T expects that its net debt-to-adjusted EBITDA ratio will increase to approximately 3.2x following its transaction with EchoStar – which the Company expects to close in early 2026 – and to decline to approximately 3x by the end of 2026. AT&T continues to expect net leverage will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of this acquisition. The Company expects to maintain a consistent approach to capital returns while reducing net leverage to its target range.

Conference details and more are available on the AT&T Investor Relations website
Tune in for the fireside chat with Jeff McElfresh at the Morgan Stanley Tech, Media & Telecom Conference, scheduled to begin at 10:00 a.m. ET. The webcast will be available live and for replay on the AT&T Investor Relations website.

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¹Based on analysis by Ookla® of Speedtest Intelligence® data, 2H 2025. Limited availability.
²"Reached locations" includes consumer and business locations (i) passed with fiber and (ii) served with fiber through commercial open-access providers.

About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release 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 news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at investors.att.com. 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 net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.