AT&T, Inc.

Performance acceleration & key KPIs beat (Q2 momentum): - Total revenues +2.3% YoY; service revenue +2.7% YoY. - Adjusted EBITDA +5.2% YoY; EBITDA margin +110 bps to 39.1% (highest since AT&T refocused on Advanced Connectivity). - Adjusted EPS $0.65, +20%+ YoY (from $0.54), helped by lower depreciation. - Biggest driver: Advanced Connectivity (over 90% of service revenue and nearly all adjusted EBITDA) with service revenue +5.1% YoY, EBITDA +8% YoY; segment growth accelerated 150 bps vs Q1.

Fiber/Fixed Wireless growth strength; convergence rising—especially in Lumen footprint: - Added 1M+ fiber locations in Q2 (accelerated deployment; also implies higher capex). - AT&T Fiber second-quarter net adds: best ever; record quarter for combined fiber + fixed wireless net adds. - Convergence improved: 42.5% of advanced home internet customers also had postpaid wireless (rising to 45% ex-Lumen acquired footprint). - Lumen integration traction: June converged gross adds up 45% vs February as branding/support/ops convert “market-by-market,” with more “gas on the fire” expected once integration nears completion.

Guidance/outlook (full year) and capital return plans (including buyback “pull-forward”): - Full-year expectations remain: - Consolidated service revenue: low single-digit growth. - Adjusted EBITDA: 3%–4% growth. - Adjusted EPS: $2.25–$2.35. - Capex/FCF: Q2 capex $6.1B (vs $5.1B prior year); Q2 FCF $4.7B (about +$300M YoY) above the top end of guidance ($4.0B–$4.5B). - FCF outlook: still expecting $18B+ for the year. - Share repurchases increased: now targeting ~$10B buybacks in 2026 (up from ~$8B), described as pulling forward planned buybacks through 2028 by up to 25%.