AT&T Inc.

Despite mature industry conditions and slowing postpaid phone net subscriber additions, AT&T continues to take share in the wireless market. As a result, it expects to increase service revenue about 2%-3% and EBITDA 3%-4% annually through 2027. This was largely in line with our expectations, but we expect EBITDA growth rates to slow over time given the competitive environment and the potential for handset upgrade rates to increase with the introduction of new AI-capable devices, which could pressure margins. The company also announced that it plans to reach over 50 million fiber passings by 2029 from 28 million as of the third quarter of 2024. It expects to achieve this goal through organic fiber deployments covering 45 million passings and

...December 6, 2024 Management's guidance indicates 3% EBITDA growth or better from 2025-2027. Despite mature industry conditions and slowing postpaid phone net subscriber additions, AT&T continues to take share in the wireless market. As a result, it expects to increase service revenue about 2%-3% and EBITDA 3%-4% annually through 2027. This was largely in line with our expectations, but we expect EBITDA growth rates to slow over time given the competitive environment and the potential for handset upgrade rates to increase with the introduction of new AI-capable devices, which could pressure margins. The company also announced that it plans to reach over 50 million fiber passings by 2029 from 28 million as of the third quarter of 2024. It expects to achieve this goal through organic fiber deployments covering 45 million passings and its joint venture with Blackrock to pass 5 million locations. As a result, our base case forecast assumes overall broadband revenue growth of 7%- 8% and consumer...

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