AT&T Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Great. Well, to kick things off, I was hoping to talk a little bit about a big picture strategic question. Over the last several years, AT&T has obviously done a very good job of streamlining the business and refocusing priorities around 5G and fiber. The company has also been front-footed when it comes to the convergence strategy. Could you take a few minutes and perhaps walk through your latest spectrum investment announcement and talk about how that aligns to the broader AT&T long-term strategy -- and what gives you confidence that you're investing in the right aspects of your business?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : It's a great way to open the conversation and there's a lot there that I'd love to dig into. But you mentioned two things that I think point to fixed wireless access as core part of the AT&T portfolio, the preceding the markets and places where you know you're going to expand into with fiber. And then the wireless broadband plus mobile wireless product for markets where you're not. Could you maybe just expand a little bit on fixes REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 2:30PM, T.N - AT&T Inc at Goldman Sachs Communacopia & Technology Conference access, whether the spectrum investments enables you to accelerate your you go-to-market on that side and how you think about returns and that type of product?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Extending the conversation around spectrum. I was wondering if you could respond to some of the news earlier in the week with Starlink acquiring the S-band spectrum from EchoStar. I think at first blush, it appears very complementary to mobile wireless service with D2D. I think there's a concern in the market, that can foreshadow some sort of satellite first mobile wireless service. I was just wondering if you could give your thoughts on that, talk about some of the challenges that would exist in using satellite to power a mobile wireless network, and your views on the implications of that deal for the industry.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah, that's great. maybe bringing it into some of the more immediate competition. I was wondering if you could just talk a little bit about the competitive activity in wireless and broadband today. Is this in part driving the pivot to the fixed wireless and convergence strategy? And maybe you can expand a little bit more. I know you touched on this on how AT&T is differentiating itself relative to its peers, and how that translates into long-term revenue and EBITDA growth.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : I'm glad we could be a source of energy --

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah, as you mentioned, one of the results of the corporate tax reform is that AT&T has been able to accelerate their infrastructure investments in the United States, including the doubling of fiber passings through the end of the decade. I was wondering if you could just talk a little bit about your confidence operationally, that you can accelerate at this pace at the right cost profile? Is it going to become more expensive as you enter into less densified areas? And what are some of the things that give you scale and visibility into the returns on those investments? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 2:30PM, T.N - AT&T Inc at Goldman Sachs Communacopia & Technology Conference

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Yeah.

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : Maybe you can touch briefly also on the wireless infrastructure side of things, open architecture ORAN, -- it seems like declining CapEx investments in wireless are going to be used partly to fund the acceleration in fiber?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : In the last couple of minutes here, I was just hoping you could tie it all together for us. You have these goals through the end of the decade. What does AT&T look like exiting 2030? Do we see all this cash flow start spinning off from these investments that you've made right now? And the long-term investments that you've made in the company?

Question: Michael Ng - Goldman Sachs Group Inc - Analyst : John, it's been a privilege to have you on stage and thank you so much for coming to our conference and speaking with us is great.