AT&T Inc at UBS Global Media and Communications Conference Transcript

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

Question: John Hodulik - UBS Securities LLC - Analyst : Perfect. A little over a year ago, you hosted an Analyst and Investor Day where you and the team detailed the strategy and provided long-term targets and capital return plans. How would you rate your progress executing against that strategy over the past year?

Question: John Hodulik - UBS Securities LLC - Analyst : Great. That's a great overview. Why don't we start with wireless. There's some change in the wireless industry. We have two new CEOs in the space. How would you gauge the current sort of competitive operating environment? And just your thoughts on sort of Verizon's new focus on volume growth?

Question: John Hodulik - UBS Securities LLC - Analyst : It makes sense. I hate to ask about pulling those levers, but just -- we just came out of Black Friday, big holiday selling season starts. A lot of the adds in the quarter really start from sort of that selling period on. Just did you see anything that was unusual this season versus what we've seen in previous holiday?

Question: John Hodulik - UBS Securities LLC - Analyst : Great. AT&T's competitive focus appears to be evolving with new emphasis on the value segment and SMB and also leaning in on conversions. Can you explain sort of what led to this next stage, and how that sort of alters the sort of price/volume sort of equation for AT&T?

Question: John Hodulik - UBS Securities LLC - Analyst : And at the end of the day, what you guys are driving for as you guys fine-tune the equation is EBITDA and free cash flow growth. And if whether the results are seen more evident in the wireless business or the residential business, it doesn't matter to you, as long as you're driving the EBITDA and free cash flow.

Question: John Hodulik - UBS Securities LLC - Analyst : Okay. Got it. Noted. All right. We'll be on the lookout for the new guidance. Maybe digitalization before we return to -- move to other parts of the business. That seems to be a new -- or not a new, but it's sort of a -- there's more emphasis on digitalization. And T-Mobile has this new sort of switching, make it easier to switch. Can you talk about AT&T's efforts on the -- in terms of digitalizing the wireless business? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 1:15PM, T.N - AT&T Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS Securities LLC - Analyst : Makes sense. All right. Now let's shift to broadband, maybe starting first with fixed wireless. As you said, greater emphasis on fixed wireless. And if you say that the Internet Air product is the best fixed wireless product in the market. Can you talk about sort of what's sort of driving the change? What should we expect maybe from a growth standpoint over the next year or two? And then maybe what the 3.45 spectrum, which I think you've launched in most major markets, does for that business?

Question: John Hodulik - UBS Securities LLC - Analyst : Makes sense. Yes, let's shift to the fiber business and convergence. The way I think about convergence from a telco perspective is whether the fiber footprint drives wireless subscriber growth and share within the fiber footprint. So as we fast forward three years, you guys will be executing on the plan to hit 60 million-plus locations. Do you think your fiber footprint will have led to share gains on the wireless effort?

Question: John Hodulik - UBS Securities LLC - Analyst : And what should that -- while we are talking about the Lumen deal, what does that do to the -- maybe talk about your wireless business in that -- what did we -- [Bhati] and I think of it as the US West segment. I mean, where is it now? And how could that -- would -- could trend in that part of the country change with the Lumen transaction?

Question: John Hodulik - UBS Securities LLC - Analyst : Okay. Maybe lastly on fiber. Can we talk a little bit about build costs? I think there's a view out there that the sort of first layer of build-outs is the most efficient, maybe it's aerial, it's more dense. And then as we go into the sort of second cohort, third cohort, and wherever we are LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 1:15PM, T.N - AT&T Inc at UBS Global Media and Communications Conference now, that build costs automatically go up. Just what are you seeing in terms of your cost per home pass? And maybe just in general, the

Question: John Hodulik - UBS Securities LLC - Analyst : Right. And since you touched on it, you guys have laid out the opportunity of saving sort of $6 billion in the copper decom, converting from sort of legacy networks to fiber. I think you guys are sort of really starting to gain some momentum with that initiative. What can you tell us in terms of the timing, which we'll see the savings, where we'll see it, and how much of it drops to the bottom line? And what -- in general, what it does for the business? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 1:15PM, T.N - AT&T Inc at UBS Global Media and Communications Conference

Question: John Hodulik - UBS Securities LLC - Analyst : Makes sense. Lastly, on broadband, there's a fair amount of angst in the market, given recent activity by some of the LEO providers, the LEO systems, especially with the acquisition of mobile spectrum. Do you see LEO infrastructure as a complement or a substitute to terrestrial networks? And how do you expect that -- the business model of the LEO providers to evolve over time? And does it -- is it something that we should worry about as mobile -- terrestrial mobile investors?

Question: John Hodulik - UBS Securities LLC - Analyst : That makes sense. All right. Just to wrap up here, bringing it back to where we started. You currently have heightened capital investment levels. How does this sort of evolve over time? Maybe talk about the $4 billion in repurchases you've done. Can you remind us of the steps to get to the next $10 billion and sort of how that whole capital return model comes together?

Question: John Hodulik - UBS Securities LLC - Analyst : Perfect. That's a great way to end it. John, thanks for being here.