Slide 1: First Quarter 2025 Results
First Quarter 2025 Results May 1, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions are forw
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures
Slide 4: Kate Johnson, President & CEO
KATE JOHNSON President & CEO
Slide 5: 2025 Company Goals
2025 Company Goals Deliver Lumen financial goals (revenue, EBITDA, FCF) Drive Operational Build the Backbone Cloudify Excellence for AI Economy Telecom Build growth engine: Build out new: Transform economics by sales execution, CX, churn, etc. Meet & Exceed our Big Tech and unlocking physical port A
Slide 6: Building the Backbone for AI
Building the Backbone for AI Stronger Overall Network Utilization Balancing Capacity and Utilization for Growing Hyperscaler and Enterprise Demand 2022 2025 2028 Utilization (EOY) (Actuals) (Plan) (Vision) Unmatched Room for Growth: • New routes, in addition to new fiber in existing Total Intercity
Slide 7: The Multi-Cloud, AI-Ready Network Architecture
The Multi-Cloud, AI-Ready Network Architecture Up to 10% fewer cross-connects & 50% fewer ports for a lower cost, lower latency network Hyperscaler Hyperscaler Hyperscaler #1 #2 #3 Hyperscaler Hyperscaler #2 #3 Fabric Ports Single Ports Single Ports PAST FUTURE Lumen Multi-Cloud Services Powered by
Slide 8: Frictionless Growth Potential: Cloudifying Telco
Frictionless Growth Potential: Cloudifying Telco Traditional Telecom 'Cloudified' Telecom Disruption Capital and labor intensive economics: Cloud economics: • Static, point to point • Dynamic, 1-to-many • Analog CX, slow, and people heavy • Digital CX enabled by platform • Impeded growth often suppo
Slide 9: Introducing Infrastructure Services
Introducing Infr astructure Servic es Lumen Connectivity Fabric (LCF) S s ec ice • Edge Compute & Storage ur • Enterprise Broadband erv ity ty S Serv A Lumen Fabric Port is the physical Connectivi port (device) that enables access to ices • Internet on Demand • DDoS all LCF services. • Ethernet on D
Slide 10: Lumen Cloud Communications (LCC) Platform
Lumen Cloud Communications (LCC) Platform Lumen Cloud Communications offerings • Lumen Cloud Voice (Essentials, Plus, Premium) • Lumen Cloud SIP PSTN CCaaS integrations (Future) • Lumen Specialty Lines • CRM/ ticketing • Workforce optimization • AI powered agent assist • Omnichannel orchestration Cl
Slide 11: Platform Adoption: A New Business Model for Enterprise Networking
Platform Adoption: A New Business Model for Enterprise Networking 1Q25 Adoption Rate (Q/Q%) LCF Customers Number of customers that purchase and use one or more ports +23% Number of fabric ports deployed by Fabric Port Sales customer to support multi-cloud +26% networking Number of unique services Se
Slide 12: Chris Stansbury, EVP & CFO
CHRIS STANSBURY EVP & CFO
Slide 13: 1Q25 Total Reported Revenue
1Q25 Total Reported Revenue Maintained Growth in N.A. Enterprise Grow Products Y/Y% Q/Q% ($ in millions) 1Q25 Change Change Y/Y% Q/Q% Large Enterprise $737 (3.7%) (3.5%) ($ in millions) 1Q25 % Total Change Change Mid-Market Enterprise $513 (11.1%) (3.4%) Grow $834 9.9% (4.6%) 48% Public Sector $483
Slide 14: 1Q25 Mass Markets Revenue
1Q25 Mass Markets Revenue Fiber Broadband Revenue Growth Accelerated Fiber Revenue Contribution to Total Broadband Y/Y% 45% Revenue ($ in millions) 1Q25 % Total Change 42% 40% Fiber Broadband $209 22.9% 32% 38% 35% Other Broadband(1) $257 (18.4%) 39% Voice & Other $192 (10.3%) 29% Total Mass Markets
Slide 15: 1Q25 Mass Markets Broadband Metrics
1Q25 Mass Markets Broadband Metrics(1) Strong Growth In Fiber Net Subscriber Additions 101K Y/Y Q/Q Fiber-Enabled Location Adds Q/Q Fiber 1Q25 Change Change Enabled Locations 4.3M 473K 101K Subscribers 1.12M 164K 39K 39K Y/Y Q/Q Net Fiber Adds Other 1Q25 Change Change Enabled Locations 17.7M (337K)
Slide 16: 1Q25 Adjusted EBITDA excl. special items
1Q25 Adjusted EBITDA excl. special items 1Q25 EBITDA Special Items ($ in millions) Y/Y% ($ in millions) 1Q25 Change Adjusted EBITDA $830 Total Revenue $3,182 (3.3%) 1Q25 Special Items: Adjusted EBITDA $929 (4.9%) (+) Severance $3 Adj. EBITDA Margin 29.2% (50 bps) (+) Transaction and separation costs
Slide 17: Consolidated Cash Flow Summary
Consolidated Cash Flow Summary Key Metrics ($ in millions) 1Q25 Cash Flow from Operations $1,095 Capital Expenditures $791 Free Cash Flow $354 Net Cash Interest $259 16 © 2025 Lumen Technologies. All Rights Reserved.
Slide 18: Reiterated 2025 Financial Outlook
Reiterated 2025 Financial Outlook Metric(1)(2) Outlook Adjusted EBITDA $3.2 to $3.4 billion Free Cash Flow $700 to $900 million Net Cash Interest $1.2 to $1.3 billion Capital Expenditures $4.1 to $4.3 billion Cash Income Taxes $100 to $200 million (1) For definitions of non-GAAP metrics and reconcil
Slide 19: Lumen
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