Lumen Technologies, Inc. · NYSE:LUMN
Lumen Technologies — Q3 2026 Earnings Presentation
25 slides from Lumen Technologies's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Results
Third Quarter 2026 Results November 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for historical and factual information, the matters discussed in this presentation and other oral or written statements made by Lumen may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statemen
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, as well as adjusted EBITDA, adjusted EBITDA margin, free cash flow and capital expenditures excluding the effects of special items.
Slide 4: Kate Johnson, CEO
KATE JOHNSON CEO 3 © 2026 Lumen Technologies. All Rights Reserved.
Slide 5: AI Is Driving Network Traffic Growth
AI s Driving Network Traffic Growth >20% +1000% YTD total traffic growth on AI traffic growth on Lumen's global public internet Lumen's global public internet backbone from April – Today(1)(2) backbone(1) (1) Lumen's global public internet backbone includes network infrastructure that Lumen owns or
Slide 6: Strategic Momentum is Leading to Higher Quality & Sustainable Revenue
Strategic Momentum is Leading to Higher Quality & Sustainable Revenue +30% Y/Y +22% Q/Q Strategic Sales Strategic Waves Sales +10% Y/Y 55% Of Total Business Revenue is Strategic Revenue Growth Strategic Revenue Signed incremental $700M PCF YTD, over $13.5B in Cumulative PCF Deals Signed 5 © 2026 Lum
Slide 7: Winning Recognition, Earning Trust
Winning Recognition, Earning Trust GNE Mplify 2026 NaaS Excellence Awards NaaS Ecosystem Collaboration NaaS Service Provider of the Year: North America 2026 Frost & Sullivan Frost Radar: NaaS for Enterprise Implementation: Sports & Media Global Network as a Service Visionary Leader Company of the Ye
Slide 8: The Lumen Platform Provides Unique Advantage
The Lumen Platform Provides Unique Advantage Connected Ecosystem Clouds Carriers Tech Marketplaces SaaS providers Customers Programmable Network Control Plane: North/South – East/West | On Demand | On-net/Off-net | Direct Cloud On-Ramps | Multi-Cloud Gateway Lumen Connect 1st Party Marketplace Alkir
Slide 9: Execution Speed & Scale Creating Value at Physical Layer
Execution Speed & Scale Creating Value at Physical Layer 5 million 5X Fiber miles deployed in 2026, funded Increase in installs from AI companies in by signed PCF deals, outpacing annual new Waves(1) target (1) Calculated by comparing the number of applicable installations during the twelve months f
Slide 10: Strategic Growth: Customers Selecting the Lumen Platform
Strategic Growth: Customers Selecting the Lumen Platform 9 © 2026 Lumen Technologies. All Rights Reserved.
Slide 11: Customer Spotlight: VUMI Group
Customer Spotlight: VUMI Group The Challenge The Lumen Solution The Outcome • Always-on, secure, scalable access for • Single screen global management • Stronger, audit-ready security with no global healthcare operations added headcount • Zero trust cloud networking and threat • Legacy VPN architect
Slide 12: NaaS Scale Unlocks Operating Leverage
NaaS Scale Unlocks Operating Leverage 20% of NaaS IOD ports carry more than one service NaaS Customers Customers that purchase and use one or more ports in the quarter +24% Q/Q Active Ports Fabric ports deployed by customers to support multi-cloud networking +38% Q/Q Active Services Number of active
Slide 13: Lumen Intelligent Internet
Reimagining Internet Connectivity for the Programmable Era Lumen Intelligent Internet Dedicated Internet Access (DIA) Buy Scale Manage directly on Lumen’s in minutes up to 100 gigabits Programmable Network Internet on Demand (IOD) >$1B Revenue Base >100k Installed Ports >25,000 Customers Before Afte
Slide 14: Connected Ecosystem: Innovation & Commercial Reach
Connected Ecosystem: Innovation & Commercial Reach Intelligent networks do more than move data; they should be risk-aware Energy Aware Quantum & Cyber Aware Commercial Reach — with Emerald AI — with Fortinet and Ohio State — with Microsoft With Emerald AI, our intelligent network Deploying quantum-r
Slide 15: Chris Stansbury, President & CFO
CHRIS STANSBURY PRESIDENT & CFO 14 © 2026 Lumen Technologies. All Rights Reserved.
Slide 16: Total Business Revenue: Strategic vs. Legacy
Total Business Revenue: Strategic vs. Legacy Total business revenue on glidepath to inflection driven by continued strategic revenue expansion 55% 53% 51% 49% 48% 45% 45% 44% 42% 40% 41% $1.28B $1.07B 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Legacy Strategic Strategic as % of Total 15
Slide 17: 3Q'26 Total Reported Revenue
3Q’26 Total Reported Revenue Y/Y% Q/Q% ($ in millions) 3Q’26 Change Change Large Enterprise $810 3.6% 2.0% Y/Y% Q/Q% % ($ in millions) 3Q’26 Mid-Market Enterprise $430 (7.3%) (1.1%) Change Change Total Public Sector $429 (9.9%) (12.4%) Digital $56 - - - N.A. Enterprise $1,669 (3.1%) (2.9%) PCF $66 -
Slide 18: 3Q'26 Adjusted EBITDA excluding special items
3Q’26 Adjusted EBITDA* excluding special items ($ in millions) Y/Y% Adjusted EBITDA* $521 ($ in millions) 3Q’26 Change 3Q’26 Special Items: Total Revenue(3) $2,715 (12.1%) (+) Net (gain) loss on sale of businesses ($4) Adjusted EBITDA excl. $715 (9.1%) Special Items* (+) Transaction and separation c
Slide 19: Consolidated Cash Flow Summary
Consolidated Cash Flow Summary Key Metrics ($ in millions) 3Q’26 YTD 3Q’26 Cash Flow from Operations $518 $2,812 Capital Expenditures(1) $796 $2,435 Free Cash Flow(1, 2) ($76) $1,007 Net Cash Interest $222 $546 1) Excluding Special Items impacting Capital Expenditures and Cash Flows. For definitions
Slide 20: Strategic Growth Delivering a Higher-Margin Business Mix
Strategic Growth Delivering a Higher-Margin Business Mix Strategic vs. Legacy Direct Margin Profile YTD 0% 20% 40% 60% 80% 100% ~100% direct margin on N+1 services 20% of IOD ports have N+1 today Strategic > 80% Share of Strategic Revenue Y/Y $1.30B $1.28B 56% 55% $1.20B 50% $1.17B Legacy ~ 65% >15
Slide 21: PCF Converts Existing Network Assets into Profitable Growth
PCF Converts Existing Network Assets into Profitable Growth Lumen's growth plan reflects only 3Q26 Revenue signed agreements, with additional PCF Signed PCF Deals Upside agreements providing opportunities for further deleveraging and value $66M creation >$13.5B Total PCF leverages underutilized asse
Slide 22: A Resilient, More Durable Balance Sheet
A Resilient, More Durable Balance Sheet SOFR >80% Fixed Rate ~$2.4B 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% >80% $6M estimated annual interest expense increase 3.0-3.5x Multi-year target leverage of debt is fixed rate per 25-basis point rate increase Reduced exposure to interest Immaterial to op
Slide 23: Copper Decommissioning Creates Value Beyond Proceeds
Copper Decommissioning Creates Value Beyond Proceeds Copper Monetization Reduced Capex Intensity ~$1-1.5B estimated pre-tax net copper proceeds Captures value from recovered legacy copper Lowers ongoing investment requirements for legacy infrastructure over the next 5 years for total footprint(1) Ne
Slide 24: 2026 Financial Outlook Unchanged
2026 Financial Outlook Unchanged Metric(1)(2)(3)(4) Outlook Adjusted EBITDA $3.1 to $3.3 billion Free Cash Flow $1.9 to $2.1 billion Net Cash Interest $650 million to $750 million Capital Expenditures $3.2 to $3.4 billion Cash Income Taxes (refund) ($350) to ($450) million (1) For definitions of non
Slide 25: © 2025 Lumen Technologies. All Rights Reserved.
24 © 2025 Lumen Technologies. All Rights Reserved.