Slide 1: Ciena Corporation Fiscal Q2 2026 Earnings Presentation
Ciena Corporation Fiscal Q2 2026 Earnings Presentation Period ended May 2, 2026 June 4, 2026 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 2: Forward-looking statements and non-GAAP measures
Forward-looking statements and non-GAAP measures You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission (SEC) filings, recent news, financial results, supplemental financial information, and other announcements. F
Slide 3: Table of Contents
Table of Contents 1. Introduction to Ciena 2. Fiscal Q2 2026 financial performance 3. Fiscal Q3 and full-year 2026 outlook 4. Appendix 3 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 4: Executive Summary
Executive Summary AI requires more optical networking. More optical networking requires Ciena Q2 2026 results demonstrate sustained growth and operational discipline Delivered record revenue and backlog, strong profitability DCI, including scale-across, is gaining momentum as customers connect AI da
Slide 5: Introduction to Ciena
Introduction to Ciena © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 6: Ciena has global network reach and scale
Ciena has global network reach and scale Scale and reach Strategic focus Recognized leadership $4.8B FY2025 Revenue #1 in Data Center Interconnect** 19% YoY growth Dell'Oro Group 9,000+ Employees* #1 in Total Optical Networking** Including 4,500+ R&D specialists Cignal AI, Dell'Oro, Omdia 80+ Countr
Slide 7: Data generation and bandwidth are continuing to grow
Data generation and bandwidth are continuing to grow Global Data Generation Data Moved by SPs Data Center Bandwidth Network Bandwidth 600 25 100 2.0 2026 Forecast 2026 Forecast 2026 Forecast 2026 Forecast 500 20 80 1.5 400 15 60 X2 ZB ZB Eb/s Eb/s 1.0 300 2023 10 40 2025 2025 2025 200 X2 0.5 5 20 10
Slide 8: Cloud Providers are the drivers of industry change
Cloud Providers are the drivers of industry change Cloud Provider CapEx forecast is accelerating rapidly Cloud Provider spend has been higher than forecasted 700 600 500 Actual Spend 400 $B 300 ChatGPT Launched 200 100 Previous year’s forecast 0 2022 2023 2024 2025 2026 The forecasted range of Cloud
Slide 9: Ciena is the leader in high-speed connectivity
Ciena is the leader in high-speed connectivity Our strategic investments are extending to in-and-around the data center, leveraging our strengths to expand our footprint Our core optical strength is the foundation for our portfolio expansion 9 © Ciena Corporation 2026. All rights reserved. Proprieta
Slide 10: Q2 FY 2026 results
Q2 FY 2026 results © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 11: Ciena's differentiated position in AI is driving record performance
Ciena's differentiated position in AI is driving record performance Achieving Driving the pace of Prioritizing long-term broad-based growth innovation shareholder value ▪ Revenue: $1.6B, up 40% YoY • WL6 Extreme: 110 customers, +20 • Adj. gross margin: 44.9%, up +390bps • Cloud provider revenue: 46%
Slide 12: Q2 FY 2026 comparative financial highlights
Q2 FY 2026 comparative financial highlights GAAP Results Q2 FY2025 Q1 FY2026 Q2 FY2026 YoY Change** Revenue $1.13B $1.43B $1.57B 40% Gross Margin 40.2% 43.8% 44.0% 380 bps Operating Expense $420M $436M $454M 8% Operating Margin 2.9% 13.3% 15.1% 1,220 bps EBITDA $67M $233M $283M 324% Fully Diluted EP
Slide 13: Q2 FY 2026 comparative operating metrics
Q2 FY 2026 comparative operating metrics Q2 FY 2025 Q2 FY 2026 YoY Change* Cash and investments $1.3B $1.4B 8% Cash provided by operations $157M $260M 66% Free cash flow $128M $219M 71% DSO 87 71 (16) Inventory turns 2.5x 3.6x 1.1x Net debt $253M $138M (45)% Gross leverage 3.2x 1.6x (1.6)x * Denotes
Slide 14: Business outlook
Business outlook © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 15: Key assumptions underlying our outlook
Key assumptions underlying our outlook AI infrastructure investment: Cloud providers continue to increase capital expenditure on AI data center buildout at levels consistent with recent public commitments. Supply chain: Global supply of optical components and substrates remains broadly stable, with
Slide 16: Business outlook for fiscal Q3 and full-year 2026
Business outlook for fiscal Q3 and full-year 20261 Fiscal Q3 2026 Fiscal FY 2026 Revenue $1.625B plus or minus $50M $6.3B plus or minus $100M Adjusted Gross Margin 45.0% plus or minus 50 bps 44.5% to 45.0% Adjusted Operating Expense $410M plus or minus $10M $1.61B plus or minus $20M Adjusted Operati
Slide 17: Q2 FY 2026 appendix
Q2 FY 2026 appendix © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 18: Glossary of terms
Glossary of terms Term Definition Coherent optics A technology for sending data over fiber optic cables using light waves — faster and more efficient than traditional methods at long distances WaveLogic Ciena’s proprietary family of coherent optical chips — the core technology inside most of our net
Slide 19: Revenue by segment
Revenue by segment * Reconciliations of these non-GAAP measures to GAAP results are included in this presentation. ** Denotes % of total revenue 19 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 20: Revenue by customer type
Revenue by customer type 20 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 21: Revenue by geographic region
Revenue by geographic region 11% 8% 8% 12% 14% 9% 14% 9% 15% 17% 74% 76% 78% 78% 77% 21 © Ciena Corporation 2026. All rights reserved. Proprietary Information.
Slide 22: Gross Profit Reconciliation
Gross Profit Reconciliation (Amounts in thousands) Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP gross profit $691,554 $625,520 $577,179 $503,079 $452,838 Share-based compensation-products 2,010 1,822 1,964 2,027 2,033 Share-based compensation-services 4,504 4,025 3,857 3,942 3,980 Amo
Slide 23: Operating Expense Reconciliation Income from Operations Reconciliation
Operating Expense Reconciliation (Amounts in thousands) Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP operating expense $453,683 $436,108 $566,688 $429,544 $419,996 Share-based compensation-research and development 18,586 16,594 16,274 16,749 17,021 Share-based compensation-sales and m
Slide 24: Net Income Reconciliation
Net Income Reconciliation (Amounts in thousands) Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 GAAP net income $218,220 $150,283 $19,489 $50,308 $8,969 Exclude GAAP provision (benefit) for income taxes 12,840 30,832 (16,631) 15,511 10,047 Income before income taxes 231,060 181,115 2,858 65,
Slide 25: Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands) Earnings Before Interest, Tax, Depreciation and Amortization Q2 FY 2026 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 (EBITDA) Net income (GAAP) $218,220 $150,283 $19,489 $50,308 $8,969 Add: Interest expense 2
Slide 26: Thank You
Thank You © Ciena Corporation 2026. All rights reserved. Proprietary Information.