Slide 1: Illuminating the Networks of Tomorrow
Illuminating the Networks of Tomorrow Lumentum Investor Briefing OFC 2026 Los Angeles March 17, 2026 © 2026 Lumentum Operations LLC 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures
Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These include statements regarding our belief and e
Slide 3: Today's Speakers
Today’s Speakers MICHAEL HURLSTON WUPEN YUEN WAJID ALI KATHY TA President and CEO President Executive Vice President Vice President Global Business Units and CFO Investor Relations © 2026 Lumentum Operations LLC 3
Slide 4: Illuminating the Networks of Tomorrow
Illuminating the Networks of Tomorrow MICHAEL HURLSTON PRESIDENT AND CEO © 2026 Lumentum Operations LLC 4
Slide 5: Deep Roots, Wide Moat
Deep Roots, Wide Moat: Converting decades of expertise into sustained optical leadership Deep Networking Foundational Laser Optical Switching Flexible, Growing Heritage Technology Leadership InP Footprint Leading component supplier to The gold standard for laser chip Decades of WSS MEMS expertise Ad
Slide 6: InP Capacity Leadership: >8X
EML Laser Shipments, Units Expect to add an additional InP Capacity Leadership: 50%+ EML unit capacity by Accelerating EML end CY26 vs. end CY25 Output >8X Expansion FY20 FY21 FY22 FY23 FY24 FY25 FY26E Fiscal Year © 2026 Lumentum Operations LLC 6 Source: Lumentum
Slide 7: InP Optical Lane Demand from AI Data Centers
InP Optical Lane Demand from AI Data Centers Navigating the InP Capacity Shortage LITE InP lane volume demand LITE lane capacity forecast Industry Tailwinds: Expect 85% CAGR in InP optical lane volume demand for EML, CW, and UHP lasers ~85% Unmatched Scale: Lane Unit CAGR Lumentum is growing from th
Slide 8: Four Engines Driving Lumentum's Growth
Four Engines Driving Lumentum’s Growth Cloud OCS Scale-Out Scale-Up Transceivers CPO CPO © 2026 Lumentum Operations LLC 8
Slide 9: Turning Point Reached in Cloud Transceivers
Turning Point Reached in Cloud Transceivers Entered “lead pack” of suppliers for 1.6T—better engineering execution Profitability Improving; higher yields and volume loading 1.6T volume shipments start this summer Vertical integration (CW lasers) expected CQ3 © 2026 Lumentum Operations LLC 9
Slide 10: OCS Ramping to >$1B 2027 Run Rate
OCS Ramping to >$1B 2027 Run Rate March 2026 update: New multi-year, multi-billion-dollar OCS agreement reached Order backlog of $400M+ to be fulfilled in 2H CY26 Field-proven reliability Elegant design lends itself to high-volume manufacturing Future-proofed via wavelength-agnostic architecture and
Slide 11: Building Capacity to Meet UHP demand
Building Capacity to Meet UHP demand UHP Laser Chip [Units] New fab to Initial supply out of San Jose, CA facility augment capacity Starting late summer 2027, begin incremental shipments out of UK fab >200% Working to ‘presell’ remaining capacity CY25 – CY30 to a small handful of customers Unit CAGR
Slide 12: New UHP Laser Fab to Generate $5B Annual Revenue Capacity
New UHP Laser Fab to Generate $5B Annual Revenue Capacity ▪ Acquired from Qorvo—Greensboro, NC ▪ Fully operational fab with compound semiconductor equipment ▪ Deal closed today (March 17, 2026) ▪ Expect to be ramping UHP production by early 2028 © 2026 Lumentum Operations LLC 12
Slide 13: Scale-Out in FY27 Starts CPO Pipeline
Scale-Out in FY27 Starts CPO Pipeline Success of scale-out switches and CPO attach rates remains an underappreciated catalyst for growth Existing capacity can support multi-hundred-million UHP revenue in CY27 Future expansion into ELS to increase opportunity by ~2X above UHP chips alone Engaging mul
Slide 14: "Copper Wall" Requires Scale-Up CPO
“Copper Wall” Requires Scale-Up CPO Generational shift to optical as copper begins to reach limits First scale-up CPO shipments expected by late CY27 Scaling fiber bandwidth by integrating multi-wavelength variants into UHP laser platform Engaging multiple hyperscaler and chipset customers with turn
Slide 15: Four Engines Driving Lumentum's Growth
Four Engines Driving Lumentum’s Growth Cloud Transceivers: OCS: Scale-out CPO: Scale-up CPO: Focused on small number of Data traffic at scale Anchor UHP platform Phase 1 is 3X – 4X larger than customers >$1B ramp in CY27 Multi-hundred-million-dollar scale-out CPO Improving Profitability ramp in CY27
Slide 16: Operating at Cloud Velocity
Operating at Cloud Velocity WUPEN YUEN President, Global Business Units © 2026 Lumentum Operations LLC 16
Slide 17: Intelligence at Scale: AI is Redefining Data Traffic Demand
Intelligence at Scale: AI is Redefining Data Traffic Demand Traffic Type Primary Drivers North-South 20% East-West xPU-to-xPU clusters, (Intra-Data Center) AI model training North-South User requests, (External) video streaming, 5G East-West 80% Key attributes of AI data flow: ▪ Highest scale-out an
Slide 18: The Optical Arms Race: Hyperscalers Battle for AI Compute
The Optical Arms Race: Hyperscalers Battle for AI Compute TOP 4 CLOUD CAPEX $650B+ >70% Microsoft TSMC projects that YoY Growth AI semiconductor revenue CAGR Meta $380B will grow in the Google mid-to-high 50s% range from 2025 – 2030 AWS 2023 2024 2025 2026F Source: Customer public CapEx announcement
Slide 19: Increasing Compute Shoreline Through Optical Evolution
Increasing The OpticalCompute Shoreline Arms Race: Through Hyperscalers Battle for AI Compute Optical Evolution CPO Scale-Out CPO Scale-Up CPO Scale-Up Phase 0 Phase 1 Phase 2 Compute Domain Evolution CPO links between switches 3X to 4X CPO links, including inter-racks 3X to 4X CPO links vs. Phase 1
Slide 20: Key Optical Elements for Scaling AI Clusters
Key Optical Elements for Scaling AI Clusters CPO: Optical High-Speed OCS: “The ultimate interconnect” Transceivers: Lasers: The switch for Complementary to CPO Fastest path to scale massive data flow cluster bandwidth © 2026 Lumentum Operations LLC 20
Slide 21: CPO: The Ultimate Interconnect
CPO: “The Ultimate Interconnect” Maximum Reach [meters] 7 Retimed Copper 6 At 1.6T, optical required Optical Domain between racks 5 Reach (m) 4 At 3.2T, optical links required Passive Copper within racks (hybrid) 3 Standard Rack Height (2.2m) 2 Copper Domain 1 0 400G 800G 1.6T 3.2T Total Bandwidth (
Slide 22: EMLs: Growing Volume at 1.6T; Setting the Standard at 3.2T
EMLs: Growing Volume at 1.6T; Setting the Standard at 3.2T EML-Based SiPho-Based Data Rate Transceivers Transceivers InP + SiPho per transmitter; One chip per transmitter; 1.6T all channels must be yielded proven transceiver yields; (8x200G) simultaneously; improved BW per fiber more complex supply
Slide 23: High-Speed Lasers: Scaling I/O Bandwidth Effectively
High-Speed Lasers: Scaling I/O Bandwidth Effectively Data Rate Lumentum Leads EML Evolution Lumentum EML Enables 400G EMLs (Gb/sec) enable 3.2T era Highest Speed Modules 448G DD-EML Year Lumentum EML Optical I/O Milestone 400G PAM4 384G 2008 25G/28G (NRZ) 100G (4x25G) QSFP28 PAM8 224G 2016 56G (PAM4
Slide 24: High-Speed Lanes in AI Data Centers
High-Speed LANES IN 2022 LANES IN 2025 LANES IN 2030F Lanes in AI Data Centers VCSEL InP 44% VCSEL 21% VCSEL 9% Shifting to InP 56% InP 79% InP 91% EML volume will continue to grow with 1.6T and 3.2T modules for excellent performance, applicability, scale, and supply chain maturity Source: LightCoun
Slide 25: Cloud Transceivers: Breaking New Ground
Cloud Transceivers: Breaking New Ground Customers driving toward highest bandwidth per fiber Shifting to 1.6T speeds, followed by 3.2T Vertical integration with leading laser and PIC technologies Participating early in life and ramp cycles © 2026 Lumentum Operations LLC 25 © 2026 Lumentum Operations
Slide 26: Decades of Innovations in MEMS-Based Optical Switching
Decades of Innovations in MEMS-Based Optical Switching 2000 2008 2019 2022 MEMS team formed Low-drift MEMS Reduced drive New drive voltage + high structure reliability DAC 2002 2010 1D MEMS array Comb drive 2024 2004 Large 2D 2D MEMS 2012 array for OCS array New MEMS 2012 TrueFlex® OCM 2005 2010 1st
Slide 27: Unlocking Data Center Scale: The Case for MEMS-Based 300x300 OCS
Lumentum’s MEMS-Based 300x300 OCS Unlocking Data Insertion Loss Superior: ~1.5 dB Return Loss Excellent: < -50 dB Center Scale: Signal Integrity Transparent to wavelength & data rate The Case for Propagation Latency Low and fixed: 10s of nanoseconds MEMS-Based Power Consumption Low: <10% of packet s
Slide 28: Expanding OCS Use Cases to Scale AI Networking
Expanding OCS Use Cases to Scale AI Networking Use Case Port-to-xPU Ratio Driver Topology enablement & Scale-Up (today) 1.5:1 cluster resiliency Increased bandwidth; multiple Scale-Up (future) 2:1 to 10:1 customers and use cases Spine and Super-Spine for 0.2:1 to 1:1 Inter-cluster routing Scale-Out
Slide 29: OCS Production Ramp
OCS Production Ramp OCS [Units] Upside 25+ years of MEMS engine expertise scenario now deployed in the data center Field-proven reliability, performance, >150% and scale CY25 – CY28 Unit CAGR Upside scenario: new scale-up application CY25 CY26 CY27 CY28 © 2026 Lumentum Operations LLC 29
Slide 30: Optical AI TAM Forecast
Optical AI TAM Forecast Lumentum is well-positioned to address all optical TAM growth drivers $90B+ OCS ~40% Scale-Up Scale-out Scale-up CAGR 55% 45% industry revenue Scale-Out $18B 2030 BANDWIDTH ESTIMATE DCI (incl. Scale Across) 2025 2030F Sources: LightCounting: Market Forecast, Oct 2025, LightCo
Slide 31: OFC Technology Demonstrations
OFC Technology Demonstrations Investor Tours @ Lumentum Booth 8x200G Scale-Out 4x400G Scale-Out Next-Gen Scale-Up Multi-Rail Scale-Across 1.6T 2xDR4 Module 1.6T DR4 OSFP Module VCSEL Array OCM Two joint demos with NVIDIA: • 1.6T DR4 OSFP module • VCSEL-based Scale-Up • Multi-rail Coherent OCM • Lume
Slide 32: Investing for Rapid Growth
Investing for Rapid Growth WAJID ALI EVP and CFO © 2026 Lumentum Operations LLC 32
Slide 33: Operating Strategy to Optimize Profitability
Operating Strategy to Optimize Profitability $ Invest for Growth Expand Operating Margin Optimize Capital Structure ▪ R&D investment for product ▪ Grow top line revenue ▪ Reduce net debt differentiation ▪ Hybrid manufacturing strategy ▪ Increase operating cash flow ▪ Strategic CapEx for wafer fabs f
Slide 34: Record Backlog Due to AI Infrastructure Investment
Record Backlog Due to AI Infrastructure Investment Lumentum’s Product Area Current Backlog Laser chips (EML, CW) >2 years UHP Multi-year Cloud transceivers >1 year DCI/Telecom >1 year 200G PAM4 EML OCS Multi-year © 2026 Lumentum Operations LLC 34
Slide 35: Hybrid Manufacturing to Increase Scale
Hybrid Manufacturing to Increase Scale MAKE (Insource) MAKE + BUY BUY (Outsource) Short lifecycle products (Hybrid) Widely available Engaging with 7+ manufacturing processes IP-sensitive builds Tariff risk mitigation & supply-chain agility Contract IP-insensitive steps Laser chip products In-house l
Slide 36: New Growth Drivers Comprise 60% of Revenue Mix at $2B/Quarter
New Growth Drivers Comprise 60% of Revenue Mix at $2B/Quarter Balance New Growth Drivers Balance New Growth Drivers 75% 25% 40% 60% Q3 FY26 Guidance Midpoint Future quarter $805M Revenue > $2B © 2026 Lumentum Operations LLC 36 © 2025 Lumentum Operations LLC 36
Slide 37: AI-Driven Evolution to $2B/Quarter and Beyond
AI-Driven Evolution to $2B/Quarter and Beyond Growth drivers above $2B/quarter ▪ New fab with $5B annual run rate capacity ▪ CPO scale-out ▪ CPO phase 1 scale-up ▪ OCS new use cases > $2,000M ▪ Cloud transceivers EML, DCI ▪ EML components ▪ DCI, including scale across OCS Cloud Transceivers $805M CP
Slide 38: Target Financial Model
Target Financial ModelNon-GAAP Model FY26 Consensus $1.25B Quarterly $2B Quarterly Estimates* Revenue Revenue Annualized Revenue $2.9B $5B $8B Gross Margin 43% 45 – 48% 49 – 52% Operating Expenses 16% 11 – 12% 10 – 11% Operating Margin 27% 33 – 37% 38 – 42% Targeting >1,000 bps OM expansion in <2 ye
Slide 39: Key Takeaways
Key Takeaways Funding manufacturing Structural cost savings & Driving to >$2B capacity and R&D for cloud growth will drive quarterly revenue at AI data center >1,000 bps of ~40% operating margin opportunities op margin expansion © 2026 Lumentum Operations LLC 39
Slide 40: Q&A
Q&A 40 © 2026 Lumentum Operations LLC 40
Slide 41: Thank You
Thank You 41 © 2026 Lumentum Operations LLC 41
Slide 42: © 2026 Lumentum Operations LLC
© 2026 Lumentum Operations LLC 42