Lumen Technologies, Inc. · NYSE:LUMN

Lumen Technologies — Merger or Acquisition (May 2025)

11 slides from Lumen Technologies's merger presentation, May 21, 2025

  1. Slide 1: Lumen Technologies Sale of Consumer Fiber-to-the-Home Business to AT&T

    Lumen Technologies Sale of Consumer Fiber-to-the-Home Business to AT&T May 21, 2025 1 © 2025 Lumen Technologies. All Rights Reserved.

  2. Slide 2: Transaction Unlocks Value For Lumen

    Transaction Unlocks Value For Lumen Financial Flexibility Enterprise Focus Innovation Engine This transaction brings financial Lumen has a right to win in the We are reimagining networking freedom to Lumen and tremendous $80 billion growing enterprise for enterprise in a multi-cloud, AI economic val

  3. Slide 3: Transaction Overview

    Transaction Overview 3 Lumen is selling its Fiber-to-the-Home (FTTH) business to AT&T 3 Total Consideration of $5.75 Billion in cash 3 Lumen is retaining critical network Infrastructure to support its enterprise ambitions 3 Lumen and AT&T have commercial agreements to accelerate fiber build activiti

  4. Slide 4: Perfect Combination: Quantum Fiber Platform + AT&T

    Perfect Combination: Quantum Fiber Platform + AT&T Pure play consumer and SMB fiber broadband platform Scaled Platform with ~4.0 million fiber enablements Significant Upside ~1 million subscribers and growing Over $750 million in estimated LQA revenue1 and growing at ~20% year over year FTTH platfor

  5. Slide 5: Lumen to Retain Critical Infrastructure to Support its Enterprise Focus

    Lumen to Retain Critical Infrastructure to Support its Enterprise Focus Lumen retains central office infrastructure, key middle mile fiber assets, copper assets and enterprise relationships Perimeter Network Infrastructure Lumen Deal vs. Recent Transaction Lumen Recent Transaction1 AI Powered Data C

  6. Slide 6: Transaction Structure Highlights Value Today and Going Forward

    Transaction Structure Highlights Value Today and Going Forward Fiber-To-The-Home Purchase Price $5.75B Estimated Value of Retained Enterprise and Copper Mass Markets Revenue Streams 1 ~$6B Implied Total Value of Lumen's Local Assets1 ~$11.75B Implied Value of Lumen's Local Assets per Fiber Enablemen

  7. Slide 7: Financial Flexibility to Fuel Growth...

    Financial Flexibility to Fuel Growth... Reduced capital structure risk by reducing leverage and ensuring strong liquidity Cash accelerates innovation $5.75B 1 $4.8B ~$1.3B 2 ~1x 3 Upfront Debt Improved Net Leverage Cash Reduction Annual Cash Reduction Flow Cash accelerates innovation 1. Subject to w

  8. Slide 8: ...With Significant Capital Structure Improvement

    ...With Significant Capital Structure Improvement Net Leverage Key Highlights • Proceeds and cash on hand expected to pay down the $4.8B of superpriority debt (1.0x) • Results in significant Improved cash improvement to Lumen's 4.9 x flow and maturity profile, reducing 2029 3.9 x aEBITDA growth and

  9. Slide 9: Lumen's Value for Enterprise Customers

    Lumen's Value for Enterprise Customers Expanding our physical network to 47 million intercity fiber miles by 2028, providing 3 superior coverage, unique routes, and modern fiber and photonics equipment solutions + Scaling Lumen's Digital Platform and Network-as-a-Service for quick, secure, effortles

  10. Slide 10: Leveraging Lumen's Network to Disrupt Enterprise Economics

    Leveraging Lumen's Network to Disrupt Enterprise Economics 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 o

  11. Slide 11: © 2025 Lumen Technologies. All Rights Reserved.

    11 © 2025 Lumen Technologies. All Rights Reserved.

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