Slide 1: Ciena Investor Forum
Ciena Investor Forum Ciena Investor Forum September 2026 © Ciena Corporation 2025. 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: Industry dynamics and the expanding market opportunity
Industry dynamics and the expanding market opportunity Industry dynamics and the expanding market opportunity David Rothenstein, Executive Vice President and Chief Strategy Officer Investor Forum - Ottawa - September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 4: AI is creating a new era in communications
AI is creating a new era in communications 1990 20 Years 2010 15 Years 2025 10 Years 2035+ Massive Scale … Internet Era Cloud Era AI Era … Human – to – Human Human – to – Machine Machine – to – Machine AI Era Ubiquitous AI society Cloud Era Interactive Intelligence Networking for cloud Internet Era
Slide 5: Cloud Providers are the drivers of industry change
Cloud Providers are the drivers of industry change CP Capex forecast is accelerating rapidly Forecasting next year’s Capex has been challenging Start of ’26 $1.7T 800 Now $1.6T Actual Spend 700 Now $1.2T Start of ‘26 $1.25T 600 Start of ’26 $1.1T Neoscalers 500 2028 Estimate $B published 400 in 2025
Slide 6: Data generation, bandwidth, and AI workloads are growing rapidly
Data generation, bandwidth, and AI workloads are growing rapidly Global Data Generation Data Moved by SPs Data Center Bandwidth Network Bandwidth AI Workloads 600 25 100 2.0 100 2026 Forecast 2026 Forecast 2026 Forecast Inference 500 AI-related = 80 20 1.5 80 +35% 400 15 60 X2 60 ZB Eb/s Eb/s 1.0 30
Slide 7: And we believe we are only at the beginning
And we believe we are only at the beginning INFERENCE Inference follows users first to the region, and then ~ 40% of workloads to the metro and the edge - becoming the dominant by 2030 driver of global bandwidth TRAINING Bandwidth Expansion Distributed training (Scale Across) expands ~ 30% of worklo
Slide 8: AI is changing fundamental units of scale
AI is changing fundamental units of scale Data Center is the new unit of Fiber Rail is the new unit of GPU Cluster Expansion COMPUTE CAPACITY Energy Processor Unit Consumed Wavelength (~ 100s TFLOPs) (~ 1 Tbps) Gigawatts Rack Megawatts ‘24 ‘25 ‘26 ‘27 Fiber (~100s xPUs) Time (~ 100 Wavelengths) Thou
Slide 9: These dynamics will drive significant growth in Ciena's TAM
These dynamics will drive significant growth in Ciena’s TAM ~$52B ~24% $27B 3-YEAR CAGR 2026 2029 Source: Market forecasts from Cignal AI, Dell’Oro, LightCounting, Omdia & 650 Group, with Ciena internal analysis We project the total addressable market for our business to effectively double over the
Slide 10: AI dynamics are creating new market opportunities
AI dynamics are creating new market opportunities Traditional Network Markets (WAN) AI-WAN Access & Metro / Long DCI / Long Distributed DCI mesh Aggregation Regional Distance Distance training Front-end Back-end Front-end fabric fabric fabric Cloud AI Training AI Inference Inside the Data Center In
Slide 11: Large-scale AI investment is impacting traditional network markets
Large-scale AI investment is impacting traditional network markets Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE ACROSS SCALE OUT SCALE UP OPERATIONS Automation QoS Fiber Service
Slide 12: AI is spilling out of the Data Center into an AI-WAN
AI is spilling out of the Data Center into an AI-WAN Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE OUT SCALE UP OPERATIONS Automation QoS Fiber Services Inference Tr
Slide 13: Large-scale AI investment is creating new DC markets
Large-scale AI investment is creating new DC markets Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE ACROSS SCALE-OUT SCALE-UP OPERATIONS Automation QoS Fiber Services Inference Tr
Slide 14: Ciena's TAM will grow significantly across these markets
Ciena’s TAM will grow significantly across these markets Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS Total Addressable Market Inside Data C
Slide 15: Our strategic portfolio investments extend across these markets
Our strategic portfolio investments extend across these markets Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS Service Providers Cloud Provide
Slide 16: Our portfolio can be categorized into product groupings
Our portfolio can be categorized into product groupings Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS OPTICAL SYSTEMS Navigator Optical Netwo
Slide 17: Ciena's TAM growth is driven heavily by Optical Systems and Interconnects
Ciena’s TAM growth is driven heavily by Optical Systems and Interconnects Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS Total Addressable Mar
Slide 18: Our overall strategy – and today's agenda – is focused on Scale
Our overall strategy – and today's agenda – is focused on Scale David Rothenstein Industry dynamics and the expanded market opportunity Strategy Brodie Gage Scale the portfolio by Products & Technology • innovating in high-speed connectivity technology for the core Optical Systems business Dino DiPe
Slide 19: Technology leadership across Ciena's core markets
Technology leadership across Ciena’s core markets Technology leadership across Ciena’s core markets Brodie Gage, Executive Vice President and Chief Product and Technology Officer Dino DiPerna, Executive Vice President and Chief Research & Development Officer Investor Forum - Ottawa - September 2026
Slide 20: Ciena's addressable market
Ciena’s addressable market Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS 20 20 © Ciena Corporation 2025. All rights reserved. Proprietary Inf
Slide 21: Only Ciena brings leading technology across the full Interconnect and Optical Systems continuum
Only Ciena brings leading technology across the full Interconnect and Optical Ssystems continuum Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATION
Slide 22: What we will cover
What we will cover Traditional NETWORK markets (WAN) AI-WAN Network Network Network Network Fabric OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS 01 Architecture shifts expanding Ciena’s addressable market 02 Why Ciena wins • Technology and systems leadership • Scale and deployment advantage • Innovation
Slide 23: Architecture shifts are expanding Ciena's addressable market
Architecture shifts are expanding Ciena’s addressable market Cloud providers Service providers From wavelengths Scale-across Inference drives New service models to fibers is just beginning distributed connectivity emerge Capacity growth is Initial deployments Inference expands AI driving demand shif
Slide 24: AI is driving the need for a new generation of optical platforms
AI is driving the need for a new generation of optical platforms Line systems Transponders AI capacity using traditional technology: TODAY 22 huts 60-120 plugs per fiber pair TOMORROW ACC/CPO/ Grey pluggables 1 line port per fiber pair AI capacity using multi-rail photonics: Full Spectrum Transponde
Slide 25: Scale-across starts to put the new architecture in place
Scale-across starts to put the new architecture in place Scale-across solution WaveLogic coherent optics • WaveLogic coherent pluggable transceivers • Higher-performance coherent optics, including full spectrum transponder in future RLS modern line system RLS C&L RLS Hyper-Rail terminal config 20Pb/
Slide 26: AI creates new connectivity opportunities for service providers
AI creates new connectivity opportunities for service providers AI expands service provider opportunities from core to edge 1 Enable 2 Accelerate 3 Connect the 4 Build the 5 Interconnect edge AI enterprise AI sovereign ecosystem AI-WAN AI factories Improved efficiencies EDGE AI infrastructure CORE w
Slide 27: Why Ciena wins
Why Ciena wins 01 02 03 Technology and Systems Scale and deployment Innovation engine leadership advantage ▪ Best-in-class performance from ▪ Supply chain breadth supports ▪ Faster time to market and better deep, multi-disciplinary expertise high-volume scaling and supply economics with greater cont
Slide 28: Sustained innovation has expanded Ciena's role with cloud providers
Technology & Systems Sustained innovation has expanded Ciena’s role with cloud providers WaveLogic 3 WaveLogic 5 Extreme WaveLogic 6 Extreme 400G in Waveserver 1RU 6.4T in Waveserver 2RU ▪ 12.8T in Waveserver 2RU ▪ 1.6T module for white box system 1 2 3 4 5 6 2014 WaveLogic 5 Nano WaveLogic 6 Nano W
Slide 29: Performance leadership - a structural network advantage
Technology & Systems Performance leadership - a structural network advantage The 200GBaud 1.6T benefit compared to 140GBaud 1.2T 2× 25 33 800G route fewer less power coverage % modems % per bit 1600G Relative power, 100G = 100 1.2T 800G 50% of routes at 800G 140Gbd 1.2T: 8 1.6T 1.2T 1.6T 96% of rout
Slide 30: The photonic layer is the foundation for AI-scale connectivity
Technology & Systems The photonic layer is the foundation for AI-scale connectivity Supports all the applications and services running on top of it Aggregation / Access Edge Cloud Metro Core/Subsea Mobile Residential Business Internet Ciena Line System Campus DC scale-across Photonic Layer DC Lowest
Slide 31: Six generations of photonic system innovation have widened the competitive gap
Technology & Systems Six generations of photonic system innovation and co-development have widened the competitive gap RLS RLS RLS C-Band CDC CDA, Passive PT-PT, subsea High-Density Scale-Across Open APIs, multi-NBIs, declarative config, More and simpler configs, L0 control plane, iC&L single-span s
Slide 32: Ciena is the clear global leader in open line systems
Technology & Systems Ciena is the clear global leader in open line systems Global Optical Line Systems (Cumulative) 4.5× Ciena share Ciena Vendor 1 All Others $4 80% 70% more photonics revenue than nearest competitor $3 60% Cumulative Revenue ($B) Ciena Market Share (%) $2 45% 40% 5× more photonics
Slide 33: RLS Hyper-Rail is engineered for AI-scale deployment
Technology & Systems RLS Hyper-Rail is engineered for AI-scale deployment Line amp sites TODAY 20 Pb/s AI Network Multi-rail RLS Hyper-Rail: 4 rails/rack, 16 rails/hut Using conventional line system designs photonic 20 Petabit/sec All capacity within one hut → 22 huts required architecture 1 hut 32-
Slide 34: Differentiated experience and approach to multi-rail line systems
Technology & Systems Differentiated experience and approach to multi-rail line systems 2010 - 2020 2018 - 2026 RLS Hyper-Rail (2026+) Ciena 1st generation systems Open line systems Extend innovation, automation Evolve / expand Increase vertical integration Nearest 1st generation systems Open line sy
Slide 35: Services - a strategic lever in the hyperscaler market
Scale and Deployment Advantage Services - a strategic lever in the hyperscaler market All the traditional Hyperscaler-oriented network services services Our differentiation Co-develop Flexible >>1000 5000 400+ operating models Deployent Projects/20K Global sparing Improve Large-scale optical network
Slide 36: Innovation engine powered by technology ownership and design flexibility
Innovation Engine Innovation engine powered by technology ownership and design flexibility OWN DESIGN OPTIMIZE where it differentiates for supply flexibility across material systems Selective ownership Multi-sourcing by design Breadth, not a single fab, of critical technologies drives differentiatio
Slide 37: Leadership across generations of coherent technology
Technology & Systems Leadership across generations of coherent technology 160x increase in capacity per wavelength (Gb/s) 400x capacity shipped 2010-2024 1600 Ciena consistently FIRST to market Petabit/sec 800 800 400 400 100 200 2009 2012 2017 2020 2024 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 38: Anatomy of a coherent modem – more than just a DSP chip
Innovation Engine Anatomy of a coherent modem – more than just a “DSP chip” “DSP Chip” Tx digital signal processing E/O & O/E conversion HS RF DRIVERS Coherent SERDES Forward Error Correction & Transmitter DAC Signal Processing Electro- Optics Optical In/Out Data In/Out Tunable Laser(s) HS RF TIAs C
Slide 39: Ciena owns the critical building block designs that drive modem performance
Innovation Engine Ciena owns the critical building block designs that drive modem performance Tx digital signal processing E/O & O/E conversion HS RF DRIVERS Coherent SERDES Forward Error Correction & Transmitter DAC Signal Processing Electro- Optics Optical In/Out Data In/Out Tunable Laser(s) HS RF
Slide 40: Optimizing performance requires the right technology for each application
Innovation Engine Optimizing performance requires the right technology for each application Electro-optic Blocks High-speed analog DSP Optimized for performance, Critical to scaling speed Optimized for compute density and power and cost and signal performance power efficiency Indium Phosphide SiGe B
Slide 41: Broad technology expertise + reusable building blocks accelerate innovation
Innovation Engine Broad technology expertise + reusable building blocks accelerate next-generation innovation Single-span Multi-span Core DCI + Scale-across Metro/Regional + Scale-across Long-haul Subsea ROADM DIVERSE NETWORK APPLICATIONS Next-gen Next-gen pluggables performance optics Multiple form
Slide 42: Strategy execution is driving market share gains
Strategy execution is driving market share gains Traditional NETWORK markets (WAN) AI-WAN Optical Systems + Plugs Optical Systems + Plugs Estimated Ex-China Network Network Network Network Fabric Estimated Ex-China SP Market Share* OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS Cloud Market Share* 36% 25
Slide 43: Expanding in and around the data center
Expanding in and around the data center Expanding in and around the data center Brodie Gage, Executive Vice President and Chief Product and Technology Officer Dino DiPerna, Executive Vice President and Chief Research & Development Officer Investor Forum - Ottawa - September 2026 © Ciena Corporation
Slide 44: Ciena's addressable market
Ciena’s addressable market Traditional NETWORK markets (WAN) AI-WAN Inside DATA CENTER markets Network Network Network Network Fabric Fabric Fabric Data Center OPERATIONS EDGE BACKBONE DCI SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS 44 44 © Ciena Corporation 2025. All rights reserved. Proprietary Inf
Slide 45: What we will cover
What we will cover AI-WAN Inside DATA CENTER markets Fabric Fabric Fabric Data Center CAMPUS SCALE-OUT SCALE-UP OPERATIONS SCALE-ACROSS 01 Why AI is changing connectivity requirements in and around the data center 02 Where Ciena is expanding based on differentiated technology and expertise ▪ Data ce
Slide 46: Key challenges with growth and scale inside the data center
Key challenges with growth and scale inside the data center DATA CENTER INFRA CAMPUS MANAGEMENT SCALE-ACROSS SCALE-OUT SCALE-UP Management of DC Lossless connectivity Insufficient front-panel Passive copper infrastructure at AI scale now required over distance density getting shorter Power scaling i
Slide 47: Fundamental data center infrastructure management challenges
DCOM Fundamental data center infrastructure management challenges Router Router Reduce cost Copper cabling Aggregation layer Ethernet switch Reduce power consumption Console server Fewer active nodes Network / Compute Rack Network / Compute Rack Network / Compute Rack Reduce space consumed Prioritiz
Slide 48: Data center out-of-band management
DCOM Data center out-of-band management Architecture for a DCOM solution ▪ PON (passive optics) Data Center OOB Management ONU/ONT/uOLT based ONU (PON) ▪ Zero RU required ▪ Higher-density router tier 99.8% space savings 30% power savings 53 8112 Converged Router 3800 XGSPON 786 37 uONU 2RU Legacy Ci
Slide 49: Investing to capture an expanding DCOM opportunity
DCOM Investing to capture an expanding DCOM opportunity Continue to lead Capture new hyperscaler / Expand application space with the DCOM solution neoscaler demand to general DC market & DCIM ▪ Operationalize the software ▪ New ONU and OLT hardware ▪ Enterprise and small data centers solution at sca
Slide 50: Why Ciena wins with DCOM
DCOM Why Ciena wins with DCOM Deep customer engagement Proven platform, expanding reach Flexible routes to market ▪ Early requirements definition and ▪ Established DCOM deployments ▪ Integrated systems, disaggregated proven hyperscaler relationships with applicability across a broader DCOM and open
Slide 51: Rising AI interconnect speeds are accelerating the shift to optical and coherent
Rising AI interconnect speeds are accelerating the shift to optical and coherent AI Switch ASIC Evolution AI Interconnects Options I/O Lane Typical Speeds interconnect Copper IMDD Coherent 200T 400T ACC 400G 3.2-6.4T NPO / CPO Coherent Coherent ~2028 ~2029 (2028-’32) Optics CL Optics ZR / ZR+ NPO /
Slide 52: Cracking the XPU beachfront bottleneck with copper
Nitro Cracking the XPU beachfront bottleneck with copper As speeds have increased, and port counts have exploded, it has become financially advantageous to develop alternative forms of connectivity based on copper Direct Attach Copper 8 x 200G (DAC) Active Cable Comparison Complexity Technology Late
Slide 53: Nitro 2004 brings DAC-like simplicity to extended-reach copper
Nitro Nitro 2004 brings DAC-like simplicity to extended-reach copper Extends 200Gbps DAC-like Efficient design to enable Copper Interconnect Simplicity massive scaling ▪ Leading performance - up to 4m ▪ Microprocessor-free; saves cost ▪ Rx direction only ▪ Enables intra-rack or rack-to-rack and comp
Slide 54: Scale-out evolution
Vesta Scale-out evolution Current Emerging Optimized ASIC to Front Panel Single Vendor Open Ecosystem Retimed Optics Co-packaged Optics Co-packaged/Near-package Optics 100T Vesta 200 6.4T CPX ASIC Optical engine Additional 1kW for retimed optics Pluggable optics Integrated optical engines Technology
Slide 55: Vesta 6.4T CPX optical engine
Vesta Vesta 200 6.4T CPX optical engine High-density, low-power High reliability Paves way for open pluggable CPO/NPO CPO/NPO ecosystem ▪ 6.4T within CPX connector ▪ Proven PIC and EIC technologies ▪ Disaggregated ▪ Up to 70% power reduction ▪ Field-replaceable ELSFP ▪ Standards-based versus retimed
Slide 56: Coherent-Lite fills the gap between IMDD reach and traditional coherent economics
Coherent-Lite Coherent-Lite fills the gap between IMDD reach and traditional coherent economics Traditional technologies hitting limits Use cases at these higher speeds Campus - Reach 01 Traditional technology: 1.6Tb/s IMDD ✓ Low power, low cost ✓ Good up to ~2km 1-20km Restricts data center placeme
Slide 57: Broad technology expertise + reusable building blocks accelerate innovation
Coherent-Lite Broad technology expertise + reusable building blocks accelerate next-generation innovation In and around DC Single span Multi-span Core Scale-out + Campus DCI + Scale across Metro/Regional + Scale across Long haul Subsea ROADM DIVERSE NETWORK APPLICATIONS Coherent-Lite Next-gen plugga
Slide 58: Ciena is uniquely positioned to lead the Coherent-Lite opportunity
Coherent-Lite Ciena is uniquely positioned to lead the Coherent-Lite opportunity Coherent R&D advantage Ciena WaveLogic Coherent-Lite Multiple routes to market ▪ Ownership of all critical technology ▪ 1.6T – 12.8T in a pluggable ▪ Flexible monetization through building blocks — SerDes, FEC, DSPs or
Slide 59: Multiple form factors - multiple routes to market
Multiple form factors - multiple routes to market WaveLogic Inside-Data-Center Subsea / Long-Haul / Regional / Metro Campus / Scale-Across Scale-Out Scale-Up WaveLogic Performance- WaveLogic Coherent WaveLogic Vesta 200 Nitro 2004 Optimized Pluggables Coherent-Lite Chip ASIC sales ASIC sales ASIC sa
Slide 60: Extending Ciena's technology leadership into new, high-growth data center markets
Extending Ciena’s technology leadership into new, high-growth data center markets AI-WAN Inside DATA CENTER markets Fabric Fabric Fabric Data Center SCALE-ACROSS SCALE-OUT SCALE-UP OPERATIONS 1 2 3 4 Differentiated technology R&D leverage Co-developed and Multiple channels at each key inflection poi
Slide 61: Built for the scale ahead
Built for the scale ahead Built for the scale ahead Grant Hoffman, Executive Vice President and Chief Supply Chain Officer Investor Forum - Ottawa - September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 62: Topics we will cover
Topics we will cover Global Supply Scale Service Capacity Footprint 2x factory Vertical integration Designed For (DFx) Delivery Delivering output and long-term and service where operational agreements with our customers resiliency key vendors need us 62 62 © Ciena Corporation 2025. All rights reserv
Slide 63: Ciena Supply Chain model
Supply Chain Operating Model Ciena Supply Chain model Geographical footprint Partner engagement ▪ R&D and Supply Chain co-located in Ottawa to accelerate time to market Ottawa ▪ Manufacturing partnership Budapest/Hungary with industry-leading Philadelphia Contract Manufacturers (CMs) Austin India ▪
Slide 64: Investing for growth
Capacity Growth Investing for growth 5× Capex Investment 2× Manufacturing Capacity 2× Distribution Capacity +235% Factory capacity +520% on key products +235% 2025-2027 & 2027-2029 RLS +145% +120% Interconnects +470% +219% 2024 2027 2024 2027 2024 2027 MX US ASIA Partners have expanded capacity to a
Slide 65: Ciena is expanding ownership of critical technologies
Securing Supply Ciena is expanding ownership of critical technologies Vertical Integration Electro-Optics High-speed Analog DSP Blocks Critical to scaling speed Optimized for compute Optimized for and signal performance density and power performance, efficiency power, and cost ▪ Reducing supply chai
Slide 66: Supply assurance
Securing Supply Supply assurance Secure supply and multi-vendor sourcing Security of Supply Pump Lasers Memory Ceramic Packaging EDFA and Raman Multiple strategies to secure supply: ▪ Entering multi-year purchase agreements (LTAs) with suppliers to secure access to constrained supply ▪ Extending pur
Slide 67: Building process repeatability and quality before volume ramp
Scaling Building process repeatability and quality before volume ramp Design For (DFx) Manufacturability Cost Serviceability Reliability Test DFM DFC DFS DFR DFT DFx is an industry principle Ciena follows, putting emphasis on tight integration between R&D and Supply Chain 67 67 © Ciena Corporation 2
Slide 68: Strengthening scale through strategic talent and partnerships
Scaling Strengthening scale through strategic talent and partnerships Talent: External Hires and Acquisitions Partnerships More Partners New perspectives and fresh ideas Stronger Greater Together Reach Expanded expertise INTERCONNECTS building stronger ECOSYSTEM capabilities Stronger team with Enhan
Slide 69: Creating a responsive, flexible path from factory to customer
Service Creating a responsive, flexible path from factory to customer Traditional network Hyperscaler-oriented services Improve ▪ Expanding Distribution Centers Optimize and Capabilities ▪ Supporting regional deployment models Advisory and ▪ Supporting customers in over 116 countries Learn CESSES En
Slide 70: We are ready
We are ready Operational capacity Supply assurance Scalability designed in Serviceability We are invested, Vertical integration Internally-developed Durable incumbency and will continue + multi-year building blocks with global reach and to invest for growth agreements across accelerate next- full li
Slide 71: Industry leadership scaling value
Industry leadership scaling value Industry leadership scaling value Marc Graff, Executive Vice President and Chief Financial Officer Investor Forum - Ottawa - September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 72: 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 73: Three priorities driving earnings power
Three priorities driving earnings power Structurally improve gross margins* World-class working capital Focused capital allocation Delivering mid-40s GM Improving cash conversion Pure-play optical investments Engineered cost reductions Increasing inventory turns M&A to drive growth Leadership produc
Slide 74: Delivering outstanding financial performance
Delivering outstanding financial performance Revenue up $2.4B Operating margins* more than double Earnings per share* up $5+ 27% CAGR 98% CAGR +~1100 BPS 2024 2026 MP 2024 2026 MP 2024 2026 MP * As Adjusted / non-GAAP MP = Midpoint of Ciena guidance as of September 3, 2026 74 © Ciena Corporation 202
Slide 75: Demand far outstripping industry supply
Demand far outstripping industry supply Orders over 3x 2024 levels Backlog doubles each year Supply underserving demand 79% CAGR 118% CAGR 27% Revenue CAGR 2024 2025 2026 MP 2024 2025 2026 MP 2024 2025 2026 MP 75 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 76: FY27 is a supply-secured floor - not a demand ceiling
FY27 is a supply-secured floor - not a demand ceiling CURRENT FLOOR VISIBLE COVERAGE UPSIDE LEVERS $8.3–8.4B >$10B 2029 At least 30% FY27 revenue Expected FY26 year-end backlog; LTAs, incremental capacity, and growth based on current Most expected for 2027 delivery, additional qualified suppliers su
Slide 77: Revenue growth exceeds Capex and TAM rates
Revenue growth exceeds Capex and TAM rates Top 4 Hyperscaler CapEx ~20% CAGR* Total TAM ~24% CAGR Ciena Revenue ~30% CAGR ~2.2x ~1.9x ~1.7x 2026 2029 2026 2029 2026 2029 Revenue is expected to more than double by 2029…with potential upsides driven by supply * Source: Company earnings and Ciena marke
Slide 78: Inside the data center positioned to provide upside
Inside the data center positioned to provide upside CPO/NPO Coherent-Lite & Modules First samples shipping Q4’26, On-track to adoption and ramp accretive margins at volume in late 2027 / early 2028 $8B TAM $3B+ TAM --- New Market --- --- New Market --- Note: All TAM figures represent 2029 estimates
Slide 79: Three levers support a credible path to ~50% gross margin
Three levers support a credible path to ~50% gross margin* 1 ACCRETIVE MIX FY27 FLOOR 2029 TARGET Hyper-Rail, DCOM, and Inside the Data Center 45–46% Gross margin* scale above the current corporate average ~50% Gross margin* 2 COST + SCALE + INNOVATION Mid-40s baseline Engineered reductions and volu
Slide 80: Operating margins grow to mid-30%
Operating margins grow to mid-30%* 1 Structural gross margin improvement FY27 FLOOR 2029 TARGET Pricing, cost and scale, and new products 25-27% Operating margin* ~32-35% Operating Margin* 2 R&D operating leverage Improved operating Reusable engineering that can be deployed across Balanced investmen
Slide 81: Strong balance sheet and cash generation
Strong balance sheet and cash generation Operating cash flow CapEx 0.4x 2026 Free Net Leverage Cash Flow ~0.0x 2029 2026 2029 Expect 5x cash generated from operations while driving to 0 net leverage 81 81 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 82: Thoughtful allocators of the owners' capital
Thoughtful allocators of the owners’ capital Invest organically Opportunistic M&A Return excess capital Next-generation WaveLogic, Focused on strategic Returned over 100% CPO/NPO expansion, technology and talent, and of cumulative new Material Systems $200M Ciena Ventures FCF over past 5 years ~$2.5
Slide 83: Aligning reporting segments to highest-growth markets
Aligning reporting segments to highest-growth markets Optical Systems Interconnects Services Open Line Systems, Coherent plugs, CPO / NPO, DCOM, Enablement, Implementation, Waveserver, 6500, Navigator optical / electrical components Managed Services, Maintenance $21B TAM $17B TAM $2B TAM 18% CAGR th
Slide 84: Ciena 2029 financial targets
Ciena 2029 financial targets 3-year revenue CAGR Gross margin* Operating expense* ~30% ~50% ~15-18% Operating margin* Tax rate* FCF margin* ~32-35% ~20% ~20% Positioned to accelerate earnings growth through 2029 * As Adjusted / non-GAAP 84 © Ciena Corporation 2025. All rights reserved. Proprietary I
Slide 85: Accelerating profitability and shareholder returns
Accelerating profitability and shareholder returns Focused on Significant Disciplined growing Data center earnings capital optical opticalization expansion allocation markets 85 85 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 86: Thank you
Thank you Thank you Investor Forum - Ottawa - September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.