Slide 1: Fourth Quarter 2025 Results
Fourth Quarter 2025 Results February 3, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions with res
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures
Slide 4: Kate Johnson, President & CEO
KATE JOHNSON President & CEO
Slide 5: Closed AT&T FTTH Transaction
Closed AT&T FTTH Transaction Completing our pivot to a simpler, stronger, enterprise-focused technology infrastructure company Deal Closed February 2nd Debt Reduced by $4.8 pivoting Lumen to enterprise- Billion eliminates all Super focused company Priority Bonds Net Leverage below 4x Interest Expens
Slide 6: FY 2025 & 4Q'25 Highlights
FY 2025 & 4Q’25 Highlights Unsecured Debt Reached nearly $13B in PCF Deals Signed to Date Offering Eliminates 2nd Lien Debt at Level 3 Solid Revenue, Connected Ecosystem off to a great start with 16 partners, and aEBITDA, and FCF many more in the pipeline In-line with expectations(1) PCF builds comp
Slide 7: Building the Backbone for AI
Building the Backbone for AI Stronger Overall Network Utilization Balancing Capacity and Utilization for Optimal Return on Investment Utilization (EOY) 2022 2025 2028 2031 (Actuals) (Actuals) (Plan) (Vision) Unmatched Room for Growth: • New routes, in addition to new fiber in existing Total Intercit
Slide 8: The New Connectivity Landscape | Fabric Infrastructure Progress
The New Connectivity Landscape | Fabric Infrastructure Progress August 2025 December 2025 RapidRoutes Expanding 400G capacity on key routes Completed phase 1 on Oct 10 400G Waves available to sell on 36 key routes PH1 Available to Sell PH2 Available to Sell PH2 Planned PH1 Available to Sell PH2 Avai
Slide 9: Lumen Powers Cloud 2.0
Lumen Five essential Cloud 2.0 networking Powers requirements: Cloud 2.0 1 Extreme bandwidth and low latency Scale from 400G toward 1.6T to use GPUs most cost-effectively AI Economy 2 Data Center Interconnect (DCI) Metrics That Matter: foundational element Power the multi-cloud fabric • Time to Firs
Slide 10: Lumen NaaS Adoption Remains Strong
Lumen NaaS Adoption Remains Strong 4Q25 Adoption Rate (Q/Q) NaaS Customers Number of customers that purchase and use one or more ports in quarter +29% Number of fabric ports deployed by Fabric Ports customers to support multi-cloud +31% networking Number of unique services Services Sold +26% sold ac
Slide 11: Off-Net Solutions Reach 10 Million+ Business Locations
Off-Net Solutions Reach 10 Million+ Business Locations 900+ new NaaS off-net ports since October Select Off-net NaaS Customers for EoD and IoD 10 © 2026 Lumen Technologies. All Rights Reserved.
Slide 12: The Lumen Connected Ecosystem
The Lumen Connected Ecosystem Helping Technology Companies Gain Competitive Advantage with Critical Infrastructure The Connected Ecosystem Commercial & Data Technology Hyperscalers Public Sector Centers Partnerships Lumen Digital Platform Quick, secure, effortless CX with direct fiber access & NaaS
Slide 13: Chris Stansbury, EVP & CFO
CHRIS STANSBURY EVP & CFO
Slide 14: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) 1 Pre TSA: Total Debt: $19.9B 2 Post TSA: Total Debt: $18.3B Gross Leverage: 4.3x Gross Leverage: 4.6x As of 12/31/2023 As of 12/31/2024 $9,366 $7,183 $6,072 $3,131 $2,283 $2,271 $1,826 $1,519 $1,023 $373 $718 $568 $789 $462 $60 $230 $0 $0 $
Slide 15: 2025 Business Revenue | Grow Nurture Harvest vs. Strategic/Legacy
2025 Business Revenue | Grow Nurture Harvest vs. Strategic/Legacy FY25 GNH to S/L Comparison % of Total [% YoY Change] Strategic Grow Strategic 37% [+9%] 47% [+5%] 47% [+7%] Legacy 10% [-9%] 10% [0.1%] Nurture 25% [-15%] 15% [-22%] Legacy Harvest 21% [-9%] 53% [-13%] 21% [-9%] Other 7% [-3%] 7% [-3%
Slide 16: 4Q25 Total Reported Revenue
4Q25 Total Reported Revenue Y/Y% Q/Q% ($ in millions) 4Q25 Change Change Large Enterprise $758 (0.8%) 0.8% Y/Y% Q/Q% Mid-Market Enterprise $472 (11.1%) (3.3%) ($ in millions) 4Q25 % Total Change Change Public Sector $457 (17.8%) (4.4%) Grow $874 0.0% 1.4% 52% N.A. Enterprise $1,687 (8.9%) (1.8%) Nur
Slide 17: 4Q25 Adjusted EBITDA excl. special items
4Q25 Adjusted EBITDA excl. special items 4Q25 EBITDA Special Items ($ in millions) Adjusted EBITDA $487 Y/Y% ($ in millions) 4Q25 Change 4Q25 Special Items: Total Revenue $3,041 (8.7%) (+) Severance $6 Adjusted EBITDA $767 (27.1%) (+) Consumer and other litigation ($2) Adjusted EBITDA Margin 25.2% (
Slide 18: Consolidated Cash Flow Summary
Consolidated Cash Flow Summary Key Metrics ($ in millions) 4Q25 Cash Flow from Operations $562 Capital Expenditures $1,644 Free Cash Flow ($765) Net Cash Interest $223 17 © 2026 Lumen Technologies. All Rights Reserved.
Slide 19: 2026 Financial Outlook
2026 Financial Outlook Metric(1)(2)(3) Outlook Adjusted EBITDA $3.1 to $3.3 billion Free Cash Flow $1.2 to $1.4 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-GAAP metrics
Slide 20: LUMcN
LUMcN