Lumen Technologies, Inc. · NYSE:LUMN
Lumen Technologies — Investor Day (February 2026)
54 slides from Lumen Technologies's investor day presentation, Feb 25, 2026
Slide 1: © 2025 Lumen Technologies. All Rights Reserved.
1 © 2025 Lumen Technologies. All Rights Reserved.
Slide 2: Jim Breen
Jim Breen SVP Investor Relations 2
Slide 3: Forward Looking Statement
Forward Looking Statement 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 resp
Slide 4: Kate Johnson
Kate Johnson Chief Executive Officer 4
Slide 5: Since Our Last Investor Day...
Since Our Last Investor Day... • Hired industry leaders, retrained and upskilled our people Refreshed our people and • Rebooted culture from "play not to lose" to "play to win" culture • Embedded the Lumen 8 culture throughout • Simplified product portfolio, enterprise segment focus Rebooted our str
Slide 6: Financial Markets Feedback
Financial Markets Feedback >95% >400% +25% EV / NTM EBITDA trading value of debt as increase in stock price multiple % of par • Increase from average low of 69% • Raised analyst median price AT&T Flat of par value target from $1.38 to $7.63 Verizon -9% • Upgrades from Moody’s, Fitch, during same per
Slide 7: Disrupting the Telecom Industry: Session Topics and Speakers
Disrupting the Telecom Industry: Session Topics and Speakers • Our strategy and new business model | Kate Johnson, Chief Executive Officer • Building the platform for Cloud 2.0 | Jim Fowler, Chief Technology & Product Officer • The Lumen difference | Ryan Asdourian, Chief Strategy & Marketing Office
Slide 8: Our North Star
Our North Star PURPOSE Unleashing the world’s digital potential MISSION Igniting business growth by connecting people, data and apps – quickly, securely and effortlessly THE PATH TO DISRUPTION CUSTOMER SOLUTION AREAS Infrastructure Connectivity Security Communication Media and Services Services Serv
Slide 9: Our Long-Term Vision
Our Long-Term Vision Lumen is a digital network services company that delivers ubiquitous, universal connectivity to enterprises. Our high-bandwidth, low-latency, secure, resilient, and intelligent fiber solutions are delivered digitally and on-demand, giving customers control over how they consume
Slide 10: Cloud 2.0: The War on Technical Complexity
Cloud 2.0: The War on Technical Complexity CIOs are expected to deliver insight at the speed of thought in a sea of technical complexity: - AI-driven data proliferation is real - Apps, data, and users are widely dispersed across geographies - Hybrid architectures and multi-cloud environments are her
Slide 11: Cloud 2.0: Building the Supply Side of the AI Economy
Cloud 2.0: Building the Supply Side of the AI Economy Data Compute Power and Strategic centers infrastructure transmission adjacencies $2T $4T $0.5T $0.5T AI factories AI chips Electricity infrastructure Network infrastructure* *We have already captured nearly $13B of this market with Lumen Private
Slide 12: Cloud 2.0: Today
Cloud 2.0: Today Network Spend 3 Years from Today 64% of network Demand side spend on cloud core upgrades will capture >80% of 64% 84% enterprise spend 36% % of network spend by market 16% ENTERPRISE PREMISES C LO U D 2 . 0 Sources: 1. BCG Connectivity Decision Makers Survey (n = 231), November 2025
Slide 13: Customers Demand More From Networking in Cloud 2.0
Customers Demand More From Networking in Cloud 2.0 A transformation of cloud and enterprise core requiring five new capabilities 1 Extreme bandwidth and Expansion into AI corridors low latency 3 Extend fiber and optical into areas where power Scale from 400G toward 1.6T to use exists and DCs planned
Slide 14: The Lumen Growth Strategy
The Lumen Growth Strategy 1 2 3 Physical Digital Connected Ecosystem Build the backbone Cloudify and agentify the Build the Lumen for the AI economy telecom industry with Connected Ecosystem Lumen Connectivity Fabric Business Optimization Modernize and simplify, drive core network services growth, s
Slide 15: Jim Fowler
Jim Fowler Chief Technology & Product Officer 15
Slide 16: Cloud 1.0 is Today's Enterprise Challenge
Cloud 1.0 is Today’s Enterprise Challenge Reliability / The solve Perimeter Proximity resiliency requires The Trusted Network for AI. Offices Cloud Local Distributed Simple Distributed CPU data resilience reliability + perimeter + zero-trust security security Artificial intelligence amplifies and ac
Slide 17: AI Requires High Bandwidth, Low-Latency, and a Programmable Network
AI Requires High Bandwidth, Low-Latency, and a Programmable Network Data Center Growth GPU Cost Savings Low-latency Requirements 10x 40x <5ms The cost difference from transferring The latency needed in modern apps 2025-2030 1 petabyte data via 10G vs. 400G with real-time perception and response Imag
Slide 18: Cloud Connectivity Growing at Different Rates, Opens New Opportunities
Cloud Connectivity Growing at Different Rates, Opens New Opportunities 1 Premises to premises, DCs, clouds 2 Between DCs, hyperscalers, clouds Data Centers , Clouds Premises Hyperscalers Data Centers Premises Clouds “North-South” traffic “East-West” traffic Growth drivers: Growth drivers: • Complex
Slide 19: Investing to Create a Programmable Network
Investing to Create a Programmable Network Connected Lumen Network Partners Ecosystem: Marketplaces Validated Designs On and off-net 3 Build the Lumen Prebuilt partner integration API driven commerce fabric port services connected ecosystem Expansion and scale through partners Network-as-a- Digital
Slide 20: The Physical Network | Cloud 2.0 Connectivity
The Physical Network | Cloud 2.0 Connectivity Planned by EOY 261 RapidRoutes 49 new routes Enabling 400G capacity on 18 expanded key routes for fast service delivery activation capacity routes Metro Expansion 35 gateways High-speed Ethernet services in key 32 markets metro markets and reduced servic
Slide 21: Network-as-a-Service | Building the Programmable Network
Network-as-a-Service | Building the Programmable Network Traditional Telecom • One port per service • Port = Product Seller-led Order entry, Service-specific Manual service • Static, manually provisioned change order design site readiness activation • Geography dependent 20 – 30 days avg cycle time
Slide 22: Lumen Connect | A Frictionless, Digital-First Experience
Lumen Connect | A Frictionless, Digital-First Experience One pane of glass for customers’ growth and innovation 22 © 2026 ©Lumen 2026 Lumen 2025 Technologies. Technologies. All Rights All Rights Reserved. Reserved. Highly Confidential / Distribution restricted to Lumen Employees and Contractors unde
Slide 23: Fabric Port | A Single, Physical, Software-defined, Multi-service port
Fabric Port | A Single, Physical, Software-defined, Multi-service port Time intensive Faster time to value and economics Extending Lumen’s edge to the customer Passive commercial off-the-shelf NID Shifting from ordering carrier installation to customer self-service Manual orders LCF Hyperscalers, DC
Slide 24: Lumen Multi-Cloud Gateway | Unified Private Connection Service
Lumen Multi-Cloud Gateway | Unified Private Connection Service Providing Access to Cloud Providers and SaaS Providers • Unified, private routing connecting clouds, data centers, and sites on one platform • Programmable, API-first services across environments • Streamlined, cloud-like digital self-se
Slide 25: Lumen Validated Designs (LVDs) | Blueprints Built for Business Outcomes
Lumen Validated Designs (LVDs) | Blueprints Built for Business Outcomes Tested, repeatable architectures combining Lumen network and partner technologies that remove the guesswork and give customers confidence and time to focus on what matters most Interoperability Performance Reliability Cost focus
Slide 26: Kate Johnson
Kate Johnson Chief Executive Officer 26 © 2026 Lumen Technologies. All Rights Reserved. Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA
Slide 27: The Lumen Digital Business Model
The Lumen Digital Business Model Lumen Investments: Connected Ecosystem: Lumen Network Partners Marketplaces 3 Build the Lumen Connected Ecosystem Validated Designs Prebuilt partner integration API driven commerce On and off-net fabric port services • A physical network that scales to the needs of A
Slide 28: The Value of a Fabric Port Expands via Services, Not Truck Rolls
The Value of a Fabric Port Expands via Services, Not Truck Rolls (Illustrative example: a growing manufacturing company upgrading for Cloud 2.0) Multi-Cloud Connected Intercloud Connected Basic NaaS Gateway Ecosystem 2.0 Connection Ecosystem 1.0 Services ~$990 MRR1 → ~$1,600 MRR → ~$2,500 MRR → ~$3,
Slide 29: Great Brands Choosing Lumen
Great Brands Choosing Lumen Some of Our 2,000+ NaaS Customers 29 © 2026 Lumen Technologies. All Rights Reserved. For illustrative purposes only
Slide 30: The NaaS Customer Journey: From First Port to Full Consumption
The NaaS Customer Journey: From First Port to Full Consumption Cloud On-Ramp Fabric Port Enterprise Enterprise Enterprise Enterprise Journey Enterprise Lumen Connectivity Fabric Enterprise Enterprise Enterprise Enterprise Data Center Data Center Land Expand Consume Initial NaaS land motion focused o
Slide 31: The Enablers Helping Our Customers Grow
The Enablers Helping Our Customers Grow LUMEN CONNECTED ECOSYSTEM Ecosystem partnerships pivotal for Data Centers Hyperscalers 75% of executives focused on growth and innovation1 Achieve ROI Technology Partners 2X faster measurable customer value2 For every dollar of solution sold 6–8Xin additional
Slide 32: Ryan Asdourian
Ryan Asdourian Chief Strategy & Marketing Officer 32 © 2026 Lumen Technologies. All Rights Reserved. Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA
Slide 33: Lumen Brand: Building the Trusted Network for AI
Lumen Brand: Building the Trusted Network for AI +12 pts +63 pts +21 pts Trusted Network for AI Media net sentiment Enterprise ITDM recommendation score Lumen CEO on tech partnerships, Google Cloud deal and future of AI Worldwide Managed SD-WAN Services Lumen Technologies Bets on AI Major Player Dea
Slide 34: Lumen's Competitive Advantage
Lumen's Competitive Advantage Access to Corning’s 400G-ready On-demand Ubiquitous and cutting-edge fiber network w/ <5ms services universal design Digital Scaled programmable network controlled by a modern customer experience Networking delivering on Cloud 2.0 needs allowing customers to thrive in t
Slide 35: Lumen Customer Experience | Quick, Secure, Effortless
Lumen Customer Experience | Quick, Secure, Effortless Quick Secure Effortless Reducing friction in decision-making Demonstrable trust, integrity, Less customer work, fewer and procurement and protection steps, fewer interactions • Rapid outcomes • Proven protection • Simplified management • Instant
Slide 36: What Our Partners and Analysts Are Saying
What Our Partners and Analysts Are Saying Lumen has…emerged revitalized, Google Cloud and Lumen are characterized by new leadership and building on a shared vision that culture, an experienced execution pushes the boundaries of cloud and team, and a bold vision… network solutions." - Renato Pasquani
Slide 37: © 2025 Lumen Technologies. All Rights Reserved.
37 © 2025 Lumen Technologies. All Rights Reserved.
Slide 38: Chris Stansbury
Chris Stansbury Chief Financial Officer 38
Slide 39: Key Financial Goals: FCF, Balance Sheet, EBITDA, Revenue
Key Financial Goals: FCF, Balance Sheet, EBITDA, Revenue Return to FCF growth Transform the capital structure Driven by PCF, cost savings, and De-levered, refinanced, and simplified reduced capex intensity balance sheet for future growth Return to business revenue growth Adj EBITDA inflection exitin
Slide 40: Transformative Execution
Radically Transformed the Capital Structure (1) Returned to capital markets Accelerated M&S savings Enhanced deleveraging by reducing 2025 exit run-rate of >$400M ~$5.5B of debt / leverage for Modernization and < 4x using FTTH sale proceeds and Simplification initiatives excess free cash flow genera
Slide 41: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Total debt: $19.9B Total debt: $18.3B 1 Gross leverage: 4.3x 2 Post TSA: Gross leverage: 4.6x Pre TSA(3): 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 $
Slide 42: Future Balance Sheet Opportunities
Future Balance Sheet Opportunities Regular way financing cycle Near-term goals • New revolver to reflect improved balance sheet Operational improvements • Collapse reporting silos/SEC filers • Continue to de-lever through opportunistic transactions Ratings Maturity upgrades/ extensions lower cost of
Slide 43: Pivot to the Future of Lumen
Pivot to the Future of Lumen Continue execution on M&S cost Focus capital allocation on supporting reductions strategic goals Pivot revenue to growth by Drive sustainable FCF generation completing PCF builds, scaling through improved margin structure digital, and improving overall mix and lower capi
Slide 44: M&S Program Achieved $400M+ in FY25 ERR
M&S Program Achieved $400M+ in FY25 ERR (vs. Original Goal of $250M ERR), with Plans to Achieve $700M Exiting 2026 Exit run-rate savings (M) How we have driven value-to-date aEBITDA • ~90 real estate site exits completed Target run-rate savings • ~90 local and national switches decommissioned • 4,50
Slide 45: 2026 Business Capex Investment Strategy
2026 Business Capex Investment Strategy Lumen Marketplaces Network Partners Connected Validated Designs 3 Ecosystem Prebuilt Partner Integration API Driven Commerce On & Off-Net Fabric Port Services Expansion and scale through partners Network as a Lumen Multi-cloud Service Fabric Port ~$0.5B Digita
Slide 46: Estimated Cash, Revenue, and Capex Ranges on the Nearly $13B in PCF Deals
Estimated Cash, Revenue, and Capex Ranges on the Nearly $13B in PCF Deals Cash collected from PCF PCF capex range 3,000 1,600 1,450 2,500 1,400 2,100 1,150 2,530 1,200 1,850 2,000 913 1,250 1,000 1,900 1,350 1,500 800 950 650 1,650 1,000 600 1,150 650 350 400 500 250 450 150 200 150 450 50 50 - - 20
Slide 47: 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 47% 37% [+9%] 47% [+5%] [+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 48: Driving Strategic Revenue Mix | 2024 to 2030
Driving Strategic Revenue Mix | 2024 to 2030 Strategic vs. Legacy Business Revenue >70% ~70% >65% Strategic Revenue >60% Legacy Revenue $10,366 $9,895 Strategic as a % of Total $4,322 >50% 47% 42% $4,629 $6,044 $5,266 Actuals Actuals Forecast Forecast Forecast Forecast Forecast 2024 2025 2026 2027 2
Slide 49: Lumen Digital Products & NaaS Adoption Metrics
Lumen Digital Products & NaaS Adoption Metrics 2025 digital revenue breakdown by % NaaS adoption metrics Total Digital Revenue Grew 36% y/y to $117M in ‘25 Total customers sold • > 2,000 Infrastructure Services (Edge Fabric, Fabric Port) 26% Total active ports Connectivity Services (NaaS, 14% • > 3,
Slide 50: Multiple Paths to Expected Digital Revenue Expansion
Multiple Paths to Expected Digital Revenue Expansion Digital Revenue Estimated at $500-$600M in 2028; $800-$900M in 2030 ‘Balanced’ view Customers Ports Services MRR/Port Revenue Scenario #1 37% N-S/63% E-W 10K 35K 68K ~$1,400 $0.6B Customers Ports Services MRR/Port Revenue Scenario #2 Enterprise pr
Slide 51: Key Drivers to Long-Term Growth Algorithm
Key Drivers to Long-Term Growth Algorithm Digital TAM of ~$23B in 2026 projected to grow to ~$32B in 2030 • Strategic revenue mix expected to continue to grow driven by scalable digital revenue opportunity which is accretive to aEBITDA margins and FCF • Digital product delivery is less capital inten
Slide 52: Long-Term Business Outlook 2026-2030
Long-Term Business Outlook 2026-2030 Long-term guidance 2025A 2026E 2027E 2028E 2029E 2030E Low single Business revenue growth -4.5% ~ -4% to -3.5% ~ -1% to -0.5% > 0% >1% digits Mid 30% Total aEBITDA margins 27.1% range Net cash interest $1,147M ~$700M1 $675-$725M Capital intensity ex PCF 25.6% 17%
Slide 53: The Lumen Growth Strategy
The Lumen Growth Strategy 1 2 3 Physical Digital Connected Ecosystem Build the backbone Cloudify and agentify the Build the Lumen for the AI economy telecom industry with Connected Ecosystem Lumen Connectivity Fabric Business Optimization Modernize and simplify, drive core network services growth, s
Slide 54: © 2025 Lumen Technologies. All Rights Reserved.
54 © 2025 Lumen Technologies. All Rights Reserved.