Slide 1: © 2025 Lumen Technologies. All Rights Reserved.
1 © 2025 Lumen Technologies. All Rights Reserved.
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements,
Slide 3: Today, we're accelerating from turnaround to growth
“Today, we’re accelerating from turnaround to growth. Our strategy is focused on delivering what differentiates us: expand the physical network, scale our digital services platform, and build a connected ecosystem of industry-leading technology partners to create high-value solutions for customers.
Slide 4: Who Is Lumen Technologies
Who Is Lumen Technologies Lumen is a digital networking services company connecting people, data, and applications — quickly, securely, and effortlessly. We are unleashing the world’s digital potential with our vast network and innovative services. 4 © 2026 Lumen Technologies. All Rights Reserved.
Slide 5: Our Leadership Team
Our Leadership Team Kate Johnson Chris Stansbury Jeff Sharritts Chief Executive Officer President EVP, & Chief Financial Officer Chief Revenue Officer Jim Fowler Ana White Kye Prigg EVP, Chief Technology EVP, Chief People & AI EVP, Chief Commercial & Product Officer Enablement Officer Operations Off
Slide 6: Our Brands
Our Brands Networking for enterprise Copper-based services for and public sector residential and small business Control plane to connect, Cyberthreat research secure, and operate globally and operations 6 © 2026 Lumen Technologies. All Rights Reserved.
Slide 7: Customer Segments Served
Customer Segments Served Providing AI-ready, cloud-scale networking for the world’s largest and most Large Enterprise data-intensive enterprises, including Fortune 500 companies, hyperscalers, Business cloud and neo-cloud providers, and data center operators. Serving midsize and regional enterprise
Slide 8: Industry-Leading Brands Choose Lumen
Industry-Leading Brands Choose Lumen 8 © 2026 Lumen Technologies. All Rights Reserved.
Slide 9: Our North Star: The Path to Disruption
Our North Star PURPOSE Unleashing the world’s AI potential MISSION Igniting business growth by connecting people, data and apps – quickly, securely and effortlessly THE PATH TO DISRUPTION CUSTOMER SOLUTION AREAS Infrastructure Lumen Security Media and Services Connectivity Fabric Services Entertainm
Slide 10: 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 11: The Lumen Growth Strategy
The Lumen Growth Strategy 1 2 3 Physical Programmable Network Connected Ecosystem Build the backbone Make the network as agile, Build the Lumen for the AI economy scaleable, and consumable as Connected Ecosystem the cloud Business Optimization Modernize and simplify, drive core network services grow
Slide 12: The Physical Network | Cloud 2.0 Connectivity
The Physical Network | Cloud 2.0 Connectivity Planned by EOY 261 RapidRoutes 49 new routes 2 2 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 se
Slide 13: Digital Services | Building the Programmable Network
Digital Services | 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 average cycle time
Slide 14: The Lumen Platform
The Lumen Platform Connected Ecosystem Clouds Carriers Tech marketplaces SaaS providers Customers Programmable Network Control Plane to design, deploy, and operate networks across cloud, sites, data centers, partners, and regions Internet on-demand Ethernet fabric Multi-cloud networking Direct cloud
Slide 15: 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 16: Transformative Execution
Radically Transformed the Capital Structure (1) Returned to capital markets Accelerated Modernization & Enhanced deleveraging by reducing Simplification savings ~$5.5B of debt / leverage 2025 exit run-rate of $400M+; 2026E < 4x using FTTH sale proceeds and exit run-rate savings of $700M+ excess free
Slide 17: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Total debt: $19.9B Total debt: $18.3B 1 Gross leverage: 4.3x 2 Post TSA: Gross leverage: 4.6x Pre TSA(2): 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 $718 $568 $789 $462 $373 $60 $230 $125
Slide 18: Future Balance Sheet Opportunities
Future Balance Sheet Opportunities Regular way financing cycle Near-term goals ✓ New revolver to reflect improved balance sheet Operational improvements ✓ Collapsed reporting Silos/SEC Filers ✓ Continue to de-lever through opportunistic transactions Ratings Maturity upgrades/ extensions lower cost o
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Lumen Technologies is
Lumen Technologies is 24 © 2026 Lumen Technologies. All Rights Reserved.
Slide 25: Why customers choose Lumen
Why customers choose Lumen "Our team is responsible for the critical network “Lumen's future-ready fiber is the connective fabric we infrastructure planning for AWS events and Lumen need to provide best-in-class connectivity, and drive AI helps us ensure no one worries about networking innovation.”
Slide 26: Our Culture
Our Culture Customer Teamwork Trust Courage obsession Growth Transparency Clarity Respect mindset 26 © 2026 Lumen Technologies. All Rights Reserved.
Slide 27: Purpose and Impact: Corporate Responsibility
Purpose and Impact: Corporate Responsibility Expanding Access to Investing in People Responsible Technology and Communities Business Practices Through our Teachers and Community impact at Lumen Operating responsibly and with Technology program, Lumen starts with our employees. We accountability, Lum
Slide 28: Lumen is recognized for innovative solutions and workplace excellence
Lumen is recognized for innovative solutions and workplace excellence Technology Accolades Workplace Awards 28 © 2026 Lumen Technologies. All Rights Reserved.