Slide 1: Fiscal Q4 2025 Earnings Presentation
Ciena Corporation Fiscal Q4 2025 Earnings Presentation Period ended November 1, 2025 December 11, 2025 © Ciena Corporation 2025. ll 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: Table of Contents
Table of Contents 1. Overview and Ciena's portfolio 2. Industry context and addressable market expansion 3. Ciena is positioned for accelerated growth 4. Fiscal year 2025 financial performance 5. Fiscal Q4 2025 financial performance 6. Fiscal year 2026 and Q1 outlook 7. Appendix 3 © Ciena Corporatio
Slide 4: Overview and Ciena's portfolio
Overview and Ciena's portfolio © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 5: Ciena is the global leader in high-speed connectivity
Ciena is the global leader in high-speed connectivity We build adaptive networks to support ~2,400 4,500+ 9,000+ exponential growth in bandwidth demand – patents R&D specialists employees empowering our customers, partners, and communities to thrive in the AI era. With unparalleled expertise and inn
Slide 6: Evolving our customers' businesses with the Adaptive Network
Evolving our customers’ businesses with the Adaptive Network 6 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 7: Market dynamics are informing our strategic portfolio investments
Market dynamics are informing our strategic portfolio investments 7 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 8: Ciena and Nubis fit in the Data Center technology evolution
Ciena and Nubis fit in the Data Center technology evolution 8 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 9: Industry context and addressable market expansion
Industry context and addressable market expansion © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 10: Increasing bandwidth consumption as a driver of network expansion
Increasing bandwidth consumption as a driver of network expansion 10 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 11: An industry leader
An industry leader #1 Globally #1 Globally #1 Globally • Purpose-built/compact modular DCI • Purpose-built/compact modular DCI • Data center interconnect • SLTE WDM • Optical for cloud and colo • Optical for cloud providers • SLTE WDM • Purpose-built/compact modular DCI #1 N. America • Routing/Acces
Slide 12: Ciena is positioned for accelerated growth
Ciena is positioned for accelerated growth © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 13: Our future growth opportunities
Our future growth opportunities Inside & Around the Data Center Use Cases • 400G ZR, 800G ZR (WL6 Nano) and 1.6T ZR • Scale Across DC Clusters for AI Infrastructure Connectivity • Data Center Out-of-band Management (DCOM) • Coherent Lite (1.6T LR) • Components / High-speed Interconnects Inside DC ◦
Slide 14: Opportunities to serve a broader ecosystem
Opportunities to serve a broader ecosystem 14 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 15: We expect coherent technology will have growing application in the AI era
We expect coherent technology will have growing application in the AI era 15 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 16: Fiscal year 2025 results
Fiscal year 2025 results © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 17: Fiscal year 2025 key highlights
Fiscal year 2025 key highlights We are driving the pace of We have a strong business and We are committed to our people, innovation financial model communities, and the environment ▪ Extended leadership as global AI infrastructure • Ended the fiscal quarter with approximately $1.4 • Released our ann
Slide 18: Fiscal year 2025 comparative financial highlights
Fiscal year 2025 comparative financial highlights FY 2025 FY 2024 Revenue $4,770M $4,015M Adjusted Gross Margin* 42.7% 43.6% Adjusted Operating Expense* $1,506M $1,362M Adjusted Operating Margin* 11.2% 9.7% Adjusted EBITDA* $637M $481M Adjusted EPS* $2.64 $1.82 * Reconciliations of these non-GAAP me
Slide 19: Q4 FY 2025 results
Q4 FY 2025 results © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 20: Q4 FY 2025 key highlights
Q4 FY 2025 key highlights Achieving Prioritizing long term Driving the pace of innovation broad-based growth shareholder value ▪ Non-telco represented 55% of total revenue • WL6e deployments continue to ramp driven by • Total shareholder return five-year CAGR of ▪ Direct Cloud Provider revenue grew
Slide 21: Q4 FY 2025 comparative financial highlights
Q4 FY 2025 comparative financial highlights Q4 FY 2025 Q4 FY 2024 Revenue $1,352M $1,124M Adjusted Gross Margin* 43.4% 41.6% Adjusted Operating Expense* $409M $355M Adjusted Operating Margin* 13.2% 10.0% Adjusted EBITDA* $206M $137M Adjusted EPS* $0.91 $0.54 * Reconciliations of these non-GAAP measu
Slide 22: Q4 FY 2025 comparative operating metrics
Q4 FY 2025 comparative operating metrics Q4 FY 2025 Q4 FY 2024 Cash and investments $1.4B $1.3B Cash provided by operations $371M $349M Free cash flow $326M $266M DSO 77 89 Inventory turns 3.1 2.7 Net debt $182M $274M Gross leverage 2.4x 3.3x 22 © Ciena Corporation 2025. All rights reserved. Proprie
Slide 23: Revenue by segment
Revenue by segment (Amounts in millions) Q4 FY 2025 Q4 FY 2024 Revenue %** Revenue %** Networking Platforms Optical Networking $929.2 68.7 $779.6 69.4 Routing and Switching 118.4 8.8 79.4 7.0 Total Networking Platforms 1,047.6 77.5 859.0 76.4 Platform Software and Services 93.3 6.9 99.6 8.9 Blue Pla
Slide 24: Revenue derived from non-telco customers
Revenue derived from non-telco customers 24 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 25: Revenue by geographic region
Revenue by geographic region 7.6% 9.0% 14.5% 10.8% 8.9% 15.3% 11.1% 13.4% 17.0% 14.7% 75.8% 74.2% 74.1% 75.7% 77.9% 25 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 26: Business outlook
Business outlook © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 27: Economic considerations and assumptions in our 2026 outlook
Economic considerations and assumptions in our 2026 outlook Business Assumptions Revenue Assumptions Profitability Assumptions • Macro environment does not significantly • We do not experience significant deferrals of • Operating expense remains relatively flat worsen or result in any adverse effect
Slide 28: Business outlook for fiscal year 2026
Business outlook for fiscal year 20261 Fiscal Year 2026 Revenue $5.7B to $6.1B Adjusted Gross Margin 43% plus or minus 1% Adjusted Operating Expense Approximately $1.52B Adjusted Operating Margin 17% plus or minus 1% Capital Expenditures $250M to $275M 1 Projections or outlook with respect to future
Slide 29: Business outlook for fiscal first quarter 2026
Business outlook for fiscal first quarter 20261 Q1 FY 2026 Revenue $1.35B to $1.43B Adjusted Gross Margin 43% to 44% Adjusted Operating Expense Approximately $380M Adjusted Operating Margin 15.5% to 16.5% 1 Projections or outlook with respect to future operating results are only as of December 11, 2
Slide 30: Q4 FY 2025 appendix
Q4 FY 2025 appendix © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 31: Gross Profit Reconciliation
Gross Profit Reconciliation (Amounts in thousands) Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP gross profit $577,179 $503,079 $452,838 $471,821 $460,022 Share-based compensation-products 1,964 2,027 2,033 1,750 1,736 Share-based compensation-services 3,857 3,942 3,980 3,405 3,257 Amo
Slide 32: Operating Expense Reconciliation
Operating Expense Reconciliation (Amounts in thousands) Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP operating expense $566,688 $429,544 $419,996 $391,158 $400,812 Share-based compensation-research and development 16,274 16,749 17,021 14,237 14,065 Share-based compensation-sales and m
Slide 33: Net Income Reconciliation
Net Income Reconciliation (Amounts in thousands) Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 GAAP net income $19,489 $50,308 $8,969 $44,572 $37,028 Exclude GAAP provision (benefit) for income taxes (16,631) 15,511 10,047 24,022 10,993 Income before income taxes 2,858 65,819 19,016 68,594
Slide 34: Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands) Earnings Before Interest, Tax, Depreciation and Amortization Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 (EBITDA) Net income (GAAP) $19,489 $50,308 $8,969 $44,572 $37,028 Add: Interest expense 21,
Slide 35: Thank You
Thank You © Ciena Corporation 2025. ll rights reserved. Proprietary Information.