Lumen Technologies, Inc. · NYSE:LUMN

Lumen Technologies — Q2 2026 Earnings Presentation

19 slides from Lumen Technologies's earnings presentation, Aug 4, 2026

  1. Slide 1: Second Quarter 2026 Results

    Second Quarter 2026 Results August 4, 2026

  2. Slide 2: Forward-Looking Statements

    © 2026 Lumen Technologies. All Rights Reserved. 1 Forward-Looking Statements Except for historical and factual information, the matters discussed in this presentation and other oral or written statements made by Lumen may constitute forward-looking statements within the meaning of the Private Securi

  3. Slide 3: Non-GAAP Financial Measures

    © 2026 Lumen Technologies. All Rights Reserved. 2 This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, as well as adjusted EBITDA, adjusted EBITDA margin, free cash flow and capital expenditures excluding the eff

  4. Slide 4: Kate Johnson, CEO

    © 2026 Lumen Technologies. All Rights Reserved. 3 KATE JOHNSON CEO

  5. Slide 5: Winning Recognition, Earning Trust

    © 2026 Lumen Technologies. All Rights Reserved. 4 Winning Recognition, Earning Trust U.S. News & World Report as a 2026–2027 “Best Company to Work For – South” Lumen Named the “Company to Beat” in Enterprise Networking - Gartner named to TIME’s “America’s Best Companies 2026” Communications media an

  6. Slide 6: Announcing The Close of Alkira

    © 2026 Lumen Technologies. All Rights Reserved. 5 Announcing The Close of Alkira

  7. Slide 7: Lumen + Alkira: The Programmable Network, Realized

    © 2026 Lumen Technologies. All Rights Reserved. BEFORE: Network sprawl Complex. Costly. Hard to secure. > Higher riskSlow to change Higher cost UsersBranches Data Centers Security Network Services Colos and Partners Cloud Providers Clouds ALKIRA Digital Services Platform Multi-Cloud Gateway Underlay

  8. Slide 8: The Alkira Advantage – by the Numbers

    © 2026 Lumen Technologies. All Rights Reserved. 7 The Alkira Advantage – by the Numbers delivered new region from ground up in <2 days vs. typical >2months3 reduced global network operational costs by 40% “Strategically, for me, [it’s] stronger. It answers the fundamental question, why Lumen instead

  9. Slide 9: The Lumen Programmable Network

    © 2026 Lumen Technologies. All Rights Reserved. 8 Cloud & carrier agnostic Private-network performance A single control plane Lumen Multi-Cloud Gateway SaaS providers and neoclouds1 The Lumen Programmable Network Metro connectivityData centers RapidRoutes Lumen Fabric Port Enterprises Off-net enterp

  10. Slide 10: Lumen NaaS Adoption Remains Strong

    © 2026 Lumen Technologies. All Rights Reserved. 9 NaaS Customers Services Sold Fabric Ports 2Q26 Adoption Rate (Q/Q) +22% +29% +34% Number of customers that purchase and use one or more ports in quarter Number of fabric ports deployed by customers to support multi- cloud networking Number of service

  11. Slide 11: The Lumen Platform

    © 2026 Lumen Technologies. All Rights Reserved. 10 The Lumen Platform 1st Party MarketplaceLumen Connect Alkira Physical Infrastructure Programmable Network Connected Ecosystem 58M Intercity Fiber Miles1 ~19M Metro Fiber Miles2RapidRoutes Metro Expansion & Enhancements Data Center Interconnect Contr

  12. Slide 12: Chris Stansbury, President & CFO

    © 2026 Lumen Technologies. All Rights Reserved. 11 CHRIS STANSBURY PRESIDENT & CFO

  13. Slide 13: Operational and Financial Accomplishments in 2Q'26

    © 2026 Lumen Technologies. All Rights Reserved. 12 Operational and Financial Accomplishments in 2Q’26 End of sale for enterprise voice offerings; enhanced focus on higher-return digital products Solid financial results; EBITDA, revenue, and FCF all in-line with expectations Closed the Alkira acquisi

  14. Slide 14: 2Q'26 Total Reported Revenue

    © 2026 Lumen Technologies. All Rights Reserved. 13 ($ in millions) 2Q’26 Y/Y% Change Q/Q% Change Large Enterprise $794 3.7% 2.1% Mid-Market Enterprise $435 (8.0%) (0.9%) Public Sector $490 1.4% (3.2%) N.A. Enterprise $1,719 (0.2%) (0.2%) Wholesale $653 (5.1%) 0.8% N.A. Total Business $2,372 (1.6%) 0

  15. Slide 15: Total Business Revenue: Strategic vs. Legacy

    © 2026 Lumen Technologies. All Rights Reserved. 14 Total Business Revenue: Strategic vs. Legacy Total business revenue on glidepath to inflection driven by continued strategic revenue expansion Total Business Revenue: Strategic vs. Legacy $1,155 $1,289 40% 41% 42% 44% 45% 45% 48% 49% 51% 53% 1Q24 2Q

  16. Slide 16: 2Q'26 Adjusted EBITDA excluding special items

    © 2026 Lumen Technologies. All Rights Reserved. 15 2Q’26 Adjusted EBITDA* excluding special items ($ in millions) 2Q’26 Y/Y% Change Total Revenue $2,805 (9.3%) Adjusted EBITDA* $802 (8.6%) Adjusted EBITDA* Margin 28.6% 20 bps Adjusted EBITDA* $598 2Q’26 Special Items: (+) Net (gain) loss on sale of

  17. Slide 17: Consolidated Cash Flow Summary

    © 2026 Lumen Technologies. All Rights Reserved. 16 Consolidated Cash Flow Summary ($ in millions) 2Q’26 Cash Flow from Operations $971 Capital Expenditures(1) $780 Free Cash Flow(1) $327 Net Cash Interest $88 Key Metrics 1) Excluding Special Items impacting Capital Expenditures and Cash Flows. For d

  18. Slide 18: 2026 Financial Outlook

    © 2026 Lumen Technologies. All Rights Reserved. 17 2026 Financial Outlook Metric(1)(2)(3)(4) Outlook Adjusted EBITDA $3.1 to $3.3 billion Free Cash Flow $1.9 to $2.1 billion Net Cash Interest $650 million to $750 million Capital Expenditures $3.2 to $3.4 billion Cash Income Taxes (refund) ($350) to

  19. Slide 19: © 2025 Lumen Technologies. All Rights Reserved.

    © 2025 Lumen Technologies. All Rights Reserved. 18

Lumen Technologies — Q2 2026 Earnings Presentation on 6ix