Slide 1: Fiscal Q3 2025 Earnings Presentation
Ciena Corporation Fiscal Q3 2025 Earnings Presentation Period ended August 2, 2025 September 4, 2025 © Ciena Corporation 2025. All 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 Q3 2025 financial performance 5. Fiscal Q4 2025 outlook 6. Appendix 3 © Ciena Corporation 2025. All rights reserved. Proprietary Informatio
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 exponential growth in bandwidth demand – empowering our customers, partners, and communities to thrive in the AI era. With unparalleled expertise and innovation, our networking systems, components, automation
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: We remain focused on leveraging our strong Optical foundation
We remain focused on leveraging our strong Optical foundation 7 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 8: Industry context and addressable market expansion
Industry context and addressable market expansion © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 9: Increasing bandwidth consumption as a driver of network expansion
Increasing bandwidth consumption as a driver of network expansion 9 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 10: Our core business is enabling investment in higher-growth markets
Our core business is enabling investment in higher-growth markets 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 • Total optical
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 Long-term growth in core business plus new addressable markets provide an opportunity to outpace our traditional revenue CAGR over time 13 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 14: Our portfolio addresses key network applications
Our portfolio addresses key network applications 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: Q3 FY 2025 results
Q3 FY 2025 results © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 17: Q3 FY 2025 key highlights
Q3 FY 2025 key highlights Achieving Prioritizing long term Driving the pace of innovation broad-based growth shareholder value Non-telco represented 53% of total • First revenue quarter for WaveLogic 6 • Total shareholder return three-year CAGR revenue Nano coherent pluggable transceivers, of 18% 1
Slide 18: Q3 FY 2025 comparative financial highlights
Q3 FY 2025 comparative financial highlights Q3 FY 2025 Q3 FY 2024 Revenue $1,219.4M $942.3M Adjusted Gross Margin* 41.9% 43.7% Adjusted Operating Expense* $380.2M $336.0M Adjusted Operating Margin* 10.7% 8.0% Adjusted EBITDA* $158.0M $98.5M Adjusted EPS* $0.67 $0.35 * Reconciliations of these non-GA
Slide 19: Q3 FY 2025 comparative operating metrics
Q3 FY 2025 comparative operating metrics Q3 FY 2025 Q3 FY 2024 Cash and investments $1.39B $1.21B Cash provided by (used in) $174M $(159)M operations Free cash flow $135M $(179)M DSO 88.0 100.0 Inventory turns 2.7 1.8 Net debt $204M $401M Gross leverage 2.81x 3.08x 19 © Ciena Corporation 2025. All r
Slide 20: Revenue by segment
Revenue by segment (Amounts in millions) Q3 FY 2025 Q3 FY 2024 Revenue %** Revenue %** Networking Platforms Optical Networking $815.5 66.9 $606.8 64.4 Routing and Switching 125.9 10.3 92.7 9.8 Total Networking Platforms 941.4 77.2 699.5 74.2 Platform Software and Services 90.0 7.4 83.2 8.9 Blue Plan
Slide 21: Revenue derived from non-telco customers
Revenue derived from non-telco customers 21 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 22: Revenue by geographic region
Revenue by geographic region 9.0% 10.8% 8.9% 11.1% 15.3% 9.4% 13.4% 17.0% 14.7% 14.3% 76.3% 75.8% 74.2% 74.1% 75.7% 22 © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 23: Business outlook
Business outlook © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 24: Economic considerations and assumptions in our 2025 outlook
Economic considerations and assumptions in our 2025 outlook Business Assumptions Revenue Assumptions Profitability Assumptions • Macro environment does not significantly • We secure increased orders from Service • Operating expense increases due to our worsen or result in any adverse effects on Prov
Slide 25: Business outlook
Business outlook1 Q4 FY 2025 Revenue $1.24B to $1.32B Adjusted Gross Margin 42% to 43% Adjusted Operating Expense $390M to $400M 1 Projections or outlook with respect to future operating results are only as of September 4, 2025, the date presented on the related earnings call. Actual results may dif
Slide 26: Q3 FY 2025 appendix
Q3 FY 2025 appendix © Ciena Corporation 2025. All rights reserved. Proprietary Information.
Slide 27: Gross Profit Reconciliation
Gross Profit Reconciliation (Amounts in thousands) Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP gross profit $503,079 $452,838 $471,821 $460,022 $403,945 Share-based compensation-products 2,027 2,033 1,750 1,736 1,660 Share-based compensation-services 3,942 3,980 3,405 3,257 3,122 Amo
Slide 28: Operating Expense Reconciliation
Operating Expense Reconciliation (Amounts in thousands) Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP operating expense $429,544 $419,996 $391,158 $400,812 $377,202 Share-based compensation-research and development 16,749 17,021 14,237 14,065 13,118 Share-based compensation-sales and m
Slide 29: Net Income Reconciliation
Net Income Reconciliation (Amounts in thousands) Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 GAAP net income $50,308 $8,969 $44,572 $37,028 $14,230 Exclude GAAP provision for income taxes 15,511 10,047 24,022 10,993 2,125 Income before income taxes 65,819 19,016 68,594 48,021 16,355 Total
Slide 30: 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 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 (EBITDA) Net income (GAAP) $50,308 $8,969 $44,572 $37,028 $14,230 Add: Interest expense 22,