Slide 1: Ciena Corporation Fiscal Q4 2025 Earnings Presentation
© Ciena Corporation 2025. ll rights reserved. Proprietary Information. Ciena Corporation Fiscal Q4 2025 Earnings Presentation Period ended November 1, 2025 December 11, 2025
Slide 2: Forward-looking statements and non-GAAP measures
2 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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, financi
Slide 3: Table of Contents
© Ciena Corporation 2025. All rights reserved. Proprietary Information.3 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 perfor
Slide 4: Overview and Ciena's portfolio
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Overview and Ciena's portfolio
Slide 5: Ciena is the global leader in high-speed connectivity
5 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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 unparallele
Slide 6: Evolving our customers' businesses with the Adaptive Network
6 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Evolving our customers’ businesses with the Adaptive Network
Slide 7: Market dynamics are informing our strategic portfolio investments
7 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Market dynamics are informing our strategic portfolio investments
Slide 8: Ciena and Nubis fit in the Data Center technology evolution
8 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena and Nubis fit in the Data Center technology evolution
Slide 9: Industry context and addressable market expansion
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Industry context and addressable market expansion
Slide 10: Increasing bandwidth consumption as a driver of network expansion
10 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Increasing bandwidth consumption as a driver of network expansion
Slide 11: An industry leader
11 © Ciena Corporation 2025. All rights reserved. Proprietary Information. An industry leader #1 Globally • Data center interconnect • Optical for cloud providers • Purpose-built/compact modular DCI #1 N. America • Optical for cloud providers • Total optical networking • Optical packet #2 Globally •
Slide 12: Ciena is positioned for accelerated growth
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena is positioned for accelerated growth
Slide 13: Our future growth opportunities
13 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Our future growth opportunities Long-term growth in core business plus new higher growth addressable markets provide an opportunity to outpace our traditional revenue CAGR over time Inside & Around the Data Center Use Cases •
Slide 14: Opportunities to serve a broader ecosystem
14 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Opportunities to serve a broader ecosystem
Slide 15: We expect coherent technology will have growing application in the AI era
15 © Ciena Corporation 2025. All rights reserved. Proprietary Information. We expect coherent technology will have growing application in the AI era
Slide 16: Fiscal year 2025 results
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Fiscal year 2025 results
Slide 17: Fiscal year 2025 key highlights
17 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Fiscal year 2025 key highlights ▪ Extended leadership as global AI infrastructure provider of choice with more than 30 MOFN wins and more than 12 neoscaler wins ▪ Realized more than 100% YoY revenue and shipment growth in sta
Slide 18: Fiscal year 2025 comparative financial highlights
18 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Fiscal year 2025 comparative financial highlights * Reconciliations of these non-GAAP measures to our GAAP results are included in the Appendix and in the press release for the relative period. FY 2025 FY 2024 Revenue $4,770M
Slide 19: Q4 FY 2025 results
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 results
Slide 20: Q4 FY 2025 key highlights
20 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 key highlights ▪ Non-telco represented 55% of total revenue ▪ Direct Cloud Provider revenue grew 49% YoY and represented 42% of total revenue ▪ EMEA revenue grew 30% YoY ▪ Global Services revenue grew 25% YoY • WL6
Slide 21: Q4 FY 2025 comparative financial highlights
21 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 comparative financial highlights * Reconciliations of these non-GAAP measures to our GAAP results are included in the Appendix and in the press release for the relative period. Q4 FY 2025 Q4 FY 2024 Revenue $1,352M
Slide 22: Q4 FY 2025 comparative operating metrics
22 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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 l
Slide 23: Revenue by segment
23 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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.
Slide 24: Revenue derived from non-telco customers
24 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Revenue derived from non-telco customers
Slide 25: Revenue by geographic region
25 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Revenue by geographic region 10.8% 11.1% 9.0% 13.4% 14.7% 15.3% 75.8% 74.2% 74.1% 75.7% 17.0% 8.9% 7.6% 14.5% 77.9%
Slide 26: Business outlook
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook
Slide 27: Economic considerations and assumptions in our 2026 outlook
27 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Economic considerations and assumptions in our 2026 outlook • We do not experience significant deferrals of delivery of forecasted orders or of our existing backlog • We are able to ramp capacity and deliver new products acco
Slide 28: Business outlook for fiscal year 2026
28 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook for fiscal year 20261 1 Projections or outlook with respect to future operating results are only as of December 11, 2025, the date presented on the related earnings call. Actual results may differ materially
Slide 29: Business outlook for fiscal first quarter 2026
29 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Business outlook for fiscal first quarter 20261 1 Projections or outlook with respect to future operating results are only as of December 11, 2025, the date presented on the related earnings call. Actual results may differ ma
Slide 30: Q4 FY 2025 appendix
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q4 FY 2025 appendix
Slide 31: Gross Profit Reconciliation
31 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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 3,9
Slide 32: Operating expense and income from operations reconciliation
32 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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 compe
Slide 33: Net income reconciliation
33 © Ciena Corporation 2025. All rights reserved. Proprietary Information. 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
Slide 34: EBITDA reconciliation
34 © Ciena Corporation 2025. All rights reserved. Proprietary Information. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Net income (GAAP) $19,489 $50,308 $8,969 $44,572 $37,028 Add: Interest expense 21,982 22,806 21,697