Lumen Technologies, Inc. · NYSE:LUMN

Lumen Technologies — Q3 2026 Earnings Presentation

25 slides from Lumen Technologies's earnings presentation, Nov 4, 2026

1. Slide 1: Third Quarter 2026 Results

   Third Quarter 2026 Results November 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: AI is Driving Network Traffic Growth

   © 2026 Lumen Technologies. All Rights Reserved. 4 AI is Driving Network Traffic Growth >20% YTD total traffic growth on Lumen's global public internet backbone(1) +1000% AI traffic growth on Lumen's global public internet backbone from April – Today(1)(2) (1) Lumen's global public internet backbone

6. Slide 6: Strategic Momentum is Leading to Higher Quality & Sustainable Revenue

   © 2026 Lumen Technologies. All Rights Reserved. 5 Strategic Momentum is Leading to Higher Quality & Sustainable Revenue +10% Y/Y Strategic Revenue Growth +30% Y/Y Strategic Sales 55% Of Total Business Revenue is Strategic Revenue +22% Q/Q Strategic Waves Sales Signed incremental $700M PCF YTD, over

7. Slide 7: Winning Recognition, Earning Trust

   © 2026 Lumen Technologies. All Rights Reserved. 6 Winning Recognition, Earning Trust NaaS Ecosystem Collaboration NaaS Service Provider of the Year: North America NaaS for Enterprise Implementation: Sports & Media NaaS for AI Vision: North America GNE Mplify 2026 NaaS Excellence Awards Frost Radar:

8. Slide 8: The Lumen Platform Provides Unique Advantage

   © 2026 Lumen Technologies. All Rights Reserved. 7 The Lumen Platform Provides Unique Advantage 1st Party MarketplaceLumen Connect Alkira Physical Infrastructure Programmable Network Connected Ecosystem 58M Intercity Fiber Miles1 ~19M Metro Fiber Miles2RapidRoutes Metro Expansion & Enhancements Data

9. Slide 9: Execution Speed & Scale Creating Value at Physical Layer

   © 2026 Lumen Technologies. All Rights Reserved. 8 Execution Speed & Scale Creating Value at Physical Layer 5X Increase in installs from AI companies in new Waves(1) 5 million Fiber miles deployed in 2026, funded by signed PCF deals, outpacing annual target (1) Calculated by comparing the number of a

10. Slide 10: Strategic Growth: Customers Selecting the Lumen Platform

    © 2026 Lumen Technologies. All Rights Reserved. 9 Strategic Growth: Customers Selecting the Lumen Platform

11. Slide 11: Customer Spotlight: VUMI Group

    © 2026 Lumen Technologies. All Rights Reserved. 10 Customer Spotlight: VUMI Group The Challenge The Lumen Solution The Outcome Global private medical insurer modernizes security on the Lumen platform • Always-on, secure, scalable access for global healthcare operations • Legacy VPN architecture limi

12. Slide 12: NaaS Scale Unlocks Operating Leverage

    © 2026 Lumen Technologies. All Rights Reserved. 11 NaaS Scale Unlocks Operating Leverage 20% of NaaS IOD ports carry more than one service NaaS Customers Customers that purchase and use one or more ports in the quarter Active Ports Fabric ports deployed by customers to support multi-cloud networking

13. Slide 13: Reimagining Internet Connectivity for the Programmable Era

    © 2026 Lumen Technologies. All Rights Reserved. 12 Reimagining Internet Connectivity for the Programmable Era Dedicated Internet Access (DIA) Internet on Demand (IOD) Lumen Intelligent Internet Buy in minutes Scale up to 100 gigabits Manage directly on Lumen’s Programmable Network Before After >100k

14. Slide 14: Connected Ecosystem: Innovation & Commercial Reach

    © 2026 Lumen Technologies. All Rights Reserved. 13 Connected Ecosystem: Innovation & Commercial Reach Energy Aware — with Emerald AI With Emerald AI, our intelligent network will enable AI workloads to automatically move data to alternate locations based on power availability, cost and other factors

15. Slide 15: Chris Stansbury, President & CFO

    © 2026 Lumen Technologies. All Rights Reserved. 14 CHRIS STANSBURY PRESIDENT & CFO

16. Slide 16: Total Business Revenue: Strategic vs. Legacy

    © 2026 Lumen Technologies. All Rights Reserved. 15 Total Business Revenue: Strategic vs. Legacy Total business revenue on glidepath to inflection driven by continued strategic revenue expansion $1.07B $1.28B 40% 41% 42% 44% 45% 45% 48% 49% 51% 53% 55% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q2

17. Slide 17: Revenue by Customer Segment and Strategic vs. Legacy

    © 2026 Lumen Technologies. All Rights Reserved. 16 ($ in millions) 3Q’26 Y/Y% Change Q/Q% Change Large Enterprise $810 3.6% 2.0% Mid-Market Enterprise $430 (7.3%) (1.1%) Public Sector $429 (9.9%) (12.4%) N.A. Enterprise $1,669 (3.1%) (2.9%) Wholesale $607 (7.3%) (7.0%) N.A. Total Business $2,276 (4.

18. Slide 18: 3Q'26 Adjusted EBITDA excluding special items

    © 2026 Lumen Technologies. All Rights Reserved. 17 3Q’26 Adjusted EBITDA* excluding special items ($ in millions) 3Q’26 Y/Y% Change Total Revenue(3) $2,715 (12.1%) Adjusted EBITDA excl. Special Items* $715 (9.1%) Adjusted EBITDA* Margin excl. Special Items 26.3% 80 bps Adjusted EBITDA* $521 3Q’26 Sp

19. Slide 19: Consolidated Cash Flow Summary

    © 2026 Lumen Technologies. All Rights Reserved. 18 Consolidated Cash Flow Summary 1) Excluding Special Items impacting Capital Expenditures and Cash Flows. For definitions of non-GAAP financial measures and reconciliations to GAAP figures, see Lumen’s Investor Relations website. 2) Includes the impa

20. Slide 20: Strategic vs. Legacy Direct Margin Profile

    © 2026 Lumen Technologies. All Rights Reserved. 19 Strategic vs. Legacy Direct Margin Profile YTD 65% 80% 0% 20% 40% 60% 80% 100% >15 pt margin advantage Strategic Growth Delivering a Higher-Margin Business Mix $1.17B $1.28B 48% 55% 44% 50% 56% $1.10B $1.20B $1.30B 3Q25 3Q26 Share of Strategic Reven

21. Slide 21: PCF Converts Existing Network Assets into Profitable Growth

    © 2026 Lumen Technologies. All Rights Reserved. 20 PCF Converts Existing Network Assets into Profitable Growth 3Q26 Cash Received $117M 3Q26 Revenue $66M 3Q26 Capex $269M Lumen's growth plan reflects only signed agreements, with additional agreements providing opportunities for further deleveraging

22. Slide 22: A Resilient, More Durable Balance Sheet

    © 2026 Lumen Technologies. All Rights Reserved. 21 A Resilient, More Durable Balance Sheet >80% Fixed Rate SOFR ~$2.4B 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% >80% of debt is fixed rate $6M estimated annual interest expense increase per 25-basis point rate increase 3.0-3.5x Multi-year target lev

23. Slide 23: Copper Decommissioning Creates Value Beyond Proceeds

    © 2026 Lumen Technologies. All Rights Reserved. 22 Copper Decommissioning Creates Value Beyond Proceeds Dependencies Reduced Capex Intensity Lowers ongoing investment requirements for legacy infrastructure Capital Reinvestment Redirects capital toward higher-return strategic opportunities Network Si

24. Slide 24: 2026 Financial Outlook Unchanged

    © 2026 Lumen Technologies. All Rights Reserved. 23 2026 Financial Outlook Unchanged 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)

25. Slide 25: © 2025 Lumen Technologies. All Rights Reserved.

    © 2025 Lumen Technologies. All Rights Reserved. 24

Lumen Technologies — Q3 2026 Earnings Presentation on 6ix