Slide 1: Ciena Corporation Fiscal Q2 2025 Earnings Presentation
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Ciena Corporation Fiscal Q2 2025 Earnings Presentation Period ended May 3, 2025 June 5, 2025
Slide 2: Forward-looking statements and non-GAAP measures
© Ciena Corporation 2025. All rights reserved. Proprietary Information.2 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, financia
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 Q2 2025 financial performance 5. Appendix
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
© Ciena Corporation 2025. All rights reserved. Proprietary Information.5 Ciena is the global leader in high-speed connectivity Ciena provides networking systems, services, and software We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digi
Slide 6: Evolving our customers' businesses with the Adaptive Network
© Ciena Corporation 2025. All rights reserved. Proprietary Information.6 Evolving our customers’ businesses with the Adaptive Network
Slide 7: Our strategy leverages our Optical technology to create expanded addressable market opportunities
© Ciena Corporation 2025. All rights reserved. Proprietary Information.7 Our strategy leverages our Optical technology to create expanded addressable market opportunities
Slide 8: Industry context and addressable market expansion
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Industry context and addressable market expansion
Slide 9: Increasing bandwidth consumption as a driver of network expansion
© Ciena Corporation 2025. All rights reserved. Proprietary Information.9 Increasing bandwidth consumption as a driver of network expansion
Slide 10: Our core business is enabling investment in higher-growth markets
© Ciena Corporation 2025. All rights reserved. Proprietary Information.10 Our core business is enabling investment in higher-growth markets
Slide 11: An industry leader
© Ciena Corporation 2025. All rights reserved. Proprietary Information.11 An industry leader #1 Globally • Data center interconnect • Optical for internet content provider customers • Purpose-built #1 N. America • Data center interconnect • Total optical networking • Optical packet Optical Transport
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
© Ciena Corporation 2025. All rights reserved. Proprietary Information.13 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
Slide 14: Our portfolio addresses key network applications
© Ciena Corporation 2025. All rights reserved. Proprietary Information.14 Our portfolio addresses key network applications
Slide 15: We expect coherent technology will have growing application in the AI era
© Ciena Corporation 2025. All rights reserved. Proprietary Information.15 We expect coherent technology will have growing application in the AI era
Slide 16: Fiscal Q2 2025 financial results
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q2 FY 2025 results
Slide 17: Key highlights
© Ciena Corporation 2025. All rights reserved. Proprietary Information.17 Q2 FY 2025 key highlights ▪ Non-telco represented 54% of total revenue ▪ Direct Cloud Provider revenue grew 85% YoY and represented 38% of total revenue ▪ EMEA revenue grew 23% YoY ▪ Blue Planet revenue nearly doubled YoY • Ad
Slide 18: Comparative financial highlights
© Ciena Corporation 2025. All rights reserved. Proprietary Information.18 Q2 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. Q2 FY 2025 Q2 FY 2024 Revenue $1,125.9
Slide 19: Comparative operating metrics
© Ciena Corporation 2025. All rights reserved. Proprietary Information.19 Q2 FY 2025 comparative operating metrics Q2 FY 2025 Q2 FY 2024 Cash and investments $1.35B $1.42B Cash provided by operations $157M $59M DSO 87.0 98.0 Inventory Turns 2.5 1.6 Gross Leverage 3.15x 2.81x Net Debt $253M $195M
Slide 20: Revenue by segment
© Ciena Corporation 2025. All rights reserved. Proprietary Information.20 Revenue by segment (Amounts in millions) Q2 FY 2025 Q2 FY 2024 Revenue %** Revenue %** Networking Platforms Optical Networking $773.6 68.7 $560.2 61.5 Routing and Switching 92.7 8.2 116.1 12.7 Total Networking Platforms 866.3
Slide 21: Revenue derived from non-telco customers
© Ciena Corporation 2025. All rights reserved. Proprietary Information.21 Revenue derived from non-telco customers
Slide 22: Revenue by geographic region
© Ciena Corporation 2025. All rights reserved. Proprietary Information.22 Revenue by geographic region 10.1% 9.4% 11.1% 17.1% 14.3% 14.7% 72.8% 76.3% 75.8% 74.2% 13.4% 10.8% 8.9% 17.0% 74.1%
Slide 23: Appendix
© Ciena Corporation 2025. All rights reserved. Proprietary Information. Q2 FY 2025 appendix
Slide 24: Gross Profit Reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.24 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP gross profit $452,838 $471,821 $460,022 $403,945 $388,661 Share-based compensation-products 2,033 1,750 1,736 1,660 1,760 Share-based compensation-services 3,980 3,40
Slide 25: Operating expense and income from operations reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.25 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP operating expense $419,996 $391,158 $400,812 $377,202 $392,626 Share-based compensation-research and development 17,021 14,237 14,065 13,118 14,066 Share-based compen
Slide 26: Net income and EPS reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.26 Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 GAAP net income (loss) $8,969 $44,572 $37,028 $14,230 $(16,849) Exclude GAAP provision for income taxes 10,047 24,022 10,993 2,125 820 Income (loss) before income taxes 19
Slide 27: EBITDA reconciliation
© Ciena Corporation 2025. All rights reserved. Proprietary Information.27 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q2 FY 2025 Q1 FY 2025 Q4 FY 2024 Q3 FY 2024 Q2 FY 2024 Net income (loss) (GAAP) $8,969 $44,572 $37,028 $14,230 $(16,849) Add: Interest expense 21,697 22,918