Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results October 30, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions with res
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures
Slide 4: Kate Johnson, President & CEO
KATE JOHNSON President & CEO
Slide 5: 3Q25 Highlights
3Q25 Highlights $2.4B in Debt Refi and Reached over $10B in PCF Term Loan Repricing Deals Signed to Date Extends Maturities and Reduces Cash Interest 3Q’25 Connected Ecosystem off to a great start with partners like Beat Revenue, Palantir, Digital Realty, QTS, and aEBITDA, and FCF Commvault expectat
Slide 6: Lumen Powers Cloud 2.0
Lumen Five essential Cloud 2.0 networking Powers requirements: 1 Extreme bandwidth and low latency – Cloud 2.0 Scale from 400G toward 1.6T to use GPUs most cost-effectively 2 Data Center Interconnect (DCI) Because AI Won’t foundational element – Run on Power the multi-cloud fabric Yesterday’s 3 Expa
Slide 7: Building the Backbone for AI
Building the Backbone for AI Stronger Overall Network Utilization Balancing Capacity and Utilization for Optimal Return on Investment 2022 2025 2028 Utilization (EOY) (Actuals) (Plan) (Vision) Unmatched Room for Growth: • New routes, in addition to new fiber in existing Total Intercity 12M 17M 47M r
Slide 8: Investing in Lumen Connectivity Fabric Infrastructure to Support Cloud 2.0 Needs
Investing in Lumen Connectivity Fabric Infrastructure to Support Cloud 2.0 Needs of Enterprise Customers RapidRoutes Data Center Expansion Metro Expansion Expanding 400G capacity on key Enabling up to 400G Ethernet-IP Enabling high speed Ethernet services in growth routes to reduce service services
Slide 9: Lumen NaaS Adoption Remains Strong
Lumen NaaS Adoption Remains Strong 3Q25 Adoption Rate (Q/Q%) NaaS Customers Number of customers that purchase and use one or more ports in quarter +32% Number of fabric ports deployed by Fabric Ports customers to support multi-cloud +30% networking Number of unique services Services Sold +36% sold a
Slide 10: Fabric Ports Are Lumen's New PxQ Engine
Fabric Ports Are Lumen’s New PxQ Engine One digital port carries many services across on-prem, clouds, and data centers Fabric port Project “Berkeley” (Early 2026) • On-prem fabric port with cross-carrier mesh • Pre-provisioned 1st and 3rd-party services “P” is the Avg. Selling Price of 1st & 3rd pa
Slide 11: Internet on Demand now available Off-net
Internet on Demand now available Off-net “As we modernize our grid and expand digital operations, our collaboration with Lumen is enabling the digital foundation for the future of energy. Lumen’s Internet On- Demand offers the agility and reliability we need to simplify off-net connectivity—enabling
Slide 12: The Lumen Connected Ecosystem
The Lumen Connected Ecosystem Helping Technology Companies Gain Competitive Advantage with Critical Infrastructure The Connected Ecosystem Commercial & Data Technology Hyperscalers Public Sector Centers Partnerships Lumen Digital Platform Quick, secure, effortless CX with direct fiber access & NaaS
Slide 13: The Lumen Connected Ecosystem
The Lumen Connected Ecosystem Helping Technology Companies Gain Competitive Advantage with Critical Infrastructure The Connected Ecosystem Commercial & Data Technology Hyperscalers Public Sector Centers Partnerships Lumen Digital Platform Quick, secure, effortless CX with direct fiber access & NaaS
Slide 14: Chris Stansbury, EVP & CFO
CHRIS STANSBURY EVP & CFO
Slide 15: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Pre TSA: Total Debt: $19.9B Post TSA: Total Debt: $18.3B 1 2 As of 12/31/2023 Gross Leverage: 4.3x As of 12/31/2024 Gross Leverage: 4.6x $9,366 $7,183 $6,072 $3,131 $2,283 $2,271 $1,826 $1,519 $462 $1,023 $373 $60 $230 $718 $568 $789 $125 $1
Slide 16: 3Q25 Total Reported Revenue
3Q25 Total Reported Revenue Maintained Growth in N.A. Enterprise Grow Products Y/Y% Q/Q% ($ in millions) 3Q25 Change Change Y/Y% Q/Q% Large Enterprise $752 (1.2%) 2.7% ($ in millions) 3Q25 % Total Change Change Mid-Market Enterprise $488 (10.0%) (2.4%) Grow $862 10.5% 4.2% 50% Public Sector $478 11.
Slide 17: 3Q25 Mass Markets Revenue
3Q25 Mass Markets Revenue Sustained Fiber Broadband Revenue Growth Fiber Revenue Contribution to Total Broadband Y/Y% 49% Revenue ($ in millions) 3Q25 % Total Change 47% 45% Fiber Broadband $225 18.4% 36% 42% 40% Other Broadband $230 (18.7%) 36% Voice & Other $176 (16.6%) 28% Total Mass Markets(1) $
Slide 18: 3Q25 Adjusted EBITDA excl. special items
3Q25 Adjusted EBITDA excl. special items 3Q25 EBITDA Special Items ($ in millions) Adjusted EBITDA $571 Y/Y% ($ in millions) 3Q25 Change 3Q25 Special Items: Total Revenue $3,087 (4.2%) (+) Severance $6 Adjusted EBITDA $787 (12.5%) (+) Consumer and other litigation $50 Adjusted EBITDA Margin 25.5% (2
Slide 19: Consolidated Cash Flow Summary
Consolidated Cash Flow Summary Key Metrics ($ in millions) 3Q25 Cash Flow from Operations $2,511 Capital Expenditures $1,041 Free Cash Flow $1,661 Net Cash Interest $290 18 © 2025 Lumen Technologies. All Rights Reserved.
Slide 20: 2025 Financial Outlook
2025 Financial Outlook Metric(1)(2)(3) Outlook Adjusted EBITDA $3.2 to $3.4 billion Free Cash Flow $1.2 to $1.4 billion Net Cash Interest $1.2 to $1.3 billion Capital Expenditures $4.1 to $4.3 billion Cash Income Taxes (Refunded) ($400) to ($300) million (1) For definitions of non-GAAP metrics and r
Slide 21: LUMcN
LUMcN