Ciena Corporation · NYSE:CIEN

Ciena — Investor Day (September 2026)

17 slides from Ciena's investor day presentation, Sep 16, 2026

  1. Slide 1: Ciena Investor Forum

    Ciena Investor Forum Ciena Investor Forum September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.

  2. Slide 2: Industry leadership scaling value

    Industry leadership scaling value Industry leadership scaling value Marc Graff, Executive Vice President and Chief Financial Officer Investor Forum - Ottawa - September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.

  3. Slide 3: 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

  4. Slide 4: Three priorities driving earnings power

    Three priorities driving earnings power Structurally improve gross margins* World-class working capital Focused capital allocation Delivering mid-40s GM Improving cash conversion Pure-play optical investments Engineered cost reductions Increasing inventory turns M&A to drive growth Leadership produc

  5. Slide 5: Delivering outstanding financial performance

    Delivering outstanding financial performance Revenue up $2.4B Operating margins* more than double Earnings per share* up $5+ 27% CAGR 98% CAGR +~1100 BPS 2024 2026 MP 2024 2026 MP 2024 2026 MP * As Adjusted / non-GAAP MP = Midpoint of Ciena guidance as of September 3, 2026 5 © Ciena Corporation 2025

  6. Slide 6: Demand far outstripping industry supply

    Demand far outstripping industry supply Orders over 3x 2024 levels Backlog doubles each year Supply underserving demand 79% CAGR 118% CAGR 27% Revenue CAGR 2024 2025 2026 MP 2024 2025 2026 MP 2024 2025 2026 MP 6 © Ciena Corporation 2025. All rights reserved. Proprietary Information.

  7. Slide 7: FY27 is a supply-secured floor - not a demand ceiling

    FY27 is a supply-secured floor - not a demand ceiling CURRENT FLOOR VISIBLE COVERAGE UPSIDE LEVERS $8.3–8.4B >$10B 2029 At least 30% FY27 revenue Expected FY26 year-end backlog; LTAs, incremental capacity, and growth based on current Most expected for 2027 delivery, additional qualified suppliers su

  8. Slide 8: Revenue growth exceeds Capex and TAM rates

    Revenue growth exceeds Capex and TAM rates Top 4 Hyperscaler CapEx ~20% CAGR* Total TAM ~24% CAGR Ciena Revenue ~30% CAGR ~2.2x ~1.9x ~1.7x 2026 2029 2026 2029 2026 2029 Revenue is expected to more than double by 2029…with potential upsides driven by supply * Source: Company earnings and Ciena marke

  9. Slide 9: Inside the data center positioned to provide upside

    Inside the data center positioned to provide upside CPO/NPO Coherent-Lite & Modules First samples shipping Q4’26, On-track to adoption and ramp accretive margins at volume in late 2027 / early 2028 $8B TAM $3B+ TAM --- New Market --- --- New Market --- Note: All TAM figures represent 2029 estimates

  10. Slide 10: Three levers support a credible path to ~50% gross margin

    Three levers support a credible path to ~50% gross margin* 1 ACCRETIVE MIX FY27 FLOOR 2029 TARGET Hyper-Rail, DCOM, and Inside the Data Center 45–46% Gross margin* scale above the current corporate average ~50% Gross margin* 2 COST + SCALE + INNOVATION Mid-40s baseline Engineered reductions and volu

  11. Slide 11: Operating margins grow to mid-30%

    Operating margins grow to mid-30%* 1 Structural gross margin* improvement FY27 FLOOR 2029 TARGET Pricing, cost and scale, and new products 25-27% Operating margin* ~32-35% Operating Margin* 2 R&D operating leverage Improved operating Reusable engineering that can be deployed across Balanced investme

  12. Slide 12: Strong balance sheet and cash generation

    Strong balance sheet and cash generation Operating cash flow CapEx 0.4x 2026 Free Net Leverage Cash Flow ~0.0x 2029 2026 2029 Expect 5x cash generated from operations while driving to 0 net leverage 12 12 © Ciena Corporation 2025. All rights reserved. Proprietary Information.

  13. Slide 13: Thoughtful allocators of the owners' capital

    Thoughtful allocators of the owners’ capital Invest organically Opportunistic M&A Return excess capital Next-generation WaveLogic, Focused on strategic Returned over 100% CPO/NPO expansion, technology and talent, and of cumulative new Material Systems $200M Ciena Ventures FCF over past 5 years ~$2.5

  14. Slide 14: Aligning reporting segments to highest-growth markets

    Aligning reporting segments to highest-growth markets Optical Systems Interconnects Services Open Line Systems, Coherent plugs, CPO / NPO, DCOM, Enablement, Implementation, Waveserver, 6500, Navigator optical / electrical components Managed Services, Maintenance $21B TAM $17B TAM $2B TAM 18% CAGR th

  15. Slide 15: Ciena 2029 financial targets

    Ciena 2029 financial targets 3-year revenue CAGR Gross margin* Operating expense* ~30% ~50% ~15-18% Operating margin* Tax rate* FCF margin* ~32-35% ~20% ~20% Positioned to accelerate earnings growth through 2029 * As Adjusted / non-GAAP 15 © Ciena Corporation 2025. All rights reserved. Proprietary I

  16. Slide 16: Accelerating profitability and shareholder returns

    Accelerating profitability and shareholder returns Focused on Significant Disciplined growing Data center earnings capital optical opticalization expansion allocation markets 16 16 © Ciena Corporation 2025. All rights reserved. Proprietary Information.

  17. Slide 17: Thank you

    Thank you Thank you Investor Forum - Ottawa - September 2026 © Ciena Corporation 2025. All rights reserved. Proprietary Information.

Ciena — Investor Day (September 2026) on 6ix