Lumen Technologies, Inc. · NYSE:LUMN
Lumen Technologies — 2025 Lumen Industry Analyst Forum
96 slides from Lumen Technologies's conference presentation, Sep 23, 2025
Slide 1: © 2025 Lumen Technologies. All Rights Reserved.
1 © 2025 Lumen Technologies. All Rights Reserved.
Slide 2: Forward-Looking Statement
Forward-Looking Statement Today's presentations contain forward-looking statements, which are based on current expectations, assumptions, and projections about future events and business performance and include among other things, statements about our strategy, transformation initiatives, product de
Slide 3: A Blueprint for Transformation
A Blueprint for Transformation Kate Johnson, Chief Executive Officer
Slide 4: SM
SM © 2025 Lumen Technologies. All Rights Reserved.
Slide 5: Our Leadership Team
Our Leadership Team Kate Johnson Chris Stansbury Ashley Haynes-Gaspar President & Executive Vice President Executive Vice President Chief Executive Officer & Chief Financial Officer & Chief Revenue Officer Dave Ward Ana White Kye Prigg EVP, Chief Technology Executive Vice President Executive Vice Pr
Slide 6: The War on Technical Complexity
The War on Technical Complexity CIOs are expected to deliver insight at the speed of thought in a sea of technical complexity: • AI-driven data proliferation is real • Apps, data, and users are widely dispersed across geographies • Hybrid architectures and multi-cloud environments are here to stay •
Slide 7: Lumen is Simplifying the Complex
Lumen is Simplifying the Complex Removing friction. Collapsing layers. Unlocking speed. Embedding security. Reducing cost. 7 © 2025 Lumen Technologies. All Rights Reserved.
Slide 8: Our Market Opportunity
Our Market Opportunity Cloud spending By 2030, US data center site projected to increase expansions are expected to ~2x by 2030 to grow nearly 70%, which is $1.12T ~1,600 $15B ~85% Cloudify Telecom TAM (~5% CAGR), of customers are expecting part of larger $80B enterprise AI to drive bandwidth and co
Slide 9: We navigated significant challenges...
We navigated significant challenges... Johnson Established a Divested Largest out-of- appointed North Star European assets court debt CEO Q1 2023 Q4 2023 restructuring Q3 2022 in history Q1 2024 Launched Dare to Cut the Lead leadership Launched Lumen dividend program NaaS Q3 2022 Q1 2023 Q1 2024 © 2
Slide 10: ...and emerged with strategic clarity.
...and emerged with strategic clarity. Corning and Lumen Record-breaking Google Cloud Direct Surpassed partner on next- 1.2 Tbps Wavelength Fiber Access 1,000 NaaS gen fiber for AI Service announcement customers Q3 2024 Q1 2025 Q2 2025 Q3 2025 Awarded one of Announced $8.5B in PCF America’s Most sal
Slide 11: Momentum
Momentum Financial Enterprise Innovation Freedom Focus Engine © 2025 Lumen Technologies. All Rights Reserved.
Slide 12: Our North Star
Our North Star PURPOSE Unleashing the world’s digital potential MISSION Igniting business growth by connecting people, data and apps – quickly, securely and effortlessly THE PATH TO DISRUPTION CUSTOMER SOLUTION AREAS Infrastructure Connectivity Security Communication Media and Services Services Serv
Slide 13: Our Long-Term Vision
Our Long-Term Vision Lumen is a digital network services company that delivers ubiquitous, universal connectivity to enterprises. Our high-bandwidth, low-latency, secure, resilient, and intelligent fiber solutions are delivered digitally and on-demand, giving customers control over how they consume
Slide 14: The Lumen Growth Strategy
The Lumen Growth Strategy Physical Digital Ecosystem 1 2 3 Build the Cloudify and Build the backbone agentify the Lumen for the AI telecom industry Connected economy with Lumen Ecosystem Connectivity Fabric Business as Usual: Modernize & Simplify, Drive CNS growth, Secure the Base Lumen 8: Teamwork,
Slide 15: Physical: Lumen's Original Competitive Advantage
Physical: Lumen’s Original Competitive Advantage 1 We own the network. We innovate the network. We are the network. 16.6M Total projected intercity fiber miles by year end 5.9+ Pbps Added total capacity to network to handle demands of AI and business 55 additional routes Expanded conduit access acro
Slide 16: Digital: Frictionless Growth Potential
2 Digital: Frictionless Growth Potential Legacy Telecom DDoS Capital- and Cloud Services labor-intensive economics Internet • Static, point to point DIA • Analog CX, slow, and people-heavy Data Center • Impeded growth often Premise supporting 1 service per port Managed Services • Linear cost and rev
Slide 17: Digital: Frictionless Growth Potential
2 Digital: Frictionless Growth Potential DDoS ‘Cloudified’ Telecom Cloud Services Key enablers Internet • Internet-on-Demand (IoD) Offnet DIA • Lumen Connect • Project Berkeley Data Center Premise Managed Services Edge © 2025 Lumen Technologies. All Rights Reserved.
Slide 18: Some of Our 1,000+ NaaS Customers
Some of Our 1,000+ NaaS Customers © 2025 Lumen Technologies. All Rights Reserved.
Slide 19: Building Partnerships Across the Tech World
3 Building Partnerships Across the Tech World Leveraging our physical and digital assets to drive commercial scale The Connected Ecosystem Technology Enterprise / Public Data Centers Hyperscalers Partnerships Sector Customers Lumen Digital Platform Quick, Secure, Effortless CX with direct fiber acce
Slide 20: Lumen Technologies is
Lumen Technologies is © 2025 Lumen Technologies. All Rights Reserved.
Slide 21: © 2025 Lumen Technologies. All Rights Reserved.
21 © 2025 Lumen Technologies. All Rights Reserved.
Slide 22: The Industry's Legacy: A Cautionary Tale
The Industry's Legacy: A Cautionary Tale 1 2 3 Late 1990s/early 2000s, billions Supply outstripped demand; To recoup sunk costs, of dollars deployed to build the industry was plagued commoditization ensued, price per new fiber networks by lack of financial scalability bit plummeted, innovation slowe
Slide 23: You cannot overtake cars in sunny weather...but you can when it's raining
You cannot overtake 15 cars in sunny weather...but you can when it's raining” -Ayrton Senna © 2025 Lumen Technologies. All Rights Reserved.
Slide 24: The Weight of the Past
The Weight of the Past As of 12/31/2022 $9,366 Total Debt: $20.4B $3,964 $2,591 $1,705 $1,571 $769 $125 $125 $98 $116 $0 $0 $0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ 24 © 2025 Lumen Technologies. All Rights Reserved.
Slide 25: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Pre TSA: As of 12/31/2023 $9,366 Total Debt: $19.9B Gross Leverage: 4.3x Interest Expense: $1.2B $3,131 $2,283 $1,826 $1,519 $1,023 $462 $125 $116 $0 $0 $0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Note: Adjusted EBITDA ex
Slide 26: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Post TSA: As of 12/31/2024 Total Debt: $18.3B Gross Leverage: 4.6x Interest Expense: $1.4B $7,183 $6,072 $2,271 $718 $568 $789 $125 $373 $60 $230 $0 $0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Note: Adjusted EBITDA exclud
Slide 27: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Pro Forma Impact of LVLT Refinancing(1): As of 6/30/2025 Total Debt: $18.3B Gross Leverage: 4.9x Interest Expense: $1.0B $3,741 $3,270 $2,839 $2,425 $2,000 $2,271 $718 $264 $568 $125 $52 $119 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Slide 28: Evolution of Lumen's Debt Maturity Profile
Evolution of Lumen’s Debt Maturity Profile ($ in millions) Pro Forma Lumen SP Debt Paydown(1)(2): 2025YE Total Debt: $13.2B Gross Leverage: 3.7x Interest Expense: $0.7B $2,400 $2,425 $1,853 $2,000 $2,271 $1,268 $362 $568 $125 $0 $1 $67 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Not
Slide 29: Financial Freedom
Financial Freedom On path to return Business Segment aEBITDA stabilizing Capex investment to Revenue growth in with inflection in ‘26 deliver on growth '28 Focused execution Optionality © 2025 Lumen Technologies. All Rights Reserved.
Slide 30: Growth Investment Upgrades
Breaking the Cycle Growth Investment Our customers need higher speeds and the We are focused on developing cloud on- ability to connect to the cloud as fast, ramps with hyperscalers, connections with seamlessly, and securely as possible Data Center Operators (DCOs), and customer migrations Upgrades
Slide 31: The Lumen Growth Strategy
The Lumen Growth Strategy Physical Digital Ecosystem 1 2 3 Build the Cloudify and Build the backbone agentify the Lumen for the AI telecom industry Connected economy with Lumen Ecosystem Connectivity Fabric Business as Usual: Modernize & Simplify, Drive CNS growth, Secure the Base Lumen 8: Teamwork,
Slide 32: Building the AI Backbone
Building the AI Backbone Stronger Overall Network Utilization Balancing Capacity and Utilization for Optimal Return on Investment Utilization (EOY) 2022 2025 2028 (Actuals) (Plan) (Vision) Total Intercity 12M 17M 47M Fiber Miles* Hyperscaler 30% 45% 57% Utilization Enterprise Channels 27% 19% 13% Ut
Slide 33: Scaling Smart: Margin & Capex Evolution
Scaling Smart: Margin & Capex Evolution The Connected Ecosystem Financial Evolution Enterprise / Revenue Data Technology Centers Hyperscalers Public Sector Partnerships Customers Margins Lumen Digital Platform FCF Quick, Secure, Effortless CX with direct fiber access & NaaS Capital Intensity Physica
Slide 34: Lumen Enterprise Revenue Transformation
Lumen Enterprise Revenue Transformation Higher Growth Advanced Network Services Fuel Margin & Revenue Profile Revenue | Strategic vs Legacy >50% of Business Revenue From Strategic in 2026 Favorable Revenue Mix Crossover Expected Positive aEBITDA Growth in 2026 On path to return Business Segment Reve
Slide 35: Trailblazing the Future of Connectivity: Building the Backbone for the AI Economy
Trailblazing the Future of Connectivity: Building the Backbone for the AI Economy Kye Prigg, Executive Vice President of Enterprise Operations
Slide 36: Laying the Foundation of Future-Ready Connectivity
Laying the Foundation of Future-Ready Connectivity: Smarter Networks and Seamless Experiences Customers Hyperscalers, Data Centers Digital Experiences 2022 2025 2028 Fiber Backbone for AI Intercity Fiber Growth 12M 17M 47M With ~$9B PCF deals secured, Lumen is The Trusted Network for AI © 2025 Lumen
Slide 37: AI Is Not Just Increasing Data Volume; It's Redistributing Infrastructure
AI Is Not Just Increasing Data Volume; It’s Redistributing Where And How Infrastructure Must Be Built TODAY FUTURE Global Network Traffic from AI enriched data (monthly) 1,226 Exabytes Further Further More Fiber 65 19x Exabytes Distribution Density Connectivity 2023 2030+ Source: Omdia Road to 2030:
Slide 38: The Solution: Lumen Private Connectivity Fabric
The Solution: Lumen® Private Connectivity Fabric SM A Acustom customnetwork networkarchitecture architecturedelivering deliveringhigh-performance high-performancenetwork networkcapacity capacityfor foranan AI-readyworld AI-ready worldand andbeyond. beyond. AIAIrequires requiresdata. data. Datarequir
Slide 39: Building the Foundation of the AI Infrastructure
Building the Foundation of the AI Infrastructure Dedicated Process & Tools Enhanced Vendor Next-Gen Fiber Organization Transformation Ecosystem Infrastructure Purpose-built team Streamlined planning, Strategic partnerships Delivering high-capacity, driving fiber deployment, tools, and execution enab
Slide 40: Outpacing the Industry: Faster, Smarter and AI Ready
Outpacing the Industry: Faster, Smarter and AI Ready Lumen’s Leadership, Speed, and Future-Proof Infrastructure Are Driving Long-Term Value Creation Team Massive Market Next-Gen AI Established Deployment Leadership Enablement Record Time Underway Established a fully Nearly 3K fiber miles With $9B+ i
Slide 41: Lighting it Up Faster: Fast-Tracking Route Builds and Data Center Expansion
DRAFT Lighting it Up Faster: Investing in Fast-Tracking Route Builds and Data Center Expansion Through Advanced Wave Innovation 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 r
Slide 42: Execution Engine: Ahead of Pace to Deploy PCF Nationwide
Execution Engine: Ahead of Pace to Deploy PCF Nationwide Shelter Deployment Network Overpull Scope: 553 Shelters Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction complete Construction in progress Construction in progress Lumen Customer Today Today 144 Shelters Comple
Slide 43: Execution Engine: Ahead of Pace to Deploy PCF Nationwide
Execution Engine: Ahead of Pace to Deploy PCF Nationwide Shelter Deployment Network Overpull Scope: 553 Shelters Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction complete Construction in progress Construction in progress Lumen Customer EOY 2025 EOY 2025 289 Shelters
Slide 44: Execution Engine: Ahead of Pace to Deploy PCF Nationwide
Execution Engine: Ahead of Pace to Deploy PCF Nationwide Shelter Deployment Network Overpull Scope: 553 Shelters Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction in progress EOY 2026 EOY 2026 543 Shelters Complete | 98% of Scope ~15K Fiber Miles & 30 Routes Complete
Slide 45: Execution Engine: Ahead of Pace to Deploy PCF Nationwide
Execution Engine: Ahead of Pace to Deploy PCF Nationwide Shelter Deployment Network Overpull Scope: 553 Shelters Scope: 73 Routes / 23K Miles (27K Fiber Miles) Construction complete Construction in progress EOY 2027 EOY 2027 553 Shelters Complete | 100% of Scope 27K Fiber Miles Complete | 73 Routes
Slide 46: Powering Connectivity Through Precision Deployment
Powering Connectivity Through Precision Deployment Shelter & In-Line Amplifier Network Overpull New Route Build (ILA) Deployment Enables dark fiber along existing Increases network capacity by Expands network coverage by creating routes, enhances signal strength & deploying additional state of the a
Slide 47: Partnered with Corning to Maximize Conduit Utilization
Partnered with Corning to Maximize Conduit Utilization & Enable High-density, Scalable Deployments Legacy long-haul cable deployments were limited to 432 fibers or less. Through our collaboration with Corning, we’ve introduced three advanced fiber counts: 864 1,152 1,728 Fiber Count Fiber Count Fibe
Slide 48: Corning Fiber: Capacity for a Smarter Network
Corning Fiber: Capacity for a Smarter Network Lumen-Dedicated Facility Corning established the Trivium Cable Plant in Hickory, NC, exclusively for Lumen production & initial shipments have been dispatched. Game-Changing Custom Fiber Design Custom fiber solutions engineered to maximize capacity withi
Slide 49: Playing to Win — And We're Just Getting Started
Playing to Win — And We’re Just Getting Started We are trailblazing the future of connectivity: powering smarter networks and seamless experiences for our customers Teams are up and running A fully operational organization was built in just 9 months, onboarding 200+ 1 top-tier professionals, 65% new
Slide 50: Cloud 2.0: The Network for the AI Economy
Cloud 2.0: The Network for the AI Economy Dave Ward, Executive Vice President & Chief Technology & Product Officer 50
Slide 51: Spin Up Your Propeller Hat …We're Gonna Go Deep!
Spin Up Your Propeller Hat …We’re Gonna Go Deep! 1 2 3 4 Shift from AI regions & Cloud 2.0 How Lumen is Cloud 1.0 to structural must haves creating value Cloud 2.0 transformation © 2025 Lumen Technologies. All Rights Reserved.
Slide 52: Rarely a Mention of the Network Yet it's the Cornerstone
Rarely a Mention of the Network Yet it’s the Cornerstone Data Centers AI Chips Power and Network Transmission Infrastructure $2T $4T $0.5T $0.5T AI Factories Compute Power & Strategic Infrastructure Transmission Adjacencies Brookfield_Building_the_Backbone_of_AI, Aug 2025 © 2025 Lumen Technologies.
Slide 53: AI is Driving the Shift of Cloud 1.0 to 2.0
AI is Driving the Shift of Cloud 1.0 to 2.0 — Networks Must Keep Up Cloud 2.0 Demands a Network Reset Business Imperatives: AI is redefining the data center footprint, which is growing 10x from 2025 to handle exabyte-scale demand 1 Plan for architectural shift, more than incremental upgrades Legacy
Slide 54: AI is Driving Explosive Data Center Growth
AI is Driving Explosive Data center projects2 in 2024 Data Center Growth ~1B Sq. ft. U.S. DC footprint by 20301 up from 120M built 2020-2024 DC footprint growing Data center projects2 in 2030 10x 2025-2030 2 1. Of which ~700M more speculative (from ecosystem primers) 2. Projects may include multiple
Slide 55: Without Bandwidth to DCs, GPU Sit Idle and Enterprises Can't Transform to AI
Without Bandwidth to DCs, GPU Sit Idle and Enterprises Can’t Transform to AI Bandwidth is a key driver for efficient GPU usage with AI. Enterprise network bandwidth has a significant ...and transferring 1 petabyte of data for training impact on AI training cost... can reduce cost by ~40x with 400G v
Slide 56: A billion square feet of new data centers are coming
US cumulative data centers Sq. Ft. (2024-2030) A billion square CAGR 2028-2030 +17% 1,181 933 feet of new data 722 37% 38% CAGR 2024-2027 +66% centers are 387 542 32% 35% 32% 33% coming but 259 27% 30% 32% 119 27% 29% 26% 31% 29% 45% 38% 34% 47% today’s 2024 2025 2026 2027 20281 20291 20301 infrastr
Slide 57: A New Geography Will Support AI and Cloud Workloads
A New Geography Will Support AI and Cloud Workloads Three structural shifts Cloud 2.0 is redrawing the network map, new AI regions will emerge with new corridors Densification: Tier 1 hubs (Northern Virginia, Dallas, Phoenix, etc.) Analysis of AI traffic and medoids are doubling or tripling, driving
Slide 58: What is Cloud 2.0?
What is Cloud 2.0 Cloud 2.0? A transformation 1 Extreme bandwidth and low latency – Scale from 400G toward 1.6T to use GPUs most cost-effectively of cloud and enterprise core 2 Data Center Interconnect (DCI) requiring 5 new foundational element – Power the multi-cloud fabric capabilities Expansion i
Slide 59: Lumen Powers Cloud 2.0
Lumen Cloud 2.0 Powers Cloud 2.0 Innovating Ecosystem Driving ecosystem integration – co-developed Lumen Validated Designs with Enterprise agility 1 partners to deliver ready-made AI and enterprise solutions and control Digital Platform without the burden 2 Building programmable fabrics – Lumen Conn
Slide 60: Lumen is Building a Cloud 2.0 Ecosystem of Partnerships
Lumen is Building a Cloud 2.0 Ecosystem of 1 Partnerships to Data Center Fuel Innovation Operators and Power New Hyperscalers Digital Marketplaces 2 3 Technology Partners © 2025 Lumen Technologies. All Rights Reserved.
Slide 61: Delivering a Frictionless Digital Experience with Lumen Connect
Delivering a Frictionless Digital Experience with Lumen Connect Unlock and integrate partner Offer end-to-end purchasing Drive ubiquitous digital platforms as a channel experience consumption model APIs integrated with marketplaces Fully digital controlled services Primary way to consume services La
Slide 62: Physical Network: Lumen is Building the Backbone for the AI Economy
Physical Network: Lumen is Building the Backbone for the AI Economy Legend Exemplar Cloud 1.0 Vision for Cloud 2.0 Data Center Data Protection Hyperscaler Fabric Enterprise Premise Private Connectivity for AI Fabric Port enabled Customer Multi-Cloud Customer Premise App Fabric Point-to-point connect
Slide 63: Enterprises can design and control their network without owning assets
Enterprises can design Data Protection Fabric and control their network without Private owning, managing and connectivity for AI operating assets Multi-Cloud App Fabric Customer Premise AI Call Center Fabric Illustrative, future state vision Legend: Network components Data Center Hyperscaler Enterpr
Slide 64: Fabric Ports Bring the New Digital Consumption Model to Life
Fabric Ports Bring the New Digital Consumption Model to Life Fabric port advantage: enabling fully digitally controlled customers Universal and service-agnostic: One port supports multiple services dynamically, consolidating multiple ports used today into one Frictionless sales experience: Services
Slide 65: How can Enterprises transform to Cloud 2.0 without missing a step?
How can Enterprises transform to Cloud 2.0 without missing a step? © 2025 Lumen Technologies. All Rights Reserved.
Slide 66: Cloud 2.0 Enabled by Project Berkeley
The value to our clients Virtualized underlay at the enterprise edge: Extends Cloud 2.0 Enabled Lumen Fabric into customer sites; universal port for connectivity and services by Project Berkeley All access types & off-net reach: Brings Lumen Fabric and its services into off-net buildings, for all ac
Slide 67: Imagine if accessing Cloud 2.0 was as simple as turning on a switch?
The differentiation of the platform Imagine if accessing Intelligent w/ Digital Twin. Lumen Digital Twin technology w/ embedded AI cloudifies the port creating an intelligent, cloud Cloud 2.0 was as orchestrated on-ramp into Lumen Connect & extended networks simple as turning on Instant, Agile. Turn
Slide 68: Lumen Drives Significant Benefit for Enterprises
Programmable fabric connecting clouds, data centers, and AI regions to transform enterprise operations High-speed, secure and low latency connectivity allowing firms to participate in the AI economy Lumen Drives API-led activation across marketplaces, with activation Significant Benefit and delivery
Slide 69: From network to ecosystem: Lumen's Cloud 2.0 journey
From network to ecosystem: Lumen’s Cloud 2.0 journey Enterprises extend their reach with Fabric Ports to: Physical • Off-net locations • Lumen Connect • On-ramps • Marketplaces Digital Eco- system Legend Enterprise headquarters Lumen nationwide infrastructure 1. Projects may include multiple data ce
Slide 70: From network to ecosystem: Lumen's Cloud 2.0 journey
From network to ecosystem: Lumen’s Cloud 2.0 journey Enterprises extend their reach with Fabric Ports to: Physical • Off-net locations • Lumen Connect • On-ramps • Marketplaces Design & control via digital platform allows access to: Digital • On-ramps in 100+ markets for the major cloud vendors • ~3
Slide 71: From network to ecosystem: Lumen's Cloud 2.0 journey
From network to ecosystem: Lumen’s Cloud 2.0 journey Enterprises extend their reach with Fabric Ports to: Physical • Off-net locations • Lumen Connect • On-ramps • Marketplaces Design & control via digital platform allows access to: Digital • On-ramps in 100+ markets for the major cloud vendors • ~3
Slide 72: Enterprises will be defined as leaders or laggards: Cloud 2.0 Won't Wait
Enterprises Enterprises are going AI-native: Cloud-first isn’t enough, will be inference, privacy, multimodal workflows demand expansion across multi-cloud. First movers define Industries. defined as leaders or laggards: Networks need to change fast: Exabyte transfers and real-time inference will ov
Slide 73: Lumen's Roadmap to 2030
Lumen's Roadmap to 2030 David Shacochis, Vice President Product Management 73
Slide 74: Market is Demanding More Speed, Digital Control & Partner Ecosystem
Market is Demanding More Speed, Digital Control & Partner Ecosystem Unprecedented Digital Control Ecosystem demand for data 3.2X ~80% 70%+ expected growth in data center of Lumen customers interviewed Technology partners interconnection bandwidth by value single pane of glass to see their customers
Slide 75: Building Blocks of Lumen's 2030 Strategy to Capture this Market Opportunity
10 Building Blocks of Lumen's 2030 Strategy to Capture this Market Opportunity Digital Platform Physical Network Ecosystem Lumen Connect Product Experience Zero-touch experience: Programmable composable Cloud-first topology: Design, Price, Order, Provision services: and Assure experience on digital
Slide 76: Three Core Pillars of our Roadmap
Three Core Pillars of our Roadmap Physical Network Hyperscaler-native Programmable • Our physical network access composable services topology and speed allow ital Platform Lumen to offer cloud- Granular Dig Extranet enabled, marketplace- control fabrics driven solutions Services on Digital Platform
Slide 77: Physical Network | Backbone of Lumen Growth
Physical Network | Backbone of Lumen Growth Customer outcomes Key business features • Fabric port: The cornerstone enabling full digital Digital Platform Cloud-first access control through multi-service delivery fabric • Projected to 90%+ hosted coverage of Hyperscaler Direct-to-cloud and on- ramps
Slide 78: Lumen Connect | Key Driver of Customer Experience
Lumen Connect | Key Driver of Customer Experience Customer outcomes Key business features Hyperscaler-native access • Redesigned developer-friendly API ecosystem: Robust Granular Digital Platform Open platform with standards, public libraries and dev ecosystems control add-on services • Integration
Slide 79: Product Experience | Next-Generation, Composable Products
Product Experience | Next-Generation, Composable Products Customer outcomes Key business features Programmable composable services Cloud-first access • Multi-cloud gateways: cloud-to-cloud & hybrid cloud Digital Platform Extranet fabric • Fabric connections: Peer-to-peer clouds fabrics Direct-to-clo
Slide 80: Ecosystem | Validated Designs Co-Marketed with Leading Tech Partners
Ecosystem | Validated Designs Co-Marketed with Leading Tech Partners Customer outcomes Key business features Digital Platform • Suite of validated solutions built with technology partners to solve specific customer business outcomes Open platform with • Focus on partners driving high bandwidth add-o
Slide 81: Lumen has Begun the Journey to Become the Backbone for AI
Lumen has Begun the Journey to Become the Backbone for AI Legend Exemplar Cloud 1.0 Vision for 2030 Data Center Data Protection Hyperscaler Fabric Enterprise Premise Private Connectivity for AI Fabric Port enabled Customer Multi-Cloud Customer Premise App Fabric Point-to-point connectivity Premise (
Slide 82: Lumen Enterprise Customers Need us to Enable Them for Cloud 2.0
Lumen Enterprise Customers Need us to Enable Them for Cloud 2.0 of US Leaders don’t think their legacy network of companies consider AI-ready networks a must infrastructure can handle the demands of AI for their AI strategy 69% IT leaders require networks that support AI-era data 95% Moving to AI re
Slide 83: Lumen Is Playing To Win With Our Product Roadmap
Lumen Is Playing To Win With Our Product Roadmap Validated customer demand backed by Voice of the A Customer insights and extensive research through the analyst community Lumen is executing one of the most extensive network B builds in history, enabling us with the right topology and speed to suppor
Slide 84: Building the Connected Ecosystem
Building the Connected Ecosystem Unlocking Value for Customers, Growth for Lumen Ashley Haynes-Gaspar, EVP & Chief Revenue Officer
Slide 85: Our Market Opportunity
Our Market Opportunity Cloud spending By 2030, US data center site projected to increase expansions are expected to ~2x by 2030 to grow nearly 70%, which is $1.12T ~1,600 $15B ~85% Cloudify Telecom TAM (~5% CAGR), of customers are expecting part of larger $80B enterprise AI to drive bandwidth and co
Slide 86: Customer Demands are Evolving from Legacy Constraints to AI-Driven Opportunities
Customer Demands are Evolving from Legacy Constraints to AI-Driven Opportunities—Driving the Need for a Seamlessly Connected Infrastructure Legacy Infrastructure can’t keep up with AI demands Customers are seeking connected solutions to be market ready: 69% of U.S. leaders don’t think their legacy n
Slide 87: Modernization Imperative
Modernization Imperative Surging data Multi-cloud growth complexity Enterprise bandwidth demand Global companies juggle and latency-sensitive apps are multiple clouds and on-prem outpacing legacy networks. for real-time, data flows. Legacy Cloud economics bottlenecks pressures Traditional IT and tel
Slide 88: The Connected Ecosystem
The Connected Ecosystem Technology Enterprise / Public Data Centers Partnerships Hyperscalers Sector Customers Embed Lumen Focus on workload High-speed onramps Drive adoption of our Connectivity Fabric in categories to create available in multi-cloud NaaS every DC with a integrated solutions marketp
Slide 89: Breakthrough Value with Multi-Cloud and NaaS
Breakthrough Value with Multi-Cloud and NaaS "I think it's great. It simplifies the entire "...sending a direct point to point between two process... That's what we have now, but I'm able to cloud providers… this was just amazing. I can just click and provision almost instantaneously and go in there
Slide 90: From Pilot to Repeatable Growth Engine
From Pilot to Repeatable Growth Engine . . . drive long-term commercial outcomes Test Learn Scale Enabling customers to meet the multi-cloud moment. Digitally. Delivering high-capacity, one-click data center connectivity through trusted DCOs, empowering tenants with faster provisioning, simplified a
Slide 91: Welcome Pranay Ahlawat, Commvault's Chief Technology & AI Officer
Welcome Pranay Ahlawat, Commvault's Chief Technology & AI Officer 91 © 2025 Lumen Technologies. All Rights Reserved.
Slide 92: Working Together to Build a Connected Ecosystem
Working Together to Build a Connected Ecosystem 92 © 2025 Lumen Technologies. All Rights Reserved.
Slide 93: Building the Future of Sales Enablement: Uniting Talent and AI
Building the Future of Sales Enablement: Uniting Talent and AI to Drive Customer Outcomes and Growth Build out resourcing model needed across commercial motions to scale growth Key takeaways Technology Commercial & Data Centers Hyperscalers Partners Public Sector • Sell to capabilities have been reb
Slide 94: AI Lab as the Catalyst for Unstoppable Growth
AI Lab as the Catalyst for Unstoppable Growth Modernizing selling with AI-powered precision 14+ Legacy B2B apps unified into a Faster, frictionless commercial single Salesforce engine to speed execution up lead-to-order velocity Smarter, AI-driven targeting 3 AI agents deployed to automate targeting
Slide 95: The Power of a Connected Ecosystem
The Power of a Connected Ecosystem 1 2 3 Expands and Transforms + + Unlocks smarter, optimizes the customer more efficient network use experience cloud economics = Accelerates sales efficiency & growth © 2025 Lumen Technologies. All Rights Reserved.
Slide 96: © 2025 Lumen Technologies. All Rights Reserved.
96 © 2025 Lumen Technologies. All Rights Reserved.
Lumen Technologies — 2025 Lumen Industry Analyst Forum on 6ix