Lumen Technologies, Inc. · NYSE:LUMN

Lumen Technologies — Q2 2025 Earnings Presentation

19 slides from Lumen Technologies's earnings presentation, Jul 31, 2025

  1. Slide 1: Second Quarter 2025 Results

    Second Quarter 2025 Results July 31, 2025

  2. Slide 2: Forward-Looking Statements

    © 2025 Lumen Technologies. All Rights Reserved. 1 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,” “

  3. Slide 3: Non-GAAP Measures

    © 2025 Lumen Technologies. All Rights Reserved. 2 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, an

  4. Slide 4: Kate Johnson, President & CEO

    KATE JOHNSON President & CEO

  5. Slide 5: 2Q25 Highlights

    © 2025 Lumen Technologies. All Rights Reserved. 4 2Q25 Highlights Reached nearly $9B in PCF Deals Signed to Date $2B in Debt Refi Extends Maturities and Reduces Cash Interest Announced Sale of Consumer FTTH to AT&T for $5.75B to Reduce Leverage and Focus on Enterprise Services Solid Revenue and aEBI

  6. Slide 6: Building the Backbone for AI

    © 2025 Lumen Technologies. All Rights Reserved. 5 Utilization (EOY) 2022 (Actuals) 2025 (Plan) 2028 (Vision) Total Intercity Fiber Miles* 12M 17M 47M Hyperscaler Utilization 30% 45% 57% Enterprise Channels Utilization** 27% 19% 13% Overall Network Utilization 57% 64% 70% Available Capacity for Growt

  7. Slide 7: Lumen NaaS Adoption Remains Strong

    © 2025 Lumen Technologies. All Rights Reserved. 6 LCF Customers Services Sold Fabric Port Sales 2Q25 Adoption Rate (Q/Q%) +35% +22% +31% Number of customers that purchase and use one or more ports Number of fabric ports deployed by customer to support multi-cloud networking Number of unique services

  8. Slide 8: Great Brands are choosing Lumen for NaaS Capabilities

    © 2025 Lumen Technologies. All Rights Reserved. 7 Great Brands are choosing Lumen for NaaS Capabilities

  9. Slide 9: Cloudifying Telco to Scale Revenue, Decrease Cost

    © 2025 Lumen Technologies. All Rights Reserved. 8 'Cloudified' TelecomTraditional Telecom Capital and labor intensive economics: • Static, point to point • Analog CX, slow, and people heavy • Impeded growth often supporting 1 service per port • Linear cost and revenue growth Cloud economics: • Dynam

  10. Slide 10: The Multi-Cloud, AI-Ready Network Architecture

    © 2025 Lumen Technologies. All Rights Reserved. 9 PAST FUTURESingle Ports Single Ports The Multi-Cloud, AI-Ready Network Architecture Up to 10% fewer cross-connects & 50% fewer ports for a lower cost, lower latency network Carrier Neutral Facility Commercial Enterprise Public SectorWholesale Cross C

  11. Slide 11: Introducing: The Lumen Connected Ecosystem

    Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA © 2025 Lumen Technologies. All Rights Reserved. 10 Physical Network Best backbone, unique routes, state of the art fiber Lumen Digital Platform Quick, secure, effortless CX with direct fiber access & NaaS Comm

  12. Slide 12: Chris Stansbury, EVP & CFO

    CHRIS STANSBURY EVP & CFO

  13. Slide 13: Evolution of Lumen's Debt Maturity Profile

    © 2025 Lumen Technologies. All Rights Reserved. 12 Evolution of Lumen’s Debt Maturity Profile ($ in millions) $373 $60 $230 $718 $7,183 $6,072 $568 $789 $0 $2,271 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Post-TSA: As of 12/31/2024 $264 $52 $119 $718 $5,150 $3,949 $568 $3,189 $2,000 $2,271

  14. Slide 14: 2Q25 Total Reported Revenue

    © 2025 Lumen Technologies. All Rights Reserved. 13 ($ in millions) 2Q25 Y/Y% Change Q/Q% Change Large Enterprise $732 (2.3%) (0.7%) Mid-Market Enterprise $500 (11.0%) (2.5%) Public Sector $486 8.2% 0.6% N.A. Enterprise $1,718 (2.4%) (0.9%) Wholesale $690 (5.0%) (2.1%) N.A. Total Business $2,408 (3.1

  15. Slide 15: 2Q25 Mass Markets Revenue

    © 2025 Lumen Technologies. All Rights Reserved. 14 2Q25 Mass Markets Revenue 38% 40% 42% 45% 47% 2Q24 3Q24 4Q24 1Q25 2Q25 Fiber Revenue Contribution to Total Broadband Revenue ($ in millions) 2Q25 Y/Y% Change % Total Fiber Broadband $217 19.9% 36% Other Broadband(1) $245 (17.8%) 41% Voice & Other $1

  16. Slide 16: 2Q25 Adjusted EBITDA excl. special items

    © 2025 Lumen Technologies. All Rights Reserved. 15 2Q25 Adjusted EBITDA excl. special items ($ in millions) 2Q25 Y/Y% Change Total Revenue $3,092 (5.4%) Adjusted EBITDA $877 (13.3%) Adjusted EBITDA Margin 28.4% (250 bps) Adjusted EBITDA $725 2Q25 Special Items: (+) Severance $3 (+) Consumer and othe

  17. Slide 17: Consolidated Cash Flow Summary

    © 2025 Lumen Technologies. All Rights Reserved. 16 Consolidated Cash Flow Summary ($ in millions) 2Q25 Cash Flow from Operations $570 Capital Expenditures $891 Free Cash Flow ($209) Net Cash Interest $375 Key Metrics

  18. Slide 18: Revised 2025 Financial Outlook

    © 2025 Lumen Technologies. All Rights Reserved. 17 Revised 2025 Financial Outlook Metric(1)(2) Prior Outlook Current Outlook Notes Adjusted EBITDA $3.2 to $3.4 billion $3.2 to $3.4 billion Expect to come in near high end of range, driven primarily by better progress on M&S, improved cost controls an

  19. Slide 19: Lumen

    LU M oN

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