Slide 1: Ciena Corporation Fiscal Q1 2026 Earnings Presentation
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Ciena Corporation Fiscal Q1 2026 Earnings Presentation Period ended January 31, 2026 March 5, 2026
Slide 2: Forward-looking statements and non-GAAP measures
© Ciena Corporation 2026. 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 2026. All rights reserved. Proprietary Information.3 Table of Contents 1. Overview and Ciena's portfolio 2. Industry context 3. Ciena is positioned for accelerated growth 4. Fiscal Q1 2026 financial performance 5. Fiscal year 2026 and Q2 outlook 6. Appendix
Slide 4: Overview and Ciena's portfolio
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Overview and Ciena's portfolio
Slide 5: Ciena is the global leader in high-speed connectivity
© Ciena Corporation 2026. All rights reserved. Proprietary Information.5 Ciena is the global leader in high-speed connectivity We build advanced networks to support exponential growth in bandwidth demand – empowering our customers, partners, and communities to thrive in the AI era. With unparalleled
Slide 6: Market dynamics are informing our strategic portfolio investments
© Ciena Corporation 2026. All rights reserved. Proprietary Information.6 Market dynamics are informing our strategic portfolio investments
Slide 7: Industry context
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Industry context
Slide 8: Increasing bandwidth consumption is driving network expansion
© Ciena Corporation 2026. All rights reserved. Proprietary Information.8 Increasing bandwidth consumption is driving network expansion AI generation 2024-2030
Slide 9: An evolving industry is reshaping networks
© Ciena Corporation 2026. All rights reserved. Proprietary Information.9 An evolving industry is reshaping networks
Slide 10: Ciena's industry leadership is well-proven
© Ciena Corporation 2026. All rights reserved. Proprietary Information.10 Ciena's industry leadership is well-proven #1 Globally • Data center interconnect • Optical for cloud providers • Purpose-built/compact modular DCI #1 N. America • Total optical networking • Optical packet #2 Globally • Total
Slide 11: Ciena is positioned for accelerated growth
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Ciena is positioned for accelerated growth
Slide 12: Our future growth opportunities
© Ciena Corporation 2026. All rights reserved. Proprietary Information.12 Our future growth opportunities Long-term growth in core business plus new higher-growth addressable markets provide an opportunity to outpace our traditional revenue CAGR over time In & Around the Data Center Use Cases • 400G
Slide 13: Data center interconnect applications are expanding
© Ciena Corporation 2026. All rights reserved. Proprietary Information.13 Data center interconnect applications are expanding
Slide 14: Q1 FY 2026 results
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Q1 FY 2026 results
Slide 15: Q1 FY 2026 key highlights
© Ciena Corporation 2026. All rights reserved. Proprietary Information.15 Q1 FY 2026 key highlights ▪ Non-telco represented 53% of total revenue ▪ Direct Cloud Provider revenue grew 76% YoY and represented 42% of total revenue ▪ EMEA revenue grew 27% YoY ▪ Global Services revenue grew 26% YoY • Cont
Slide 16: Q1 FY 2026 comparative financial highlights
© Ciena Corporation 2026. All rights reserved. Proprietary Information.16 Q1 FY 2026 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. ** Denotes % change, or in the case of
Slide 17: Q1 FY 2026 comparative operating metrics
© Ciena Corporation 2026. All rights reserved. Proprietary Information.17 Q1 FY 2026 comparative operating metrics Q1 FY 2026 Q1 FY 2025 YoY Change* Cash and investments $1.4B $1.3B 4.0% Cash provided by operations $228M $104M 119.5% Free cash flow $154M $77M 100.1% DSO 72 90 (18) Inventory turns 3.
Slide 18: Revenue by segment
© Ciena Corporation 2026. All rights reserved. Proprietary Information.18 Revenue by segment (Amounts in millions) Q1 FY 2026 Q1 FY 2025 Revenue %** Revenue %** Networking Platforms Optical Networking $1,023.2 71.7 $728.0 67.9 Routing and Switching 126.0 8.8 93.2 8.7 Total Networking Platforms 1,149
Slide 19: Revenue by customer type
© Ciena Corporation 2026. All rights reserved. Proprietary Information.19 Revenue by customer type
Slide 20: Revenue by geographic region
© Ciena Corporation 2026. All rights reserved. Proprietary Information.20 Revenue by geographic region 11% 9% 8% 15% 17% 14% 74% 74% 76% 78% 15% 9% 8% 14% 78%
Slide 21: Business outlook
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Business outlook
Slide 22: Economic considerations and assumptions in our 2026 outlook
© Ciena Corporation 2026. All rights reserved. Proprietary Information.22 Economic considerations and assumptions in our 2026 outlook • We do not experience significant deferrals of delivery of forecasted orders or of our existing backlog • We are able to ramp capacity and deliver new products accor
Slide 23: Business outlook for fiscal year 2026
© Ciena Corporation 2026. All rights reserved. Proprietary Information.23 Business outlook for fiscal year 20261 1 Projections or outlook with respect to future operating results are only as of March 5, 2026, the date presented on the related earnings call. Actual results may differ materially from
Slide 24: Business outlook for fiscal second quarter 2026
© Ciena Corporation 2026. All rights reserved. Proprietary Information.24 Business outlook for fiscal second quarter 20261 1 Projections or outlook with respect to future operating results are only as of March 5, 2026, the date presented on the related earnings call. Actual results may differ materi
Slide 25: Q1 FY 2026 appendix
© Ciena Corporation 2026. All rights reserved. Proprietary Information. Q1 FY 2026 appendix
Slide 26: Gross Profit Reconciliation
© Ciena Corporation 2026. All rights reserved. Proprietary Information.26 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 GAAP gross profit $625,520 $577,179 $503,079 $452,838 $471,821 Share-based compensation-products 1,822 1,964 2,027 2,033 1,750 Share-based compensation-services 4,025 3,85
Slide 27: Operating expense and operating income reconciliation
© Ciena Corporation 2026. All rights reserved. Proprietary Information.27 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 GAAP operating expense $436,108 $566,688 $429,544 $419,996 $391,158 Share-based compensation-research and development 16,594 16,274 16,749 17,021 14,237 Share-based compen
Slide 28: Net income reconciliation
© Ciena Corporation 2026. All rights reserved. Proprietary Information.28 Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 GAAP net income $150,283 $19,489 $50,308 $8,969 $44,572 Exclude GAAP provision (benefit) for income taxes 30,832 (16,631) 15,511 10,047 24,022 Income before income taxes 1
Slide 29: EBITDA reconciliation
© Ciena Corporation 2026. All rights reserved. Proprietary Information.29 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q1 FY 2026 Q4 FY 2025 Q3 FY 2025 Q2 FY 2025 Q1 FY 2025 Net income (GAAP) $150,283 $19,489 $50,308 $8,969 $44,572 Add: Interest expense 21,254 21,982 22,806