Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 5, 2026
Slide 2: Forward-Looking Statements
© 2026 Lumen Technologies. All Rights Reserved. 1 Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and our other oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “int
Slide 3: Non-GAAP Financial Measures
© 2026 Lumen Technologies. All Rights Reserved. 2 This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, as well as adjusted EBITDA, adjusted EBITDA margin, free cash flow and capital expenditures excluding the eff
Slide 4: Kate Johnson, CEO
© 2026 Lumen Technologies. All Rights Reserved. 3 KATE JOHNSON CEO
Slide 5: The Problem: A War Against Technical Complexity
© 2025 Lumen Technologies. All Rights Reserved. 4 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
Slide 6: The Path of Disruption in Telecom
© 2026 Lumen Technologies. All Rights Reserved. 5 The Path of Disruption in Telecom
Slide 7: The Physical Network | Cloud 2.0 Connectivity
© 2026 Lumen Technologies. All Rights Reserved. 6 The Physical Network | Cloud 2.0 Connectivity RapidRoutes Metro Expansion Data Center Expansion Cloud On-Ramp Coverage 139 data centers 28 markets 35 gateways 32 markets 248 wire centers 90% coverage by end of 2026 49 new routes 18 expanded routes Pl
Slide 8: The Lumen Platform
© 2026 Lumen Technologies. All Rights Reserved. 7 1st Party MarketplaceLumen Connect Alkira Physical Infrastructure Programmable Network Connected Ecosystem 58M Intercity Fiber Miles2 ~22M Metro Fiber Miles3RapidRoutes Metro Expansion & Enhancements Data Center Interconnect The Lumen Platform 2 Proj
Slide 9: The Lumen Programmable Network
© 2026 Lumen Technologies. All Rights Reserved. 8 Cloud & carrier agnostic Private-network performance A single control plane Lumen Multi-Cloud Gateway SaaS providers and neoclouds2 The Lumen Programmable Network Metro connectivityData centers RapidRoutes Lumen Fabric Port Enterprises Off-net enterp
Slide 10: Lumen NaaS Adoption Remains Strong
© 2026 Lumen Technologies. All Rights Reserved. 9 NaaS Customers Services Sold Fabric Ports 1Q26 Adoption Rate (Q/Q) +25% +32% +35% Number of customers that purchase and use one or more ports in quarter Number of fabric ports deployed by customers to support multi-cloud networking Number of servi
Slide 11: Building the Lumen Platform for ~$70B of TAM
© 2026 Lumen Technologies. All Rights Reserved. 10 Building the Lumen Platform for ~$70B of TAM Lumen Validated Designs Basic NaaS Services Connected Ecosystem 1.0 Multi-Cloud Gateway Intercloud Connection Connected Ecosystem 2.0 Cloud On-RampOne Port, Multiple Services Cloud InterconnectSaaS Gatewa
Slide 12: Alkira Expected Value Creation
© 2026 Lumen Technologies. All Rights Reserved. 11 Alkira Expected Value Creation1 Network as software C U S T O M E R S A true control plane, today • Design, deploy, and operate network as software — across clouds, data centers, partners, and sites. One pane replaces the stack • Connectivity, polic
Slide 13: Chris Stansbury, President & CFO
© 2026 Lumen Technologies. All Rights Reserved. 12 CHRIS STANSBURY PRESIDENT & CFO
Slide 14: Operational and Financial Accomplishments in 1Q'26
© 2026 Lumen Technologies. All Rights Reserved. 13 Operational and Financial Accomplishments in 1Q’26 Leverage below 4.0x following the FTTH close(1); reduced annual interest expense by $300M Phase 2 ERP execution & M&S progress Solid 1Q results, in-line with our expectations Strategic acquisition o
Slide 15: 1Q'26 Total Reported Revenue
© 2026 Lumen Technologies. All Rights Reserved. 14 Q/Q% Change Y/Y% Change 1Q26($ in millions) (1.1%)1.2%$778Large Enterprise (2.0%)(9.9%)$439Mid-Market Enterprise 10.5%5.2%$506Public Sector 1.8%(0.8%)$1,723N.A. Enterprise (1.2%)(7.8%)$648Wholesale 0.9%(2.8%)$2,371N.A. Total Business (3.9%)(13.1%)$7
Slide 16: Strategic vs. Legacy Revenue
© 2026 Lumen Technologies. All Rights Reserved. 15 Strategic vs. Legacy Revenue 1Q26($ in millions) $37Digital $78PCF $1,131Other Strategic $1,246Strategic $1,198Legacy Strategic vs. Legacy Total Business Revenue Strategic vs. Legacy Revenue Build $1,198 $1,246 45% 45% 48% 49% 51% 1Q25 2Q25 3Q25 4
Slide 17: 1Q26 Adjusted EBITDA excl. Special Items
© 2026 Lumen Technologies. All Rights Reserved. 16 1Q26 Adjusted EBITDA* excl. special items Y/Y% Change 1Q26($ in millions) (8.9%)$2,899Total Revenue (8.6%)$849Adjusted EBITDA* 10 bps29.3%Adjusted EBITDA* Margin $1,279Adjusted EBITDA* 1Q26 Special Items: ($596)(+) Net gain on sale of businesses $53
Slide 18: Consolidated Cash Flow Summary
© 2026 Lumen Technologies. All Rights Reserved. 17 Consolidated Cash Flow Summary 1Q26($ in millions) $1,323(2)Cash Flow from Operations $859Capital Expenditures(1) $756(2)Free Cash Flow(1) $236Net Cash Interest Key Metrics 1) Excluding Special Items impacting Capital Expenditures and Cash Flows. Fo
Slide 19: 2026 Financial Outlook
© 2026 Lumen Technologies. All Rights Reserved. 18 2026 Financial Outlook OutlookMetric(1)(2)(3)(4) $3.1 to $3.3 billionAdjusted EBITDA $1.9 to $2.1 billionFree Cash Flow $650 million to $750 millionNet Cash Interest $3.2 to $3.4 billionCapital Expenditures ($350) to ($450) millionCash Income Taxes
Slide 20: Key Financial Goals: FCF, Balance Sheet, Adj EBITDA, Revenue
© 2026 Lumen Technologies. All Rights Reserved. 19 Key Financial Goals: FCF, Balance Sheet, Adj EBITDA, Revenue Adj EBITDA inflection exiting 2026 Powered by transformation Transform the capital structure De-levered, refinanced, and simplified balance sheet for future growth Return to business reven
Slide 21: © 2025 Lumen Technologies. All Rights Reserved.
© 2025 Lumen Technologies. All Rights Reserved. 20