Lumentum Cdr (LUME) · TSX:LUME
Lumentum Cdr (LUME) — Lumentum — Merger or Acquisition (November 2026)
24 slides from Lumentum Cdr (LUME)'s merger presentation, November 2026
Slide 1: Marvell and Lumentum to combine
Marvell and Lumentum to combine Creating a category leader in AI connectivity November 2026
Slide 2: Important Information for Investors and Shareholders
Important Information for Investors and Shareholders Cautionary Note Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E
Slide 3: Important Information for Investors and Shareholders
Important Information for Investors and Shareholders Additional Information About the Transaction and Where to Find It This communication relates to a proposed transaction between Marvell Technology, Inc. (“Marvell”) and Lumentum Holdings Inc. (“Lumentum”) (the “Transaction”). In connection with the
Slide 4: Important Information for Investors and Shareholders
Important Information for Investors and Shareholders No Offer or Solicitation This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation
Slide 5: Powering the next era of AI infrastructure
Powering the next era of AI infrastructure + Connectivity leader Photonics leader © 2026 Marvell confidential. All rights reserved. 5
Slide 6: Lumentum EPS CAGR comparison
Marvell 76% Marvell AMD 73% Seagate 72% Lumentum Lumentum 66% Western Digital 65% Broadcom 59% Flex 52% Ciena 51% Nvidia 51% Coherent 50% Palantir 48% EPS CAGR, CY26-28E Intel 42% Micron 39% Everpure 38% Sandisk 36% ON Semi 34% Monolithic Power 34% Corning 33% Applied Materials 32% Oracle 31% Lam Re
Slide 7: Scaling into the AI connectivity champion of the next decade
Scaling into the AI connectivity champion of the next decade Revenue, CY29E $1,091B $439B $164B $101B $66B $65B $64B $48B $32B $30B $24B $23B $22B $19B $17B $15B $15B $13B $10B $10B $8B AVGO IFX COHR AMD MCHP QCOM Marvell STM NVDA INTC TXN ADI NXP Lumentum Renesas ARM ON NewCo MediaTek MPWR Cerebras
Slide 8: Highly compelling strategic and financial rationale
Highly compelling strategic and financial rationale Once in a generation opportunity to define and lead AI connectivity in the era of integrated optics Creates a full-stack partner at every distance / topology by combining Marvell’s interconnect and Lumentum’s portfolio of lasers Solves rising compl
Slide 9: Marvell's strategic M&A supercharging organic execution
Marvell’s strategic M&A supercharging organic execution Strategic foresight ~25x Increase in World-class integration Marvell share price over the last decade Destination for talent Robust value creation ~$252*** ~$90 $61 $40 Marvell ~$24 Share $18 Price* $10** CY2016 CY2026 *Marvell share price = Un
Slide 10: Combination creates AI connectivity category leader
Combination creates AI connectivity category leader Combination creates AI connectivity category leader Connectivity leader Photonics leader Marvell Lumentum High-speed DSP / Advanced laser technology SerDes connectivity End-to-End Broad silicon platform Extreme Critical platform for pluggables, spa
Slide 11: Unlocking a larger TAM
Unlocking a larger TAM Expanded Combined TAM Marvell TAM Lumentum TAM CY30 CY30 CY30 $400B $90B+ $550B Combined technology platform expected to unlock additional opportunities Stronger ability to capture greater share of larger TAM Source: Marvell - Investor Day – October 6, 2026, Lumentum - OFC Inv
Slide 12: Why now?
Why now? Distributed DCs Data center Rack | Multi-rack Package | Tray Up to 1,000km Up to 2km Up to 50m Up to 1m Scale-across Scale-out Scale-up Scale-in Data Bandwidth 1x 10x 100x 1000x Multiplier Optical today Optical tomorrow Modular, discrete Highly-integrated, customer specific Scaling AI conne
Slide 13: Optical today - ZR, PAM4, NPO
Marvell Distributed DCs Data center Rack | Multi-rack Package Optical today - ZR, PAM4, NPO Lumentum ZR Module (Marvell) Scale-across Scale-out Scale-up Scale-in Electronics Photonics SiPho Pump Laser All critical technologies Scale-across DSP under one roof: TIA + Driver Tunable Laser components to
Slide 14: Optical tomorrow – CPO, Scale-in
Marvell Distributed DCs Data center Rack | Multi-rack Package Optical tomorrow – CPO, Scale-in Lumentum Scale-across Scale-out Scale-up Scale-in UHP UHP Laser Laser ELSFP ELSFP UHP UHP Laser Laser PIC PIC PIC PIC PIC PIC PIC PIC EIC EIC EIC EIC EIC EIC EIC EIC Scale-up XPU Switch Integration is crit
Slide 15: Covering all networking use-cases
Covering all networking use-cases Covering all networking use-cases Network Switching Optical Switching Hyperscale Lower-power scale-out optical spine Low-latency More resilient scale-up AI fabrics Expanding cloud Reconfigurable networking connectivity Electrical domain Optical domain Additive TAMs,
Slide 16: Complete heterogeneous platform for optical connectivity
Complete heterogeneous platform for optical connectivity Complete heterogeneous platform for optical connectivity New world: Heterogeneous technology platform Silicon Photonics (SiPho) Silicon Germanium (SiGe) Heterojunction bipolar transistors (HBTs) Silicon Optical Optical waveguides transmitters
Slide 17: Complete AI connectivity platform
Complete AI connectivity platform PAM and Coherent DSPs TIAs and Drivers CPO / NPO light engines Optical Transceivers / DCI Module Interconnect ELSFP and High-Power Lasers EML and CW Lasers Narrow-Linewidth Lasers Pump Lasers Network Switch Switching Optical Circuit Switch Wavelength Selective Switc
Slide 18: Scaling to meet the massive growth in AI demand
Scaling to meet the massive growth in AI demand Marvell Lumentum Scaled to meet the opportunity Premium, high-demand manufacturing assets World's largest InP wafer fab capacity High volume semi supply chain 20x unit volume expansion in 2 years Capacity secured to deliver growth and still growing Hig
Slide 19: Solving rising AI complexity for our joint customer base
Solving rising AI complexity for our joint customer base End-to-end signal chain: Full-stack technology partner with expertise from photon generation to electronic processing Leader in every distance domain: Complete capabilities to address customer complexities at every distance and topology Fully-
Slide 20: Financially accretive combination
Financially accretive combination Enhanced revenue growth and margin profile Marvell Lumentum Pro Forma (FQ3’27 Guidance**) (FQ1’27) (excl. Synergies) (in $ billions) Line of sight to $1B+ in Revenue $12.6 $5.1 $17.7 (MRQ Annualized) run-rate synergies, primarily COGS Gross Margin* 58% 53% 57% Expec
Slide 21: Transaction summary
Transaction summary ► All-stock transaction with combined enterprise value* over ~$275B Transaction ► Lumentum stockholders receive 4.500 shares of Marvell common stock for each share of Lumentum common stock Consideration ► Pro forma ownership of ~67% Marvell shareholders and ~33% Lumentum sharehol
Slide 22: Highly compelling strategic and financial rationale
Highly compelling strategic and financial rationale Once in a generation opportunity to define and lead connectivity in the era of integrated optics Creates a full-stack partner at every distance / topology combining of Marvell’s interconnect and Lumentum’s portfolio of lasers Solves rising complexi
Slide 23: Thank You
Thank You
Slide 24: Marvell: Essential technology, done right
ia MARVELL Essential technology, done right™