CIEN Q4 2024 Earnings Presentation

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.2 Forward-looking statements and non-GAAP measuresYou are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission (SEC) filings, recent news, financial results, supplemental financial information, and other announcements. From time to time, we exclusively post material information to this website along with other disclosure channels that we use. You are encouraged to review theInvestors sectionof our website, where we routinely post press releases, Securities and Exchange Commission ("SEC") filings, recent news, financial results, supplemental financial information, and other announcements. Fromtime to time we exclusively post material information to this website along with other disclosure channels that we use. Information in this presentation and related comments of presenters contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentionsor strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words.Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due toa number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers, their spending and their businesses and markets; our ability to execute our business and growth strategies; the impact of macroeconomic conditions; the impact of the introduction of new technologies byusor our competitors; seasonality and the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, including but not limited to the ongoing conflicts between Ukraine and Russia, and Israel and groups based in the surrounding region, and public health emergencies, epidemics, or pandemics, such as the COVID-19 pandemic; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including Ciena's Quarterly Report on Form 10-Q filed with the SEC on September 4, 2024 and its Annual Report on Form 10-K to be filed with the SEC.All information, statements, and projections in this presentation and the related earnings call speak only as of the date of this presentation and related earnings call. Ciena assumes no obligation to update any forward-looking or other information included in this presentation or related earnings calls, whether as a result of new information, future events or otherwise.In addition, this presentation includes historical, and may include prospective, non-GAAP measures of Ciena’s gross margin, operating expense, operating margin, EBITDA, and net income per share. These measures are not intended to be a substitute for financial information presented in accordance with GAAP. A reconciliation of non-GAAP measures used in this presentation to Ciena’s GAAP results for the relevant period can be found in the Appendix to this presentation. Additional information can also be found in our press release filed this morning and in our reports on Form 10-Q and Form 10K filed with the Securities and Exchange Commission.

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.3 Table of Contents 1.Overview and Ciena's portfolio2.Industry context and addressable market expansion3.Ciena is positioned for accelerated growth4.Fiscal year 2024 financial performance5.Fiscal Q4 2024 financial performance6.Appendix

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.10 Our addressable market expansion strategy allows us to access higher growth markets 1Sources: Dell'Oro, CignalAI, LightCounting, and Ciena internal analysis.

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.11 Our market leadership Optical Transport Report, 3Q24Optical Networking Report, 3Q24Service Provider Switching & Routing Report, 3Q24Transport Hardware Report, 3Q24 #1 Globally•Data center interconnect•Purpose-built/compact modular DCI•Optical for internet content provider customers•Optical for cable MSO customers#1 N. America•Data center interconnect•Total optical networking•Optical packet#2 Globally•Total optical networking•Optical packet #1 Globally•Purpose-built/compact modular DCI•SLTE WDM•Access switching#1 N. America•Total optical networking•Purpose-built/compact modular DCI•Access switching#2 Globally•Total optical networking #1 Globally•Purpose-built/compact modular DCI•Optical for cloud and colo•SLTE WDM#1 N. America•Total optical networking•Purpose-built/compact modular DCI •Optical for cloud and colo•Routing/Access#2 Globally•Total optical networking•Optical for service provider•Optical for enterprise and government•Routing/Access

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.13 Our future growth Long-term growth in core business plus new addressable markets result in opportunity to outpace our traditional revenue CAGR over time

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.17 Fiscal FY 2024 key highlights Introduced WaveLogic 6 Extreme the industry’s first 1.6T coherent solutionAdded 60 new customers for WaveLogic 5 Extreme 800G and surpassed 150,000 WL5e modems shippedContinued momentum with coherent pluggable portfolio, shipping WL5n 400G plugs to three Cloud providers and securing a large design win for WL6n 800G plugs with one Cloud providerExpanded our WaveRouter coherent routing family with WaveRouter 2 and WaveRouter 7, expanding Ciena's comprehensive portfolio of coherent routers to 16 total •Ended the fiscal quarter with approximately $1.33 billion in cash and investments•Generated $378 million in free cash flow•Repurchased approximately ~4.5 million shares for $250 million, completing our $1 billion three-year stock repurchase program (FY22-24)•Announced a new $1billion three -year stock repurchase program (FY25-27) •Released our annual Sustainability Report, detailing our progress and performance across environmental, social, and governance programs•Continued to work towards our science-based greenhouse gas emissions targets and used 100% renewable energy in our facilities•Volunteered 37,000 hours and raised $3.9 million for community organizations from employee donations, matched giving, and volunteer rewards through our Ciena Cares program We are driving the pace of innovation We are committed to our people, communities, and the environmentWe have a strong business and financial model

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.18 Fiscal full-year 2024 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. FY 2024FY 2023Revenue$4,014.9M$4,386.5MAdjusted Gross Margin*43.6%43.5%Adjusted Operating Expense*$1,361.7M$1,332.8MAdjusted Operating Margin*9.7%13.1%Adjusted EBITDA*$481.0M$665.8MAdjusted EPS*$1.82$2.72

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.20 Q4 FY 2024 key highlights Non-telco represented 48% of total revenueDirect Cloud Provider revenue grew 53% sequentially India revenue grew 49% sequentiallyBlue Planet revenue grew 17% YoY •Achieved commercial availability of WaveLogic 6 Extreme, industry’s first 1.6T coherent solution, with shipments for revenue to five customers•Surpassed 150 customers for WaveLogic 5 Nano 400G coherent pluggables with 29 new customers•Continued strong momentum in WaveLogic 5 Extreme with 18 new customers•Announced WaveLogic 6 Nano 1.6T Coherent-Lite pluggable, designed to optimize performance and efficiency of data center and campus networksAchieved a total of 137 Coherent Routing solutions customers using our WL5n pluggable technologyEnhanced our Broadband solution functionality, with Navigator Network Control Suite, support for both PON and broadband network gateway BNG •Total shareholder return five-year CAGR of 14%1•Repurchased ~2.1 million shares for $132 million, achieving our $250 million target for FY 2024 and completing our three-year program (FY22-24)•Authorized a new $1 billion, three-year stock repurchase program (FY25-27) 1 Based on closing share price between 12/2/2019 to 12/2/2024 Achieving balanced growthPrioritizing long term shareholder valueDriving the pace of innovation

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.21 Q4 FY 2024 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. Q4 FY 2024Q4 FY 2023Revenue$1,124.1M$1,129.5MAdjusted Gross Margin*41.6%43.7%Adjusted Operating Expense*$354.9M$337.6MAdjusted Operating Margin*10.0%13.8%Adjusted EBITDA*$136.7M$178.8MAdjusted EPS*$0.54$0.75

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.22 Q4 FY 2024 comparative operating metricsQ4 FY 2024Q4 FY 2023Cash and investments$1.33B$1.25BCash provided by operations$349M$196MDSO 89.0 92.0Inventory Turns2.7 2.0Gross Leverage3.34x2.44xNet Debt$274M$373M

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.23 Revenue by segment(Amounts in millions)Q4 FY 2024Q4 FY 2023Revenue%**Revenue%**Networking PlatformsOptical Networking$779.669.4$748.066.2Routing and Switching79.47.0128.911.4Total Networking Platforms859.076.4876.977.6Platform Software and Services99.68.982.17.3Blue Planet Automation Software and Services23.52.120.01.8Global ServicesMaintenance Support and Training77.26.974.46.6Installation and Deployment51.44.560.15.3Consulting and Network Design13.41.216.01.4Total Global Services142.012.6150.513.3Total $1,124.1100.0$1,129.5100.0*A reconciliation of these non-GAAP measures to GAAP results is included in the appendix to this presentation.** Denotes % of total revenue

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.27 Q4 FY 2024Q3 FY 2024Q2 FY 2024Q1 FY 2024Q4 FY 2023GAAP gross profit$460,022$403,945$388,661$466,962$486,281Share-based compensation-products1,7361,6601,7601,3181,194Share-based compensation-services 3,2573,1223,3443,0202,827Amortization of intangible assets2,7642,7642,7632,7642,763Total adjustments related to gross profit7,7577,5467,8677,1026,784Adjusted (non-GAAP) gross profit$467,779$411,491$396,528$474,064$493,065Adjusted (non-GAAP) gross profit percentage41.6%43.7%43.5%45.7%43.7% Gross Profit Reconciliation (Amounts in thousands)

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.28 Q4 FY 2024Q3 FY 2024Q2 FY 2024Q1 FY 2024Q4 FY 2023GAAP operating expense$400,812$377,202$392,626$382,333$394,979Share-based compensation-research and development14,06513,11814,06612,88011,412Share-based compensation-sales and marketing11,16810,31511,16610,3059,187Share-based compensation-general and administrative10,8429,2579,87510,07910,274Significant asset impairments and restructuring costs2,6051,36115,6554,9717,209Amortization of intangible assets7,1857,1857,9477,25210,578Legal Settlement————8,750Total adjustments related to operating expense45,86541,23658,70945,48757,410Adjusted (non-GAAP) operating expense$354,947$335,966$333,917$336,846$337,569 Q4 FY 2024Q3 FY 2024Q2 FY 2024Q1 FY 2024Q4 FY 2023GAAP income (loss) from operations$59,210$26,743$(3,965)$84,629$91,302Total adjustments related to gross profit7,7577,5467,8677,1026,784Total adjustments related to operating expense45,86541,23658,70945,48757,410Total adjustments related to income from operations53,62248,78266,57652,58964,194Adjusted (non-GAAP) income from operations$112,832$75,525$62,611$137,218$155,496Adjusted (non-GAAP) operating margin percentage10.0%8.0%6.8%13.2%13.8% Operating Expense Reconciliation(Amounts in thousands) Income (Loss) from Operations Reconciliation(Amounts in thousands)

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.29 Q4 FY 2024Q3 FY 2024Q2 FY 2024Q1 FY 2024Q4 FY 2023GAAP net income (loss)$37,028$14,230$(16,849)$49,547$91,199Exclude GAAP provision (benefit) for income taxes10,9932,12582021,956(20,681)Income (loss) before income taxes48,02116,355(16,029)71,50370,518Total adjustments related to income from operations53,62248,78266,57652,58964,194Loss on extinguishment and modification of debt————7,874Adjusted income before income taxes101,64365,13750,547124,092142,586Non-GAAP tax provision on adjusted income before income taxes22,36114,33011,12027,30031,369Adjusted (non-GAAP) net income$79,282$50,807$39,427$96,792$111,217Weighted average basic common shares outstanding144,240144,394144,914145,291147,437Weighted average diluted potential common shares outstanding(1) 146,487145,361146,268145,848147,891 Q4 FY 2024Q3 FY 2024Q2 FY 2024Q1 FY 2024Q4 FY 2023GAAP diluted net income (loss) per potential common share$0.25$0.10$(0.12)$0.34$0.62Adjusted (non-GAAP) diluted net income per potential common share $0.54$0.35$0.27$0.66$0.751.Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share for the fourth quarter of fiscal 2024 includes 2.2 million shares underlying certain stock option and stock unit awards. Net Income (Loss) Reconciliation (Amounts in thousands) Net Income (Loss) per Common Share

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© Ciena Corporation 2024. All rights reserved. Proprietary Information.30 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Q4 FY 2024Q3 FY 2024Q2 FY 2024Q1 FY 2024Q4 FY 2023Net income (loss) (GAAP)$37,028$14,230$(16,849)$49,547$91,199Add: Interest expense24,99024,40123,86123,77624,207Less: Interest and other income, net13,80114,01311,79710,65011,297Add: Loss on extinguishment and modification of debt————7,874Add: Provision (benefit) for income taxes10,9932,12582021,956(20,681)Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements23,84922,98123,20822,80823,351Add: Amortization of intangible assets9,9499,94910,71010,01613,342EBITDA $93,008$59,673$29,953$117,453$127,995Add: Share-based compensation expense41,06837,47240,21137,60234,894Add: Significant asset impairments and restructuring expense2,6051,36115,6554,9717,209Add: Legal settlement————8,750Adjusted EBITDA$136,681$98,506$85,819$160,026$178,848 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) (Amounts in thousands)

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