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LUMEN® The Trusted Network for Al SM
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© 2026 Lumen Technologies. All Rights Reserved. 2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding management's expectations with respect to our business, strategy and operations as well as statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions. These forward-looking statements are not promises nor guarantees of future results, are based on our current expectations only and are subject to various risks and uncertainties, including those described in our most recent Annual Report or Form 10-K and Quarterly Report or Form 10-Q, as updated in our other filings with the U.S. Securities and Exchange Commission from time to time. Actual results may differ materially from those anticipated by us in these statements due to several factors, including those referenced in our filings with the U.S. Securities and Exchange Commission. Forward-Looking Statement
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© 2026 Lumen Technologies. All Rights Reserved. 3 – Kate Johnson, CEO “Today, we’re accelerating from turnaround to growth. Our strategy is focused on delivering what differentiates us: expand the physical network, scale our digital services platform, and build a connected ecosystem of industry-leading technology partners to create high-value solutions for customers. Lumen is no longer a legacy telecom – we’re a digital network services company disrupting an industry and purpose- built for the AI economy.”
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Who Is Lumen Technologies Lumen is a digital networking services company connecting people, data, and applications — quickly, securely, and effortlessly. We are unleashing the world’s digital potential with our vast network and innovative services. © 2026 Lumen Technologies. All Rights Reserved.4
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© 2026 Lumen Technologies. All Rights Reserved. 5 Our Leadership Team Kate Johnson Chief Executive Officer Jim Fowler EVP, Chief Technology & Product Officer Ana White EVP, Chief People & AI Enablement Officer Chris Stansbury President & Chief Financial Officer Jeff Sharritts EVP, Chief Revenue Officer Kye Prigg EVP, Chief Commercial Operations Officer Ryan Asdourian EVP, Chief Strategy & Marketing Officer Jennifer Hodges EVP, Chief Legal Officer
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© 2026 Lumen Technologies. All Rights Reserved. 6 Networking for enterprise and public sector Copper-based services for residential and small business Cyberthreat research and operations Our Brands Control plane to connect, secure, and operate globally
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© 2026 Lumen Technologies. All Rights Reserved. 7 Midsize Business Public Sector Wholesale Providing AI-ready, cloud-scale networking for the world’s largest and most data-intensive enterprises, including Fortune 500 companies, hyperscalers, cloud and neo-cloud providers, and data center operators. Serving midsize and regional enterprise customers at scale with the same digital network platform as large enterprise, but with simplified offers and fast provisioning. Meeting the needs of state, local, and federal customers including the U.S. government to provide high-capacity fiber networks that are secure and enable edge compute and large-scale networks for AI and mission critical data. Delivering long-haul fiber, metro fiber, and interconnection assets to carriers and content providers. Customer Segments Served Large Enterprise Business
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© 2026 Lumen Technologies. All Rights Reserved. 8 Industry-Leading Brands Choose Lumen
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© 2026 Lumen Technologies. All Rights Reserved. 9 MISSION PURPOSE Igniting business growth by connecting people, data and apps – quickly, securely and effortlessly Unleashing the world’s AI potential SUCCESS Delightful experiences for employees, customers, and partners Profitable revenue growth CUSTOMER SOLUTION AREAS Security Services Infrastructure Services Lumen Connectivity Fabric CULTURE We operate with Teamwork, Trust, Transparency We infuse Clarity, Customer Obsession, Courage, Growth Mindset, Respect in everything we do T H E P A T H T O D I S R U P T I O N Media and Entertainment Services Connectivity Fabric Innovation that customers value Our North Star
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© 2026 Lumen Technologies. All Rights Reserved. 10 Our Long-Term Vision Lumen is a digital network services company that delivers ubiquitous, universal connectivity to enterprises. Our high-bandwidth, low-latency, secure, resilient, and intelligent fiber solutions are delivered digitally and on-demand, giving customers control over how they consume connectivity. © 2026 Lumen Technologies. All Rights Reserved. 10
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© 2026 Lumen Technologies. All Rights Reserved. 11 The Lumen Growth Strategy Physical Build the backbone for the AI economy Connected Ecosystem Build the Lumen Connected Ecosystem Programmable Network Make the network as agile, scaleable, and consumable as the cloud 1 2 3 Business Optimization Modernize and simplify, drive core network services growth, secure the base Lumen 8 Teamwork Trust Transparency Growth Mindset Customer Obsession Clarity Courage Respect
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© 2026 Lumen Technologies. All Rights Reserved. 12 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 capacity routes Planned by EOY 261 Data Center Expansion 400G Ethernet-IP services at key data centers High-speed Ethernet services in key metro markets and reduced service delivery cost Metro Expansion RapidRoutes Enabling 400G capacity on key routes for fast service delivery activation Dedicated, low-latency private connections to cloud/AI ecosystems Cloud/AI On-Ramps 1.Represents a planned performance metric and not a guarantee of future results 2. Expected to be available by the end of 2026 For illustration purposes only 2 2
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© 2026 Lumen Technologies. All Rights Reserved. 13 Digital Services | Building the Programmable Network Traditional Telecom Network-as-a-Service Seller-led order Order entry, design Manual service activation Service-specific site readiness Automated service activation Customer-led configuration • One port many services • Port = Platform • Programmable, software defined • Fabric-based reach, not location • One port per service • Port = Product • Static, manually provisioned change • Geography dependent 1. Average Lumen On-Net DIA Service Modification Delivery time 20 – 30 days average cycle time 1 On demand in minutes
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© 2026 Lumen Technologies. All Rights Reserved. 14 Ethernet fabricInternet on-demand Multi-cloud networking Physical Infrastructure Programmable Network Connected Ecosystem 58M US intercity fiber miles1 ~19M Metro Fiber Miles2RapidRoutes Metro expansion and enhancements Data center interconnect The Lumen Platform Control Plane to design, deploy, and operate networks across cloud, sites, data centers, partners, and regions CustomersSaaS providersTech marketplacesCarriersClouds 1 Projected YE 2031 2 As of June 30, 2026 Direct cloud on-ramps
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© 2026 Lumen Technologies. All Rights Reserved. 15 Key Financial Goals: FCF, Balance Sheet, 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 revenue growth Growth engines drive more than half of enterprise revenue, accelerating mix shift Return to FCF growth Driven by PCF, cost savings, and reduced capex intensity In Progress 2028
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© 2026 Lumen Technologies. All Rights Reserved. 16 Transformative Execution Radically Transformed the Capital Structure (1) Lowered cost of capital Completed $11B of refinancings across six transactions materially resulting in ~$200 million of annual interest expense savings Returned to capital markets Enhanced deleveraging by reducing ~$5.5B of debt / leverage < 4x using FTTH sale proceeds and excess free cash flow generation De-risked and simplified capital structure Extended maturities / reduced concentration risk / reduced administrative complexity Enhanced covenant flexibility Modernized covenant framework to increase financial and operating flexibility Improved credit ratings Secured one-notch upgrades from S&P , Fitch, and Moody’s; with further improvement expected post FTTH close and Lumen debt paydown (1) Includes $650M add-on to LVLT 8.5% Unsecured Note due 2036 and tender of LVLT 2L Notes Accelerated Modernization & Simplification savings 2025 exit run-rate of $400M+; 2026E exit run-rate savings of $700M+
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© 2026 Lumen Technologies. All Rights Reserved. 17 $0 $0 $186 $652 $120 $132 $2,400 $2,000 $2,425 $0 $1,900 $3,271 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ Impact of LVLT Unsecured refinancings: as of 6/30/2026 $51 $51 $695 $3,146 $2,122 $136 $2,839 $2,000 $2,425 $0 $1,900 $2,271 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ Impact of LVLT 1L refinancings(1): as of 12/31/2025 $373 $60 $230 $718 $7,183 $6,072 $568 $789 $0 $0 $0 $0 $2,271 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ Post TSA: as of 12/31/2024 $125 $1,826 $462 $9,366 $1,519 $3,131 $1,023 $116 $0 $0 $0 $0 $0 $2,283 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ Pre TSA(2): as of 12/31/2023 Evolution of Lumen’s Debt Maturity Profile ($ in millions) Total debt: $19.9B Gross leverage: 4.3x1 Total debt: $18.3B Gross leverage: 4.6x2 (1) Includes $650M add-on to LVLT 8.5% Unsecured Note due 2036 and tender of LVLT 2L Notes, completed January 2026 (2) TSA refers to March 2024 Debt Restructuring Note: Adjusted EBITDA excluding SI utilized for Leverage; Includes only funded debt 3 Total debt: $17.6B Gross leverage: 5.3x Total debt: $13.1B Gross leverage: 4.08x 4
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Future Balance Sheet Opportunities Near-term goals ✓ New revolver to reflect improved balance sheet ✓ Collapsed reporting Silos/SEC Filers ✓ Continue to de-lever through opportunistic transactions Operational improvements Ratings upgrades/ lower cost of capital Debt refinancing Maturity extensions Regular way financing cycle Near-term leverage target 3x to 3.5x Net debt/aEBITDA
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© 2026 Lumen Technologies. All Rights Reserved. 19 Pivot to the Future of Lumen Pivot revenue to growth by completing PCF builds, scaling digital, and improving overall mix Focus capital allocation on supporting strategic goals Drive sustainable FCF generation through improved margin structure and lower capital intensity Continue execution on M&S cost reductions
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M&S Program Achieved $400M+ in FY25 ERR (vs. Original Goal of $250M ERR), with Plans to Achieve $700M Exiting 2026 How we have driven value-to-date • ~90 real estate site exits completed • ~90 local and national switches decommissioned • 4,500+ Digital Subscriber Line Access Multiplexers (DSLAM) streamlined, powered down • ~50 mainframe apps retired and 300+ apps migrated to the cloud • $100M+ AI-led or AI-enabled aEBITDA savings • Progress made towards end-to-end quote to cash solution including launched ERP Phase I FY25 $400M+ Exit run-rate savings (M) aEBITDA FY26E $700M+ $1B+ FY27E Target run-rate savings
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© 2026 Lumen Technologies. All Rights Reserved. 21 Physical network High bandwidth any to any network RapidRoutes Upgraded Waves Long-Haul Connectivity MetRON Upgraded Metro Connectivity Data Center Expansion DCO Connectivity Cloud On-Ramps Hyperscaler and Neo Cloud Connectivity Digital platform Simple agile service lifecycle Network as a Service Customer Driven Provisioning Multi-cloud Gateways Virtual Cloud Router Connected Ecosystem Expansion and scale through partners Marketplaces API Driven Commerce 1 3 2 Lumen Validated Designs Prebuilt Partner Integration Lumen Connect Self-Service Platform Fabric Port Multi-Service Technology Network Partners On & Off-Net Fabric Port Services Simplify and modernize Base / maintenance and revenue enablement Critical infrastructure Inventory Corporate IT and security Success-based 2026 Business Capex Investment Strategy PCF Dark Fiber, ILA, space and power ~$0.5B ~$1.5B ~$1B Capex figures reflect current expectations and are subject to change.
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© 2026 Lumen Technologies. All Rights Reserved. 22 Key Drivers to Long-Term Growth Algorithm Digital revenue • 2028E at $500-$600M • 2030E at $800-$900M PCF revenue • 2028E at $400-$500M • 2030E at $500-$600M Other Strategic • Expect other strategic products (ex Digital/PCF) grow in-line with market trends Legacy business • Expect Legacy products decline in-line with market trends • Strategic revenue mix expected to continue to grow driven by scalable digital revenue opportunity which is accretive to aEBITDA margins and FCF • Digital product delivery is less capital intensive than the old, traditional telecom model • We expect to see an improved financial profile, with planned aEBITDA margin expansion, reduced capital intensity, and lower cost of capital as we strategically shift our product set towards the future Digital TAM of ~$23B in 2026 projected togrow to ~$32B in 2030 ~53% ~46% ~40% ~34% ~31% ~28% ~45% ~50% ~53% ~55% ~56% ~58% ~1% ~2% ~3% ~5% ~6% ~6% ~1% ~2% ~4% ~6% ~7% ~8% Actuals Forecast Forecast Forecast Forecast Forecast 2025 2026 2027 2028 2029 2030 Legacy Growth PCF Digital Legacy, Other Strategic, PCF, and Digital as a % of Total Business Revenue Other Strategic
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© 2026 Lumen Technologies. All Rights Reserved. 23 Long-Term Business Outlook 2026-2030 Long-term guidance 2025A 2026E 2027E 2028E 2029E 2030E Business revenue growth -4.5% ~ -4% to -3.5% ~ -1% to -0.5% > 0% >1% Low single digits Total aEBITDA margins 27.1% Mid 30% range Net cash interest $1,147M ~$700M1 $675-$725M Capital intensity ex PCF 25.6% 17%-19% 1. Assumes mid-point of 2026 guidance range
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© 2026 Lumen Technologies. All Rights Reserved. 24 Lumen Technologies is © 2026 Lumen Technologies. All Rights Reserved. 24
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© 2026 Lumen Technologies. All Rights Reserved. 25 Why customers choose Lumen "Our team is responsible for the critical network infrastructure planning for AWS events and Lumen helps us ensure no one worries about networking because it always works. “ Brian Searcy, Principal TPM “Lumen's future-ready fiber is the connective fabric we need to provide best-in-class connectivity, and drive AI innovation. ” T renton Thornock, Founder and CEO “ A good fan experience starts with connectivity. Lumen assisted in helping us deliver a best-in-class Wi-Fi solution at our stadium. ” Chip Suttles, VP of T echnology "[Lumen] Network-as-a-Service perfectly aligns with our future-state architecture [supporting] our growth strategy by reducing traditional provisioning timelines and offering substantial cost savings for greater flexibility and scalability." Chad Simpson, CIO
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Our Culture Teamwork Trust Transparency Clarity Customer obsession Courage Growth mindset Respect © 2026 Lumen Technologies. All Rights Reserved. 26
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© 2026 Lumen Technologies. All Rights Reserved. 27 Purpose and Impact: Corporate Responsibility Investing in People and Communities Responsible Business Practices Through our Teachers and Technology program, Lumen invests in K-12 STEM education by funding technology-enabled learning. Since 2010, more than $12 million in grants have supported educators in building digital literacy and technical skills for students. Community impact at Lumen starts with our employees. We support employee volunteerism and giving, amplifying that support through corporate matching gifts to help our Lumenaries make a meaningful difference in the communities where they live and work. Operating responsibly and with accountability, Lumen's approach emphasizes ethical conduct, strong governance, and sustainable business practices that support long-term value for customers, communities, and stakeholders. Expanding Access to Technology
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© 2026 Lumen Technologies. All Rights Reserved. 28 Technology Accolades Workplace Awards Lumen is recognized for innovative solutions and workplace excellence