Summary of Lumen's 2026 Investor Day Conference Call Company Overview - **Company**: Lumen Technologies - **Focus**: Transitioning to become the trusted network for AI and Cloud 2.0 services Key Industry Insights - **AI and Networking**: The importance of a robust network infrastructure to support AI workloads is emphasized. Lumen's network is designed to handle massive workloads across multiple clouds efficiently and securely [3][4][6] - **Cloud 2.0**: A shift from traditional cloud services to intelligent, application-centric environments is highlighted. This transition requires significant investment in data center expansion and networking capabilities [19][21] Core Strategic Points - **Cultural Transformation**: Lumen has undergone a cultural reboot, empowering employees and focusing on a growth mindset rather than merely surviving [5][6] - **Financial Restructuring**: The company has secured $13 billion in Private Connectivity Fabric deals and divested its consumer fiber business, leading to improved financial stability and market confidence [8][9] - **Stock Performance**: Lumen's equity has seen a 400% return over the past two years, with stock prices rising from slightly above $1 to over $7 [9][10] Growth Strategy - **Network Expansion**: Lumen is expanding its physical network to support high-capacity, low-latency services essential for AI and cloud applications [7][22] - **Digital Platform Development**: The introduction of a programmable network and services like Network as a Service (NaaS) aims to enhance customer control and flexibility [49][55] - **Investment in Infrastructure**: Plans to invest $500 million by 2026 to build a programmable network for AI workloads, focusing on high-capacity circuits and data center connectivity [47][48] Market Dynamics - **Shifts in Spending**: Enterprises currently allocate 36% of their network spend on connecting premises to the cloud, with a projected shift to 84% focusing on cloud core interconnections over the next three years [21][44] - **East-West Traffic Growth**: The east-west market, which involves data movement between data centers and clouds, is expected to grow significantly, with a projected CAGR of 13% [44] Technological Innovations - **Lumen Connect**: A new digital platform that allows customers to manage their network services on-demand, enhancing the customer experience [58][60] - **Fabric Port**: A product that enables multiple services on a single port, streamlining service delivery and reducing operational complexity [63][64] - **Multi-Cloud Gateway**: A solution designed to simplify connections to multiple cloud providers, facilitating better data transfer and reducing complexity [66] Conclusion - Lumen is positioning itself as a leader in the AI and cloud networking space through strategic investments, cultural transformation, and innovative service offerings. The company aims to provide high-bandwidth, low-latency solutions that meet the evolving needs of enterprises in a complex digital landscape [10][22][67]

1 © 2025 Lumen Technologies. All Rights Reserved. Jim Breen SVP Investor Relations 2 Forward Looking Statement Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions with respect to the future are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor ...

Summary of Lumen Technologies 2025 Analyst Day Company Overview - **Company**: Lumen Technologies (NYSE: LUMN) - **Event**: 2025 Analyst Day held on September 23, 2025 Core Industry Insights - **Theme**: The trusted network for AI, focusing on building a robust physical network and cloudifying telecom to meet enterprise demands in the AI era [5][12][64] - **Transformation**: Lumen is undergoing a fundamental transformation from a legacy telecom company to a modern technology infrastructure provider, emphasizing innovation and customer value [13][14][18] Key Financial Insights - **Financial Goals**: Restoration of free cash flow health, EBITDA growth guidance for 2026, and a target to restore business segment revenue growth by 2028 [15][79] - **Debt Management**: Successfully completed the largest out-of-court debt restructuring in history, reducing debt from over $18 billion to $13 billion and cutting interest expenses significantly [78][79] Strategic Focus Areas - **Physical Network Expansion**: Lumen is dramatically expanding its physical network, leveraging partnerships with hyperscalers to meet the demands of the AI economy [52][84] - **Digital Transformation**: The company is cloudifying its telecom services to enhance flexibility and scalability, allowing for multiple services over a single infrastructure [56][90] - **Ecosystem Development**: Building a connected ecosystem that accelerates time to value for technology partners and customers, enhancing overall service delivery [61][62] Innovation and Technology - **Product Development**: Introduction of new technology products aimed at simplifying networking and enhancing customer experiences [5][28][60] - **Project Berkeley**: A significant initiative aimed at providing a management console for total lifecycle management of networking needs, enhancing service delivery [57] Market Opportunities - **Total Addressable Market**: Targeting a rapidly growing market for connectivity, estimated at $15 billion, driven by increasing cloud spend and data proliferation [29][90] - **Customer Demand**: Addressing the complexity faced by CIOs in delivering insights quickly amidst a sea of data and applications [26][27] Cultural and Leadership Insights - **Company Culture**: Emphasis on a culture of trust, transparency, and a growth mindset, which is seen as critical for successful transformation [45][86] - **Leadership Team**: A strong leadership team with an underdog mindset, focused on innovation and disruption in the telecom industry [21][22] Conclusion - **Future Outlook**: Lumen is positioned for growth with a clear strategy focused on innovation, financial stability, and a commitment to transforming the telecom landscape to support the AI economy [64][79]