Financial Highlights - Reached over $10 billion in PCF deals signed to date[8] - Debt refinancing and term loan repricing of $24 billion extends maturities and reduces cash interest[8] - Total revenue was $3087 billion, a decrease of 42% year-over-year[36] - Adjusted EBITDA was $787 million, a decrease of 125% year-over-year, with an adjusted EBITDA margin of 255%[41] - Free cash flow was $1661 billion[44] Strategic Initiatives and Growth - Over 1500 customers adopted Lumen NaaS since launch[8] - NaaS customers increased by 32% quarter-over-quarter, fabric ports deployed by customers increased by 30%, and services sold across all fabric ports increased by 36%[22] - Fiber broadband revenue in Mass Markets was $225 million, an increase of 184% year-over-year, contributing 36% to total broadband revenue[38] Network and Infrastructure - Total intercity fiber miles increased from 12 million in 2022 to a planned 17 million in 2025, with a vision of 47 million by 2028[13] - Hyperscaler utilization is projected to increase from 30% in 2022 to 45% in 2025 and 57% in 2028[13] Debt and Leverage - Total debt as of September 30, 2025, was $180 billion[34] - Pro forma total debt after planned paydown and Lumen SP debt paydown is projected to be $131 billion, with gross leverage less than 38x[34]

Financial Performance - Total revenue grew by 10% to $1.265 billion in Q3 2025[39, 57] - Applications & Commerce (A&C) revenue increased by 14% to $0.5 billion[39, 57] - Core Platform revenue grew by 8% to $0.8 billion[39, 57] - NEBITDA margin reached 32%[9, 40] - Free cash flow increased by 21% to $440 million[35, 45, 57] Growth Drivers and Initiatives - A&C bookings growth contributed 20%[33] - Airo platform is evolving from Generative AI to Agentic AI[12, 15, 22, 27] - Airo customers are spending $500+ annually, representing ~10% of the customer base[36] - ARPU (Average Revenue Per User) grew by 10% in Q3[36] Future Outlook - The company raised full year revenue guide to 8% growth[35] - The company expects approximately $1.6 billion in free cash flow for the full year 2025[56]

October 2025 Investor Presentation Disclaimers Forward-Looking Information This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. The words "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" and other expressions that are predictions of or indicate future ev ...

Q3 2025 Earnings Results October 30, 2025 This presentation and the accompanying conference call contain forward-looking statements within the meaning of the federal securities laws, including statements about our future performance and goals. These statements involve substantial risks and uncertainties as further described in the Appendix, as well as in our most recent periodic reports filed with the SEC, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are avai ...

Financial Performance - Q3 2025 - Net sales reached $126 billion, a 72% year-over-year increase[10] - Gross profit amounted to $870 million, up 29% compared to the previous year[10] - Non-GAAP net income was $169 million, representing a 60% increase year-over-year[10] - Adjusted EBITDA totaled $342 million, a 32% increase from the prior year[10] - Non-GAAP diluted EPS stood at $072, exceeding the guidance midpoint by $005[10] Financial Performance - YTD 2025 - Net sales reached $377 billion, an 88% increase year-over-year[13] - Gross profit was $25 billion, up 11% compared to the same period last year[13] - Non-GAAP net income amounted to $455 million, a 98% increase year-over-year[13] - Adjusted EBITDA totaled $927 million, a 29% increase from the prior year[13] - Non-GAAP diluted EPS stood at $194, up 37% year-over-year[13] Q4 2025 Guidance - The company projects net sales between $14 billion and $1435 billion, indicating year-over-year growth of 49% to 75%[35] - Gross profit is expected to range from $935 million to $990 million[35] - Non-GAAP EPS is projected to be between $085 and $095[35]

Financial Performance - Sales reached $3.0 billion, an increase of 8% year-over-year[4] - Non-GAAP Earnings Per Share (EPS) increased by 9% year-over-year, reaching $4.06[4, 5] - The company achieved a GAAP operating margin of 25.6%, up 10 basis points year-over-year[4] - Non-GAAP operating margin increased by 80 basis points year-over-year to 30.5%[4, 5] - Record Q3 operating cash flow reached $799 million, up $40 million year-over-year[4] Segment Performance - Products and Systems Integration revenue increased by 6%[4] - Software and Services revenue increased by 11%[4] - Mission Critical Networks (MCN) and Video Security and Access Control (Video) both experienced a 7% increase[4] - Command Center saw a significant increase of 16%[4] Backlog and Acquisitions - Record Q3 ending backlog reached $14.6 billion, up $467 million year-over-year[4] - The company acquired Silvus Technologies for $4.4 billion[4] Regional Performance - North America revenue increased by 6%, reaching $2.121 billion[13] - International revenue increased by 13%, reaching $888 million[13] Outlook - The company anticipates approximately 11% revenue growth for Q4 2025[19] - Full-year 2025 revenue is expected to be approximately $11.65 billion, representing a 7.7% increase[19]

Investor Presentation Third Quarter 2025 October 30, 2025 1 Safe Harbor Statement This presentation includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which reflect management's current view regarding future events and performance. Although we believe these statements are based on reasonable expectations and beliefs, they are subject to risks and uncertainties that are difficul ...

3rd Quarter 2025 Earnings Presentation October 30, 2025 Disclaimer FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") by Columbia Banking System, Inc. ("Columbia") the plans, objectives, expectations and intentions of Columbia and other statements that are not historical facts. Such ...

Financial Performance - Revenues reached $771 million, a 3% year-over-year increase[12] - GAAP EPS was $(0.34), a (425)% change year-over-year, while adjusted EPS was $(0.03), a (123)% change[12] - Adjusted operating income decreased by 50% to $10.9 million[12] - Adjusted operating margin was 1.4%, a decrease of 150 bps[12] - TTS adjusted operating margin was 1.9%, a decrease of 340 bps[12] Truckload Transportation Services (TTS) - TTS revenues decreased by 1% to $519.8 million[24] - TTS revenues, net of fuel surcharge, remained flat at $460.3 million[24] - TTS adjusted operating income decreased by 63% to $8.9 million[24] - Dedicated fleet represents 67% of total TTS trucks at quarter end[27] Werner Logistics - Werner Logistics revenues increased by 12% to $232.6 million[35] - Werner Logistics adjusted operating income increased by 418% to $4.2 million[35] - Werner Logistics adjusted operating margin increased by 140 bps to 1.8%[35] Cost Savings and Cash Flow - The company is progressing on a 2025 cost savings program of $45 million+[15] - $36 million in savings has been achieved through 3Q25[43] - Q3 operating cash flow was $44 million, and year-to-date operating cash flow was $120 million[52]

Company Overview - Ryan Specialty is a rapidly growing provider of specialty products and solutions for insurance brokers, agents, and carriers[8] - The company was founded in 2010[9] - As of September 30, 2025 YTD, Ryan Specialty's total revenue growth was 24.2%[9] - As of September 30, 2025 YTD, Ryan Specialty's organic revenue growth was 11.4%[9] Market Position and Growth - Ryan Specialty is the 1st largest delegated underwriter[9] - Ryan Specialty is the 2nd largest U S P&C wholesale broker[9] - 78% of Ryan Specialty's premiums are placed in the attractive E&S market[13] - In 2024, Ryan Specialty's revenue growth with the top 100 retail brokerage firms exceeded Ryan Specialty's organic revenue growth of 12.8%[32] Financial Performance - Ryan Specialty's LTM Adjusted EBITDAC as of September 30, 2025, was $960 million[48] - As of March 31, 2025, Ryan Specialty had $153 million in unrestricted cash and cash equivalents[54] - In February 2025, Ryan Specialty increased its regular quarterly dividend by 9% to $0.12 per share on outstanding Class A common stock[55]