# EDGAR Filing Document

**Accession Number:** 0000018926
**File Stem:** 0000018926-25-000092
**Filing Date:** 2025-7
**Character Count:** 101179
**Document Hash:** d5b8ae87c465c6408970323674caabdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000018926-25-000092.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0000018926-25-000092

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lumen Technologies, Inc.
- **CENTRAL INDEX KEY:** 0000018926
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 720651161
- **STATE OF INCORPORATION:** LA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07784
- **FILM NUMBER:** 251171848

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 4065
- **STREET 2:** 100 CENTURYLINK DR
- **CITY:** MONROE
- **STATE:** LA
- **ZIP:** 71203
- **BUSINESS PHONE:** 3183889000

**MAIL ADDRESS:**
- **STREET 1:** 100 CENTURYLINK DR
- **STREET 2:** P O BOX 4065
- **CITY:** MONROE
- **STATE:** LA
- **ZIP:** 71203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENTURYLINK, INC
- **DATE OF NAME CHANGE:** 20101108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENTURYTEL INC
- **DATE OF NAME CHANGE:** 19990602

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CENTURY TELEPHONE ENTERPRISES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? lumn-20250731

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):

**July 31, 2025**![Lumen Logo Blue_Black.jpg](lumn-20250731_g1.jpg)

**Lumen Technologies, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Louisiana** | **001-7784** | **72-0651161** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **100 CenturyLink Drive** | **100 CenturyLink Drive** | |
| **Monroe,** | **Louisiana** | **71203** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(318) 388-9000** 

(Telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of any registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol** | **Name of Each Exchange on Which Registered** |
| Common Stock, no par value per share | LUMN | New York Stock Exchange |
| Preferred Stock Purchase Rights | N/A | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On July 31, 2025, Lumen Technologies, Inc. (the "Company" or "we" or "us") issued a press release announcing operating results for the second quarter ended June 30, 2025. A copy of the Earnings Release is furnished herewith as Exhibit 99.1 and is incorporated into this Current Report on Form 8-K by reference. More complete information about our operating results will be included in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which we expect to file in the near term with the U.S. Securities and Exchange Commission.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing, and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

A copy of the slide presentation that the Company will present regarding its operating results during the teleconference beginning at 5:00 p.m. Eastern time on July 31, 2025 is attached to this Current Report on Form 8-K as Exhibit 99.2. The investor presentation material is also available on the "Investors" page of the Company's website (http://www.lumen.com).

The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing, and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

*<u>Forward-Looking Statements</u>* 

*Except for historical and factual information, the matters set forth in Exhibit 99.1 and Exhibit 99.2 are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, and are subject to various uncertainties. Actual events and results may differ materially from those anticipated by us in those statements. Factors that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements are described in Exhibit 99.1 and Exhibit 99.2. We may change our intentions or plans discussed in our forward-looking statements without notice at any time and for any reason.* 

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

**(d)**The following exhibits are furnished with this Current Report on Form 8-K:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit 99.1 | <u>[Press release dated July 31, 2025, reporting second quarter of 2025 operating results.](lumnq220258-kexhibit991.htm)</u> |
| Exhibit 99.2 | <u>[Earnings Presentation dated July 31, 2025, reporting second quarter of 2025 operating results.](lumen2q25quarterlyresult.htm)</u> |
| Exhibit 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101. |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Lumen Technologies, Inc., has duly caused this Current Report to be signed on its behalf by the undersigned officer hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **LUMEN TECHNOLOGIES, INC.** | **LUMEN TECHNOLOGIES, INC.** |
| Date: July 31, 2025 | By: | /s/ Andrea Genschaw |
|  |  | Andrea Genschaw |
|  |  | Chief Accounting Officer and Controller |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| NEWS RELEASE | ![lumenlogoblue_black.jpg](lumenlogoblue_black.jpg) |

---

**Lumen Technologies reports second quarter 2025 results**

**DENVER, July 31, 2025** — Lumen Technologies, Inc. (NYSE: LUMN) reported results for the second quarter ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Outperformance on Key Metrics:** Strong revenue and Adjusted EBITDA despite approximately $46 million in one-time revenue givebacks associated with the FCC's Rural Digital Opportunity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **AT&T Consumer Fiber Transaction**: Announced an agreement to sell Lumen's consumer fiber business to AT&T for $5.75 billion, sharpening the company's enterprise focus and unlocking the financial flexibility to invest in our strengths.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Strengthened Financial Position:** Successfully completed a $2 billion bond offering, extending maturities to 2033 and reducing annual interest expense by approximately $50 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Momentum in Modernization and Simplification:** Increased the 2025 exit run-rate cost-reduction target from $250 million to $350 million, positioning the company at the high end of full-year Adjusted EBITDA guidance and creating room for reinvestment in growth.

"Our second quarter results underscore the momentum of our transformation strategy and the discipline of our execution," said Kate Johnson, President and CEO of Lumen Technologies. "We are delivering on our financial milestones and building a stronger, more modern company. With the sale of our consumer fiber business, successful debt refinancing, and continued modernization gains, we're laying our foundation for future revenue growth — we are playing to win."

**Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Announced we entered into a definitive agreement to sell our Mass Markets fiber-to-the-home business, including approximately 95% of Quantum Fiber, in 11 states to AT&T for a pre-tax total of $5.75 billion in cash

&nbsp;&nbsp;&nbsp;&nbsp;• Reported Net Loss of $(915) million for the second quarter 2025, which included a non-cash goodwill impairment charge of $628 million, compared to reported Net Loss of $(49) million for the second quarter 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Reported diluted loss per share of $(0.92) for the second quarter 2025, compared to diluted loss per share of $(0.05) for the second quarter 2024. Excluding Special Items<sup>1</sup>, diluted loss per share was $(0.03) for the second quarter 2025, compared to $(0.13) diluted loss per share for the second quarter 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Generated Adjusted EBITDA<sup>1</sup> of $877 million for the second quarter 2025, compared to $1.011 billion for the second quarter 2024, excluding the effects of Special Items of $152 million and $136 million, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• Reported Net Cash Provided by Operating Activities of $570 million for the second quarter 2025 compared to Reported Net Cash Provided by Operating Activities for the second quarter 2024 of $511 million

&nbsp;&nbsp;&nbsp;&nbsp;• Generated Free Cash Flow<sup>1</sup> of $(209) million for the second quarter 2025, excluding cash paid for Special Items of $112 million, compared to Free Cash Flow of $(156) million for the second quarter 2024, excluding cash paid for Special Items of $86 million

<sup>1</sup> Represents a non-GAAP measure as later defined under "Descriptions of Non-GAAP Metrics."

------

**Financial Results**

---

| | | |
|:---|:---|:---|
| **Metric, as reported** | **Second Quarter** | **Second Quarter** |
| *($ in millions, except per share data)* | **2025** | **2024** |
| Large Enterprise | $732 | 749 |
| Mid-Market Enterprise | 500 | 562 |
| Public Sector | 486 | 449 |
| &nbsp;&nbsp;North America Enterprise Channels | 1718 | 1760 |
| Wholesale | 690 | 726 |
| &nbsp;&nbsp;North America Business Revenue | 2408 | 2486 |
| International and Other | 82 | 92 |
| **Business Segment Revenue** | **2490** | **2578** |
| **Mass Markets Segment Revenue** | **602** | **690** |
| **Total Revenue** | $**3092** | **3268** |
| Cost of Services and Products | 1624 | 1653 |
| Selling, General and Administrative Expenses | 755 | 742 |
| Gain on Sale of Business |  | (5) |
| Stock-based Compensation Expense (Credit) | 12 | (3) |
| Net Loss | (915) | (49) |
| Net Loss, Excluding Special Items<sup>(1)(2)</sup> | (29) | (124) |
| Adjusted EBITDA<sup>(1)</sup> | 725 | 875 |
| Adjusted EBITDA, Excluding Special Items<sup>(1)(3)</sup> | 877 | 1011 |
| Net Loss Margin | (29.6)% | (1.5)% |
| Net Loss Margin, Excluding Special Items<sup>(1)(2)</sup> | (0.9)% | (3.8)% |
| Adjusted EBITDA Margin<sup>(1)</sup> | 23.4% | 26.8% |
| Adjusted EBITDA Margin, Excluding Special Items<sup>(1)(3)</sup> | 28.4% | 30.9% |
| Net Cash Provided by Operating Activities | 570 | 511 |
| Capital Expenditures | 891 | 753 |
| Unlevered Cash Flow<sup>(1)</sup> | 54 | (24) |
| Unlevered Cash Flow, Excluding Cash Special Items<sup>(1)(4)</sup> | 166 | 62 |
| Free Cash Flow<sup>(1)</sup> | (321) | (242) |
| Free Cash Flow, Excluding Cash Special Items<sup>(1)(4)</sup> | (209) | (156) |
| Net Loss per Common Share - Diluted | $(0.92) | (0.05) |
| Net Loss per Common Share - Diluted, Excluding Special Items<sup>(1)(2)</sup> | $(0.03) | (0.13) |
| Weighted Average Shares Outstanding (in millions) - Diluted | 994.5 | 987.2 |
| <sup>(1)</sup> See the attached schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures. | <sup>(1)</sup> See the attached schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures. | <sup>(1)</sup> See the attached schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures. |
| <sup>(2)</sup> Excludes Special Items (net of the income tax effect thereof) which (i) positively impacted this metric by $886 million, for the second quarter of 2025 and (ii) negatively impacted this metric by $(75) million for the second quarter of 2024. | <sup>(2)</sup> Excludes Special Items (net of the income tax effect thereof) which (i) positively impacted this metric by $886 million, for the second quarter of 2025 and (ii) negatively impacted this metric by $(75) million for the second quarter of 2024. | <sup>(2)</sup> Excludes Special Items (net of the income tax effect thereof) which (i) positively impacted this metric by $886 million, for the second quarter of 2025 and (ii) negatively impacted this metric by $(75) million for the second quarter of 2024. |
| <sup>(3)</sup> Excludes Special Items in the amounts of (i) $152 million for the second quarter of 2025 and (ii) $136 million for the second quarter of 2024. | <sup>(3)</sup> Excludes Special Items in the amounts of (i) $152 million for the second quarter of 2025 and (ii) $136 million for the second quarter of 2024. | <sup>(3)</sup> Excludes Special Items in the amounts of (i) $152 million for the second quarter of 2025 and (ii) $136 million for the second quarter of 2024. |
| <sup>(4)</sup> Excludes cash paid for Special Items in the net amounts of (i) $112 million for the second quarter of 2025 and (ii) $86 million for the second quarter of 2024. | <sup>(4)</sup> Excludes cash paid for Special Items in the net amounts of (i) $112 million for the second quarter of 2025 and (ii) $86 million for the second quarter of 2024. | <sup>(4)</sup> Excludes cash paid for Special Items in the net amounts of (i) $112 million for the second quarter of 2025 and (ii) $86 million for the second quarter of 2024. |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Revenue**<br>*($ in millions)* | **Second Quarter**<br>**2025** | **First Quarter**<br>**2025** | **QoQ Percent**<br>**Change** | **Second Quarter**<br>**2024** | **YoY Percent**<br>**Change** |
| **Revenue By Sales Channel** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Large Enterprise | $732 | 737 | (1)% | 749 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-Market Enterprise | 500 | 513 | (3)% | 562 | (11)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Sector | 486 | 483 | 1% | 449 | 8% |
| &nbsp;&nbsp;North America Enterprise Channels | 1718 | 1733 | (1)% | 1760 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 690 | 705 | (2)% | 726 | (5)% |
| &nbsp;&nbsp;North America Business Revenue | 2408 | 2438 | (1)% | 2486 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;International and Other | 82 | 86 | (5)% | 92 | (11)% |
| Business Segment Revenue | 2490 | 2524 | (1)% | 2578 | (3)% |
| Mass Markets Segment Revenue | 602 | 658 | (9)% | 690 | (13)% |
| **Total Revenue** | $**3092** | **3182** | **(3)%** | **3268** | **(5)%** |
| **Business Segment Revenue by Product Category** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grow | $1127 | 1136 | (1)% | 1063 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nurture | 634 | 666 | (5)% | 750 | (15)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvest | 554 | 534 | 4% | 568 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2315 | 2336 | (1)% | 2381 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 175 | 188 | (7)% | 197 | (11)% |
| **Business Segment Revenue** | $**2490** | **2524** | **(1)%** | **2578** | **(3)%** |

---

**<u>Revenue</u>**

Total Revenue was $3.092 billion for the second quarter 2025, compared to $3.268 billion for the second quarter 2024.

**<u>Cash Flow</u>**

Negative Free Cash Flow, excluding Special Items, was $(209) million in the second quarter 2025, compared to $(156) million in the second quarter 2024.

**<u>Liquidity</u>**

As of June 30, 2025, Lumen had cash and cash equivalents of $1.568 billion.

**<u>Goodwill Impairment</u>**

Under GAAP, the company is required to perform impairment tests related to its goodwill asset. Based on this analysis, the company recorded a non-cash goodwill impairment charge of $628 million in the second quarter of 2025. As will be explained further in the company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed shortly after the time of this release, this goodwill impairment was driven by the difference between the post-divestiture fair value of the company's Mass Markets reporting unit and the carrying value in its Mass Markets reporting unit as of the impairment testing date.

------

**<u>2025 Financial Outlook</u>** 

The Company updated its full-year 2025 financial outlook, which is detailed below:

---

| | | |
|:---|:---|:---|
| **Metric** <sup>(1)(2)</sup> | **Current Outlook** | **Previous Outlook** |
| Adjusted EBITDA<sup>(3)</sup> | $3.2 to $3.4 billion | $3.2 to $3.4 billion |
| Free Cash Flow<sup>(4)</sup> | $1.2 to $1.4 billion | $700 to $900 million |
| Net Cash Interest<sup>(5)</sup> | $1.2 to $1.3 billion | $1.2 to $1.3 billion |
| Capital Expenditures<sup>(6)</sup> | $4.1 to $4.3 billion | $4.1 to $4.3 billion |
| Cash Income Taxes (Refunded) Paid<sup>(7)</sup> | ($400) to ($300) million | $100 to $200 million |
| <sup>(1)</sup> For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website. | <sup>(1)</sup> For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website. | <sup>(1)</sup> For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website. |
| <sup>(2)</sup> Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairment, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Jul. 31, 2025. See "Forward-Looking Statements." | <sup>(2)</sup> Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairment, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Jul. 31, 2025. See "Forward-Looking Statements." | <sup>(2)</sup> Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairment, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Jul. 31, 2025. See "Forward-Looking Statements." |
| <sup>(3)</sup> Expect to come in near the high end of range driven primarily by better progress on our modernization and simplification initiatives and improved performance from legacy services. | <sup>(3)</sup> Expect to come in near the high end of range driven primarily by better progress on our modernization and simplification initiatives and improved performance from legacy services. | <sup>(3)</sup> Expect to come in near the high end of range driven primarily by better progress on our modernization and simplification initiatives and improved performance from legacy services. |
| <sup>(4)</sup> Primarily driven by $400 million tax refund, lower capital expenditures, better Adjusted EBITDA performance, and lower interest expense. | <sup>(4)</sup> Primarily driven by $400 million tax refund, lower capital expenditures, better Adjusted EBITDA performance, and lower interest expense. | <sup>(4)</sup> Primarily driven by $400 million tax refund, lower capital expenditures, better Adjusted EBITDA performance, and lower interest expense. |
| <sup>(5)</sup> Expect to come in near low end of the range, driven primarily from recent debt refinancings. | <sup>(5)</sup> Expect to come in near low end of the range, driven primarily from recent debt refinancings. | <sup>(5)</sup> Expect to come in near low end of the range, driven primarily from recent debt refinancings. |
| <sup>(6)</sup> Expect to be at the low end of the range primarily due to project timing. | <sup>(6)</sup> Expect to be at the low end of the range primarily due to project timing. | <sup>(6)</sup> Expect to be at the low end of the range primarily due to project timing. |
| <sup>(7)</sup> Expect to receive $400 million refund from recent tax legislation. | <sup>(7)</sup> Expect to receive $400 million refund from recent tax legislation. | <sup>(7)</sup> Expect to receive $400 million refund from recent tax legislation. |

---

------

**<u>Investor Call</u>** 

Lumen's management team will host a conference call at 5:00 p.m. ET today, July 31, 2025. The conference call will be streamed live over the Lumen website at ir.lumen.com. Additional information regarding second quarter 2025 results, including the presentation materials, will be available on the Investor Relations website prior to the call. A webcast replay of the call will also be available on our website for one year.

---

| | |
|:---|:---|
| Media Relations Contact: | Investor Relations Contact: |
| Rachael Adair | Jim Breen, CFA  |
| rachael.adair@lumen.com | investor.relations@lumen.com |
| +1 971-361-3276 | +1 603-404-7003 |

---

**<u>About Lumen Technologies:</u>**

Lumen is unleashing the world's digital potential. We ignite business growth by connecting people, data, and applications – quickly, securely, and effortlessly. As the trusted network for AI, Lumen uses the scale of our network to help companies realize AI's full potential. From metro connectivity to long-haul data transport to our edge cloud, security, managed service, and digital platform capabilities, we meet our customers' needs today and as they build for tomorrow.

For news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, X: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies, Inc.

------

**<u>Forward-Looking Statements</u>**

Except for historical and factual information, the matters set forth in this release 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" protections thereunder. The forward-looking statements included in this press release including without limitation statements regarding our future financial results of operations, cash flows, or financial condition, our transformation strategy, our completed, pending, or proposed transactions, including with respect to the anticipated sale of our consumer fiber business, our modernization efforts and our competitive position, and the assumptions on which they are based are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. Factors that could cause our actual results to differ materially from those anticipated, estimated, projected or implied by us in those forward-looking statements include but are not limited to: the effects of intense competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying, and automating our service support systems, attaining our Quantum Fiber buildout schedule, replacing aging or obsolete plant and equipment, strengthening our relationships with customers, and attaining projected cost savings; our ability to successfully and timely monetize our network related assets through leases, commercial service arrangements or similar transactions (including as part of our Private Connectivity Fabric<sup>SM</sup> solutions), including the possibility that the benefits of or demand for these transactions may be less than anticipated, that the costs thereof may be more than anticipated, or that we may be unable to satisfy any conditions of any such transactions in a timely manner, or at all; our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory, or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards and obligations, broadband deployment, data protection, network security, privacy, and net neutrality; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt obligations, taxes, and pension contributions and other benefits payments; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services, low-latency connectivity, and scalable infrastructure driven by the growth of artificial intelligence applications and workloads, and the risk that we may misjudge the timing, scale, or nature of such demand, leading to potential misalignment of our investments or strategic priorities; our ability to enhance our growth products and manage the decline of our legacy products, including by maintaining the quality and profitability of our existing offerings, introducing profitable new offerings on a timely and cost-effective basis, and transitioning customers from our legacy products to our newer offerings; our ability to successfully and timely implement our corporate strategies, including our transformation, modernization and simplification, buildout and deleveraging strategies; our ability to successfully consummate and timely realize the anticipated benefits from the pending sale of our Mass Markets fiber-to-the-home business in 11 states to AT&T; our ability to successfully and timely realize the anticipated benefits from our 2022 and 2023 divestitures, our 2024 debt modification and extinguishment transactions, and our 2025 debt refinancing transactions, in each case as described in our prior reports filed with the U.S. Securities and Exchange Commission (the "SEC"); changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact, including our pending divestiture of our Mass Markets fiber-to-the-home business in 11 states; the negative impact of increases in the costs of our pension, healthcare, post-employment, or other benefits, including those caused by changes in capital markets, interest rates, mortality rates, demographics, or regulations; the impact of events that harm our reputation or brands, including the potential negative impact of customer or shareholder complaints, government investigations, security breaches, or service outages impacting us or our industry; adverse changes in our access to credit markets on acceptable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions, or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords, or lenders; our ability to timely obtain necessary hardware, software, equipment, services, governmental permits, and other items on favorable terms; the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs, or penalties; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to continue to use intellectual property necessary to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, trade, tariff, pension, healthcare, or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development; our ability to use our net operating loss carryforwards in the amounts projected and to fully realize any anticipated benefits from recently-enacted federal tax legislation; the effects of changes in accounting policies, practices, or assumptions, including changes that could potentially require additional future impairment charges; the effects of adverse weather, terrorism, epidemics, pandemics, war, rioting, vandalism, societal unrest, political discord, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates or inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic, public health, or geopolitical conditions; and other risks referenced in our filings with the SEC. Additional factors or risks that we currently deem immaterial, that are not presently known to us, or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, our assessment of regulatory, technological, industry, competitive, economic, and market conditions as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors or otherwise.

------

**<u>Reconciliation to GAAP</u>**

This release includes certain historical and forward-looking non-GAAP financial measures, including but not limited to Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Unlevered Cash Flow and adjustments to GAAP and non-GAAP measures to exclude the effect of Special Items.

In addition to providing key metrics for management to evaluate the Company's performance, we believe these above-described measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.

Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the attached financial schedules. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS | CONSOLIDATED STATEMENTS OF OPERATIONS |
| THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions, except per share amounts; shares in thousands)* | *($ in millions, except per share amounts; shares in thousands)* | *($ in millions, except per share amounts; shares in thousands)* | *($ in millions, except per share amounts; shares in thousands)* | *($ in millions, except per share amounts; shares in thousands)* | *($ in millions, except per share amounts; shares in thousands)* | *($ in millions, except per share amounts; shares in thousands)* |
|  | **Three months ended June 30,** | **Three months ended June 30,** | **(Decrease) / Increase** | **Six months ended June 30,** | **Six months ended June 30,** | **(Decrease) / Increase** |
|  | **2025** | **2024** | **(Decrease) / Increase** | **2025** | **2024** | **(Decrease) / Increase** |
| OPERATING REVENUE | 3092 | 3268 | (5)% | 6274 | 6558 | (4)% |
| OPERATING EXPENSES |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of services and products (exclusive of depreciation and amortization) | 1624 | 1653 | (2)% | 3311 | 3305 | —% |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 755 | 742 | 2% | 1430 | 1565 | (9)% |
| &nbsp;&nbsp;Net (gain) loss on sale of business |  | (5) | nm |  | 17 | nm |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 688 | 743 | (7)% | 1401 | 1491 | (6)% |
| &nbsp;&nbsp;Goodwill impairment | 628 |  | nm | 628 |  | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3695 | 3133 | 18% | 6770 | 6378 | 6% |
| OPERATING (LOSS) INCOME | (603) | 135 | nm | (496) | 180 | nm |
| OTHER (EXPENSE) INCOME |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (338) | (373) | (9)% | (685) | (664) | 3% |
| &nbsp;&nbsp;Net (loss) gain on early retirement of debt | (236) | 3 | nm | (271) | 278 | nm |
| &nbsp;&nbsp;Other income, net | 28 | 194 | (86)% | 58 | 267 | (78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income, net | (546) | (176) | nm | (898) | (119) | nm |
| &nbsp;&nbsp;Income tax benefit (expense) | 234 | (8) | nm | 278 | (53) | nm |
| NET (LOSS) INCOME | (915) | (49) | nm | (1116) | 8 | nm |
| BASIC (LOSS) EARNINGS PER SHARE | (0.92) | (0.05) | nm | (1.12) | 0.01 | nm |
| DILUTED (LOSS) EARNINGS PER SHARE | (0.92) | (0.05) | nm | (1.12) | 0.01 | nm |
| WEIGHTED AVERAGE SHARES OUTSTANDING |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 994543 | 987239 | 1% | 992906 | 986047 | 1% |
| &nbsp;&nbsp;&nbsp;Diluted | 994543 | 987239 | 1% | 992906 | 987224 | 1% |
| &nbsp;&nbsp;Exclude: Special Items<sup>(1)</sup> | 886 | (75) | nm | 958 | (173) | nm |
| NET LOSS EXCLUDING SPECIAL ITEMS | (29) | (124) | (77)% | (158) | (165) | (4)% |
| DILUTED LOSS PER SHARE EXCLUDING SPECIAL ITEMS | (0.03) | (0.13) | (77)% | (0.16) | (0.17) | (6)% |
| <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. | <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. | <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. | <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. | <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. | <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. | <sup>(1)</sup> Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof. |
| nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. | nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. | nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. | nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. | nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. | nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. | nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. |

---

------

---

| | | |
|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| CONSOLIDATED BALANCE SHEETS | CONSOLIDATED BALANCE SHEETS | CONSOLIDATED BALANCE SHEETS |
| AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 | AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 | AS OF JUNE 30, 2025 AND DECEMBER 31, 2024 |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions)* | *($ in millions)* | *($ in millions)* |
|  | **June 30, 2025** | **December 31, 2024** |
| <u>ASSETS</u> |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1568 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance of $53 and $59 | 1266 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 3692 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1211 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 7737 | 4394 |
| Property, plant and equipment, net of accumulated depreciation of $23,158 and $23,121 | 18665 | 20421 |
| GOODWILL AND OTHER ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 4525 | 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 2049 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total goodwill and other assets | 6574 | 8681 |
| TOTAL ASSETS | $32976 | 33496 |
| <u>LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY</u> |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $331 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 831 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 588 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income and other taxes | 285 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 275 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 151 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 179 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale | 110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 882 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3632 | 3639 |
| LONG-TERM DEBT | 17565 | 17494 |
| DEFERRED CREDITS AND OTHER LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Deferred income taxes, net | 2496 | 2890 |
| &nbsp;&nbsp;&nbsp;Benefit plan obligations, net | 2152 | 2205 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 4450 | 3733 |
| &nbsp;&nbsp;&nbsp;Other | 3276 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred credits and other liabilities | 12374 | 11899 |
| STOCKHOLDERS' (DEFICIT) EQUITY |  |  |
| &nbsp;&nbsp;Common stock | 19162 | 19149 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (679) | (723) |
| &nbsp;&nbsp;Accumulated deficit | (19078) | (17962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' (deficit) equity | (595) | 464 |
| TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $32976 | 33496 |

---

------

---

| | | |
|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | SIX MONTHS ENDED JUNE 30, 2025 AND 2024 |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions)* | *($ in millions)* | *($ in millions)* |
|  | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** |
| **OPERATING ACTIVITIES** |  |  |
| Net (loss) income | $(1116) | 8 |
| &nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1401 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of business |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (409) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for uncollectible accounts | 31 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on early retirement and modification of debt | 271 | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt modification costs and related fees |  | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of investment |  | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 22 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in current assets and liabilities, net | (50) | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement benefits | (1) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in deferred revenue | 718 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other noncurrent assets and liabilities, net | 69 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 101 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 1665 | 1613 |
| **INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (1682) | (1466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment, and other assets | 31 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1642) | (1194) |
| **FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of long-term debt | 4261 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of long-term debt | (4284) | (1997) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net payments of revolving line of credit |  | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance and extinguishment costs and related fees | (308) | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (13) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (344) | (1160) |
| Net decrease in cash, cash equivalents and restricted cash | (321) | (741) |
| Cash, cash equivalents and restricted cash at beginning of period | 1900 | 2248 |
| Cash, cash equivalents and restricted cash at end of period | $1579 | 1507 |
| Cash, cash equivalents and restricted cash: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1568 | 1495 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1579 | 1507 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| OPERATING METRICS | OPERATING METRICS | OPERATING METRICS | OPERATING METRICS |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| **Operating Metrics** | **2Q25** | **1Q25** | **2Q24** |
| &nbsp;&nbsp;**Mass Markets broadband subscribers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(in thousands)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiber broadband subscribers | 1150 | 1116 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other broadband subscribers<sup>(1)</sup> | 1308 | 1392 | 1666 |
| &nbsp;&nbsp;Mass Markets total broadband subscribers<sup>(2)</sup> | 2458 | 2508 | 2658 |
| &nbsp;&nbsp;**Mass Markets broadband enabled units**<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(in millions)* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiber broadband enabled units | 4.4 | 4.3 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other broadband enabled units | 17.6 | 17.7 | 18.0 |
| &nbsp;&nbsp;&nbsp;Mass Markets total broadband enabled units | 22.0 | 22.0 | 21.9 |
| <sup>(1)</sup> Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand. | <sup>(1)</sup> Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand. | <sup>(1)</sup> Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand. | <sup>(1)</sup> Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand. |
| <sup>(2)</sup> Mass Markets broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our Mass Markets broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies. | <sup>(2)</sup> Mass Markets broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our Mass Markets broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies. | <sup>(2)</sup> Mass Markets broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our Mass Markets broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies. | <sup>(2)</sup> Mass Markets broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our Mass Markets broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies. |
| <sup>(3)</sup> Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units. | <sup>(3)</sup> Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units. | <sup>(3)</sup> Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units. | <sup>(3)</sup> Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units. |

---

------

**Description of Non-GAAP Metrics**

Pursuant to Regulation G and Item 10(e) of Regulation S-K, the Company is hereby providing definitions of non-GAAP financial metrics and reconciliations to the most directly comparable GAAP measures.

The following describes and reconciles those financial measures as reported under accounting principles generally accepted in the United States (GAAP) with those financial measures as adjusted by the items detailed below and presented in the accompanying news release. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping with its historical financial reporting practices, the Company believes that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis.

We use the term *Special Items* as a non-GAAP measure to describe items that impacted a period's statement of operations for which investors may want to give special consideration due to their magnitude, nature or both. We do not call these items *non-recurring* because, while some are infrequent, others may recur in future periods.

The largest components of our *Special Items* reflected in this release are one-time or unusual charges, including charges for goodwill impairment and gains or losses associated with the early retirement of debt or sale of investments. The other main components of our *Special Items* include Modernization and Simplification costs, Transaction and Separation costs, and Income from Transition and Separation Services. Modernization and Simplification costs are associated with a multi-year transformation initiative to streamline our network infrastructure, product portfolio, and IT systems, and to modernize our workforce to deliver $1 billion in annualized cost savings on a run-rate basis exiting 2027. Transaction and Separation costs are primarily associated with providing certain transition services in connection with our divestitures and costs related to certain debt transactions which were unusual and infrequent. Income from Transition and Separations Services includes charges we have billed for certain services provided to the purchasers in connection with our recent divestitures. Other primarily includes the recognition of previously deferred gain on our sale of select CDN contracts and the recognition of losses on disposal of certain operating assets.

**Adjusted EBITDA ($)** is defined as net income (loss) from the Statements of Operations before income tax (expense) benefit, total other income (expense), depreciation and amortization, stock-based compensation expense and impairments.

**Adjusted EBITDA Margin (%)** is defined as Adjusted EBITDA divided by total revenue.

Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful metrics to provide to investors, as they are an important part of our internal reporting and are key measures used by management to evaluate profitability and operating performance of Lumen and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin (and similarly uses these terms excluding Special Items) to compare our performance to that of our competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period our ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash stock compensation expense and impairments because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income taxes. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods, which may be evaluated through cash flow measures. Adjusted EBITDA further excludes the gain (or loss) on

------

extinguishment and modification of debt and other income (expense), net, because none of these items are related to the primary business operations of Lumen.

There are material limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from our calculations. Additionally, by excluding the above-listed items, Adjusted EBITDA may exclude items that investors believe are important components of our performance. Adjusted EBITDA and Adjusted EBITDA Margin (either with or without Special Items) should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.

**Unlevered Cash Flow** is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income, all as disclosed in the Statements of Cash Flows. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, because it reflects the operational performance of Lumen and, measured over time, enables management and investors to monitor the underlying business' growth pattern and ability to generate cash. Unlevered Cash Flow (either with or without Special Items) excludes cash used or received for acquisitions, divestitures and debt service and the impact of exchange rate changes on cash and cash equivalents balances.

There are material limitations to using Unlevered Cash Flow to measure our cash performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Unlevered Cash Flow to that of some of our competitors may be of limited usefulness. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable, accounts payable, payroll and capital expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows.

**Free Cash Flow** is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of our ability to generate cash to service our debt. Free Cash Flow excludes cash used or received for acquisitions, divestitures, principal repayments and the impact of exchange rate changes on cash and cash equivalents balances.

There are material limitations to using Free Cash Flow to measure our performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Free Cash Flow to that of some of our competitors may be of limited usefulness since until recently we did not pay a significant amount of income taxes due to net operating loss carryforwards, and therefore generated higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to interest expense, accounts receivable, accounts payable, payroll and capital expenditures. Free Cash Flow (either with or without Special Items) should not be used as a substitute for net change in cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| Non-GAAP Special Items | Non-GAAP Special Items | Non-GAAP Special Items | Non-GAAP Special Items | Non-GAAP Special Items |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions)* | *($ in millions)* | *($ in millions)* | *($ in millions)* | *($ in millions)* |
|  | **Actual QTD** | **Actual QTD** | **Actual YTD** | **Actual YTD** |
| **Special Items Impacting Adjusted EBITDA** | **2Q25** | **2Q24** | **2Q25** | **2Q24** |
| Severance | 3 | 103 | 6 | 107 |
| Consumer and other litigation | 2 | 1 | 2 | (1) |
| Net (gain) loss on sale of business |  | (5) |  | 17 |
| Transaction and separation costs<sup>(1)</sup> | 92 | 23 | 108 | 191 |
| Modernization and simplification<sup>(2)</sup> | 41 |  | 91 |  |
| Other<sup>(3)</sup> | 14 | 14 | 44 | (8) |
| &nbsp;&nbsp;&nbsp;**Total Special Items impacting Adjusted EBITDA** | **152** | **136** | **251** | **306** |
|  | **Actual QTD** | **Actual QTD** | **Actual YTD** | **Actual YTD** |
| **Special Items Impacting Net (Loss) Income** | **2Q25** | **2Q24** | **2Q25** | **2Q24** |
| Severance | 3 | 103 | 6 | 107 |
| Consumer and other litigation | 2 | 1 | 2 | (1) |
| Net (gain) loss on sale of business |  | (5) |  | 17 |
| Transaction and separation costs<sup>(1)</sup> | 92 | 23 | 108 | 191 |
| Modernization and simplification<sup>(2)</sup> | 41 |  | 91 |  |
| Other<sup>(3)</sup> | 14 | 14 | 44 | (8) |
| Goodwill impairment | 628 |  | 628 |  |
| Net loss (gain) on early retirement of debt<sup>(4)</sup> | 236 | (3) | 271 | (278) |
| Income from transition and separation services<sup>(5)</sup> | (39) | (35) | (76) | (70) |
| Gain on sale of investment |  | (205) |  | (205) |
| &nbsp;&nbsp;**Total Special Items impacting Net (Loss) Income** | **977** | **(107)** | **1074** | **(247)** |
| Income tax effect of Special Items<sup>(6)</sup> | (91) | 32 | (116) | 74 |
| &nbsp;&nbsp;**Total Special Items impacting Net Income (Loss), net of tax** | **886** | **(75)** | **958** | **(173)** |
|  | **Actual QTD** | **Actual QTD** | **Actual YTD** | **Actual YTD** |
| **Special Items Impacting Cash Flows** | **2Q25** | **2Q24** | **2Q25** | **2Q24** |
| Severance | 4 | 83 | 14 | 101 |
| Consumer and other litigation | 1 | 1 | 3 | (1) |
| Transaction and separation costs<sup>(1)</sup> | 10 | 29 | 26 | 167 |
| Modernization and simplification<sup>(2)</sup> | 124 |  | 200 |  |
| Income from transition and separation services<sup>(5)</sup> | (27) | (27) | (81) | (52) |
| &nbsp;&nbsp;**Total Special Items impacting Cash Flows** | **112** | **86** | **162** | **215** |
| <sup>(1)</sup> Transaction and separation costs associated with (i) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding received under the FCC's Rural Digital Opportunity Fund, (ii) our recently announced plan to sell our Mass Markets fiber-to-the-home business, (iii) our 2022 and 2023 divestitures, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions. | <sup>(1)</sup> Transaction and separation costs associated with (i) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding received under the FCC's Rural Digital Opportunity Fund, (ii) our recently announced plan to sell our Mass Markets fiber-to-the-home business, (iii) our 2022 and 2023 divestitures, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions. | <sup>(1)</sup> Transaction and separation costs associated with (i) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding received under the FCC's Rural Digital Opportunity Fund, (ii) our recently announced plan to sell our Mass Markets fiber-to-the-home business, (iii) our 2022 and 2023 divestitures, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions. | <sup>(1)</sup> Transaction and separation costs associated with (i) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding received under the FCC's Rural Digital Opportunity Fund, (ii) our recently announced plan to sell our Mass Markets fiber-to-the-home business, (iii) our 2022 and 2023 divestitures, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions. | <sup>(1)</sup> Transaction and separation costs associated with (i) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding received under the FCC's Rural Digital Opportunity Fund, (ii) our recently announced plan to sell our Mass Markets fiber-to-the-home business, (iii) our 2022 and 2023 divestitures, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions. |
| <sup>(2)</sup> Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027. | <sup>(2)</sup> Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027. | <sup>(2)</sup> Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027. | <sup>(2)</sup> Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027. | <sup>(2)</sup> Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings on a run-rate basis exiting 2027. |
| <sup>(3)</sup> Includes primarily (i) the recognition of Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024 and (ii) the recognition of a loss on disposal of certain operating assets in Q2 2024 and Q1 2025. | <sup>(3)</sup> Includes primarily (i) the recognition of Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024 and (ii) the recognition of a loss on disposal of certain operating assets in Q2 2024 and Q1 2025. | <sup>(3)</sup> Includes primarily (i) the recognition of Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024 and (ii) the recognition of a loss on disposal of certain operating assets in Q2 2024 and Q1 2025. | <sup>(3)</sup> Includes primarily (i) the recognition of Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024 and (ii) the recognition of a loss on disposal of certain operating assets in Q2 2024 and Q1 2025. | <sup>(3)</sup> Includes primarily (i) the recognition of Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024 and (ii) the recognition of a loss on disposal of certain operating assets in Q2 2024 and Q1 2025. |
| <sup>(4)</sup> Reflects primarily net loss (gain) as a result of (i) refinancing of certain debt instruments and credit facilities in Q2 and Q1 2025, (ii) repurchase of $75 million aggregate principal in Q2 2024 and (iii) the debt transaction support agreement and resulting debt extinguishment in Q1 2024. | <sup>(4)</sup> Reflects primarily net loss (gain) as a result of (i) refinancing of certain debt instruments and credit facilities in Q2 and Q1 2025, (ii) repurchase of $75 million aggregate principal in Q2 2024 and (iii) the debt transaction support agreement and resulting debt extinguishment in Q1 2024. | <sup>(4)</sup> Reflects primarily net loss (gain) as a result of (i) refinancing of certain debt instruments and credit facilities in Q2 and Q1 2025, (ii) repurchase of $75 million aggregate principal in Q2 2024 and (iii) the debt transaction support agreement and resulting debt extinguishment in Q1 2024. | <sup>(4)</sup> Reflects primarily net loss (gain) as a result of (i) refinancing of certain debt instruments and credit facilities in Q2 and Q1 2025, (ii) repurchase of $75 million aggregate principal in Q2 2024 and (iii) the debt transaction support agreement and resulting debt extinguishment in Q1 2024. | <sup>(4)</sup> Reflects primarily net loss (gain) as a result of (i) refinancing of certain debt instruments and credit facilities in Q2 and Q1 2025, (ii) repurchase of $75 million aggregate principal in Q2 2024 and (iii) the debt transaction support agreement and resulting debt extinguishment in Q1 2024. |
| <sup>(5)</sup> Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures. | <sup>(5)</sup> Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures. | <sup>(5)</sup> Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures. | <sup>(5)</sup> Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures. | <sup>(5)</sup> Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures. |
| <sup>(6)</sup> Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 26.0% for Q2 and Q1 2025 and 30.0% for Q1 and Q2 2024. | <sup>(6)</sup> Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 26.0% for Q2 and Q1 2025 and 30.0% for Q1 and Q2 2024. | <sup>(6)</sup> Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 26.0% for Q2 and Q1 2025 and 30.0% for Q1 and Q2 2024. | <sup>(6)</sup> Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 26.0% for Q2 and Q1 2025 and 30.0% for Q1 and Q2 2024. | <sup>(6)</sup> Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 26.0% for Q2 and Q1 2025 and 30.0% for Q1 and Q2 2024. |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| Non-GAAP Cash Flow Reconciliation | Non-GAAP Cash Flow Reconciliation | Non-GAAP Cash Flow Reconciliation | Non-GAAP Cash Flow Reconciliation | Non-GAAP Cash Flow Reconciliation |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions)* | *($ in millions)* | *($ in millions)* | *($ in millions)* | *($ in millions)* |
|  | **Actual QTD** | **Actual QTD** | **Actual YTD** | **Actual YTD** |
|  | **2Q25** | **2Q24** | **2Q25** | **2Q24** |
| Net cash provided by operating activities<sup>(1)</sup> | $570 | 511 | 1665 | 1613 |
| Capital expenditures | (891) | (753) | (1682) | (1466) |
| **Free Cash Flow**<sup>(1)</sup> | **(321)** | **(242)** | **(17)** | **147** |
| Cash interest paid | 396 | 232 | 676 | 571 |
| Interest income | (21) | (14) | (42) | (72) |
| **Unlevered Cash Flow**<sup>(1)</sup> | $**54** | **(24)** | **617** | **646** |
| **Free Cash Flow**<sup>(1)</sup> | $**(321)** | **(242)** | **(17)** | **147** |
| Add back: Severance<sup>(2)</sup> | 4 | 83 | 14 | 101 |
| Add back (remove): Consumer and other litigation<sup>(2)</sup> | 1 | 1 | 3 | (1) |
| Add back: Transaction and separation costs<sup>(2)</sup> | 10 | 29 | 26 | 167 |
| Add back: Modernization and Simplification<sup>(2)</sup> | 124 |  | 200 |  |
| Remove: Income from transition and separation services<sup>(2)</sup> | (27) | (27) | (81) | (52) |
| **Free Cash Flow excluding cash Special Items**<sup>(1)</sup> | $**(209)** | **(156)** | **145** | **362** |
| **Unlevered Cash Flow**<sup>(1)</sup> | $**54** | **(24)** | **617** | **646** |
| Add back: Severance<sup>(2)</sup> | 4 | 83 | 14 | 101 |
| Add back (remove): Consumer and other litigation<sup>(2)</sup> | 1 | 1 | 3 | (1) |
| Add back: Transaction and separation costs<sup>(2)</sup> | 10 | 29 | 26 | 167 |
| Add back: Modernization and Simplification | 124 |  | 200 |  |
| Remove: Income from transition and separation services<sup>(2)</sup> | (27) | (27) | (81) | (52) |
| **Unlevered Cash Flow excluding cash Special Items**<sup>(1)</sup> | $**166** | **62** | **779** | **861** |
| <sup>(1)</sup> Includes the impact of $700 million in cash tax refund received in Q1 2024. | <sup>(1)</sup> Includes the impact of $700 million in cash tax refund received in Q1 2024. | <sup>(1)</sup> Includes the impact of $700 million in cash tax refund received in Q1 2024. | <sup>(1)</sup> Includes the impact of $700 million in cash tax refund received in Q1 2024. | <sup>(1)</sup> Includes the impact of $700 million in cash tax refund received in Q1 2024. |
| <sup>(2)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items impacting cash included above. | <sup>(2)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items impacting cash included above. | <sup>(2)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items impacting cash included above. | <sup>(2)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items impacting cash included above. | <sup>(2)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items impacting cash included above. |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| Adjusted EBITDA Non-GAAP Reconciliation | Adjusted EBITDA Non-GAAP Reconciliation | Adjusted EBITDA Non-GAAP Reconciliation | Adjusted EBITDA Non-GAAP Reconciliation | Adjusted EBITDA Non-GAAP Reconciliation |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions)* | *($ in millions)* | *($ in millions)* | *($ in millions)* | *($ in millions)* |
|  | **Actual QTD** | **Actual QTD** | **Actual YTD** | **Actual YTD** |
|  | **2Q25** | **2Q24** | **2Q25** | **2Q24** |
| **Net (loss) income** | $**(915)** | **(49)** | **(1116)** | **8** |
| Income tax (benefit) expense  | (234) | 8 | (278) | 53 |
| Total other expense, net | 546 | 176 | 898 | 119 |
| Depreciation and amortization expense | 688 | 743 | 1401 | 1491 |
| Stock-based compensation expense (credit) | 12 | (3) | 22 | 11 |
| Goodwill impairment | 628 |  | 628 |  |
| **Adjusted EBITDA** | $**725** | **875** | **1555** | **1682** |
| Add back: Severance<sup>(1)</sup> | 3 | 103 | 6 | 107 |
| Remove: Consumer and other litigation<sup>(1)</sup> | 2 | 1 | 2 | (1) |
| Add back: Net (gain) loss on sale of business<sup>(1)</sup> |  | (5) |  | 17 |
| Add back: Transaction and separation costs<sup>(1)</sup> | 92 | 23 | 108 | 191 |
| Add back: Modernization and simplification<sup>(1)</sup> | 41 |  | 91 |  |
| Add back: Other<sup>(1)</sup> | 14 | 14 | 44 | (8) |
| **Adjusted EBITDA excluding Special Items** | $**877** | **1011** | **1806** | **1988** |
| **Net loss excluding Special Items**<sup>(1)</sup>  | $**(29)** | **(124)** | **(158)** | **(165)** |
| **Total revenue** | $**3092** | **3268** | **6274** | **6558** |
| **Net (loss) income Margin** | **(29.6)%** | **(1.5)%** | **(17.8)%** | **0.1%** |
| **Net loss Margin, excluding Special Items** | **(0.9)%** | **(3.8)%** | **(2.5)%** | **(2.5)%** |
| **Adjusted EBITDA Margin** | **23.4%** | **26.8%** | **24.8%** | **25.6%** |
| **Adjusted EBITDA Margin excluding Special Items** | **28.4%** | **30.9%** | **28.8%** | **30.3%** |
| <sup>(1)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items included above. | <sup>(1)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items included above. | <sup>(1)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items included above. | <sup>(1)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items included above. | <sup>(1)</sup> Refer to *Non-GAAP Special Items* table for details of the Special Items included above. |

---

------

**Outlook**

To enhance the information in our outlook with respect to non-GAAP metrics, we are providing a range for certain GAAP measures that are components of the reconciliation of the non-GAAP metrics. The provision of these ranges is in no way meant to indicate that Lumen is explicitly or implicitly providing an outlook on those GAAP components of the reconciliation. In order to reconcile each non-GAAP financial metric to GAAP, Lumen has to use ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While Lumen believes that it has used reasonable assumptions in connection with developing the outlook for its non-GAAP financial metrics, it fully expects that the ranges used for the GAAP components will vary from actual results. We will consider our outlook of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.

---

| | | |
|:---|:---|:---|
| **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
| 2025 OUTLOOK <sup>(1) (2)</sup> | 2025 OUTLOOK <sup>(1) (2)</sup> | 2025 OUTLOOK <sup>(1) (2)</sup> |
| (UNAUDITED) | (UNAUDITED) | (UNAUDITED) |
| *($ in millions)* | *($ in millions)* | *($ in millions)* |
| **Adjusted EBITDA Outlook** |  |  |
| Twelve Months Ended December 31, 2025 |  |  |
|  | **Range** | **Range** |
|  | **Low** | **High** |
| **Net loss** | $**(1455)** | **(650)** |
| Income tax expense | 215 | 30 |
| Total other expense, net | 1500 | 1300 |
| Depreciation and amortization expense | 2900 | 2700 |
| Stock-based compensation expense | 40 | 20 |
| **Adjusted EBITDA** | $**3200** | **3400** |
| **Free Cash Flow Outlook** |  |  |
| Twelve Months Ended December 31, 2025 |  |  |
|  | **Range** | **Range** |
|  | **Low** | **High** |
| **Net cash provided by operating activities** | $**5300** | **5700** |
| Capital expenditures | (4100) | (4300) |
| **Free Cash Flow** | $**1200** | **1400** |

---

<sup>(1)</sup> For definitions of non-GAAP metrics and reconciliation to GAAP figures, see the above schedules and our Investor Relations website.

<sup>(2)</sup> Outlook measures in this chart (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Jul 31, 2025. See "Forward-Looking Statements."

## Exhibit 99.2

![](lumen2q25quarterlyresult001.jpg)

Second Quarter 2025 Results July 31, 2025

------

![](lumen2q25quarterlyresult002.jpg)© 2025 Lumen Technologies. All Rights Reserved. 1 Forward-Looking Statements 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" protections thereunder. The forward- looking statements in this presentation, include, without limitation, statements regarding our future financial results and financials condition, our potential for growth and industry trends, our strategy, anticipated sale of our consumer fiber business, modernization efforts and competitive position. These forward-looking statements, and the assumptions on which they are based, are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected, or implied by us in those statements if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. Factors that could factors that could cause our actual results to differ materially from those anticipated, estimated, projected or implied by us in those forward-looking statements include but are not limited to: the effects of intense competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging, or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying, and automating our service support systems, attaining our Quantum Fiber buildout schedule, replacing aging or obsolete plant and equipment, strengthening our relationships with customers, and attaining projected cost savings; our ability to successfully and timely monetize our network related assets through leases, commercial service arrangements or similar transactions (including as part of our Private Connectivity FabricSM solutions), including the possibility that the benefits of or demand for these transactions may be less than anticipated, that the costs thereof may be more than anticipated, or that we may be unable to satisfy any conditions of any such transactions in a timely manner, or at all; our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory, or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards and obligations, broadband deployment, data protection, network security, privacy, and net neutrality; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt obligations, taxes, and pension contributions and other benefits payments; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services, low-latency connectivity, and scalable infrastructure driven by the growth of artificial intelligence applications and workloads, and the risk that we may misjudge the timing, scale, or nature of such demand, leading to potential misalignment of our investments or strategic priorities; our ability to enhance our growth products and manage the decline of our legacy products, including by maintaining the quality and profitability of our existing offerings, introducing profitable new offerings on a timely and cost-effective basis, and transitioning customers from our legacy products to our newer offerings; our ability to successfully and timely implement our corporate strategies, including our transformation, modernization and simplification, buildout and deleveraging strategies; our ability to successfully consummate and timely realize the anticipated benefits from the pending sale of our Mass Markets fiber-to-the-home business in 11 states to AT&T; our ability to successfully and timely realize the anticipated benefits from our 2022 and 2023 divestitures, our 2024 debt modification and extinguishment transactions ,and our 2025 debt refinancing transactions, in each case as described in our prior reports filed with the U.S. Securities and Exchange Commission (the "SEC"); changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact, including our pending divestiture of our Mass Markets fiber-to-the-home business in 11 states; the negative impact of increases in the costs of our pension, healthcare, post-employment, or other benefits, including those caused by changes in capital markets, interest rates, mortality rates, demographics, or regulations; the impact of events that harm our reputation or brands, including the potential negative impact of customer or shareholder complaints, government investigations, security breaches, or service outages impacting us or our industry; adverse changes in our access to credit markets on acceptable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions, or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords, or lenders; our ability to timely obtain necessary hardware, software, equipment, services, governmental permits, and other items on favorable terms; the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs, or penalties; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to continue to use intellectual property necessary to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, trade, tariff, pension, healthcare, or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development; our ability to use our net operating loss carryforwards in the amounts projected and to fully realize any anticipated benefits from recently-enacted federal tax legislation; the effects of changes in accounting policies, practices, or assumptions, including changes that could potentially require additional future impairment charges; the effects of adverse weather, terrorism, epidemics, pandemics, war, rioting, vandalism, societal unrest, political discord, or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates or inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic, public health, or geopolitical conditions; and other risks referenced in our filings with the SEC. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, our assessment of regulatory, technological, industry, competitive, economic. and market conditions as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors or otherwise.

------

![](lumen2q25quarterlyresult003.jpg)© 2025 Lumen Technologies. All Rights Reserved. 2 Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures to exclude the effect of special items. In addition to providing key metrics for management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends. Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the financial schedules to the Company's accompanying earnings release. Reconciliation of information and additional non-GAAP historical financial measures that may be discussed during the call, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the company's website at http://ir.lumen.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.

------

![](lumen2q25quarterlyresult004.jpg)

KATE JOHNSON President & CEO

------

![](lumen2q25quarterlyresult005.jpg)© 2025 Lumen Technologies. All Rights Reserved. 4 2Q25 Highlights Reached nearly $9B in PCF Deals Signed to Date $2B in Debt Refi Extends Maturities and Reduces Cash Interest Announced Sale of Consumer FTTH to AT&T for $5.75B to Reduce Leverage and Focus on Enterprise Services Solid Revenue and aEBITDA despite RDOF impacts Improving FCF Guidance from Anticipated Lower Taxes, Lower Capex, and Improved Cost Take-out Guiding towards high end of aEBITDA Range on Strength in Modernization and Simplification Program 2Q'25

------

![](lumen2q25quarterlyresult006.jpg)© 2025 Lumen Technologies. All Rights Reserved. 5 Utilization (EOY) 2022 (Actuals) 2025 (Plan) 2028 (Vision) Total Intercity Fiber Miles\* 12M 17M 47M Hyperscaler Utilization 30% 45% 57% Enterprise Channels Utilization\*\* 27% 19% 13% Overall Network Utilization 57% 64% 70% Available Capacity for Growth 5M 6M 14M Building the Backbone for AI Balancing Capacity and Utilization for Optimal Return on Investment Unmatched Room for Growth: • New routes, in addition to new fiber in existing routes, increase fiber miles 3.9x • Innovation driving increased fiber density adds up to 4x fiber into each conduit • Photonics innovation adds up to 2x fiber efficiency \*Total Intercity Fiber Miles excludes ~22M expanding metro fiber miles today \*\*Enterprise Channels include Commercial Enterprise, Public Sector, Wholesale, and Services - Conduit colors depict 2028 utilization and #conduits varies by route - Business rules in place to reserve capacity for all segments on each route Stronger Overall Network Utilization

------

![](lumen2q25quarterlyresult007.jpg)© 2025 Lumen Technologies. All Rights Reserved. 6 LCF Customers Services Sold Fabric Port Sales 2Q25 Adoption Rate (Q/Q%) +35% +22% +31% Number of customers that purchase and use one or more ports Number of fabric ports deployed by customer to support multi-cloud networking Number of unique services sold across all fabric ports Lumen NaaS Adoption Remains Strong Lower Churn, a Sign of a Happy Customer Note: 1Q25 Growth rates for customers, ports, and services were ~36%, ~33%, ~24%, respectively.

------

![](lumen2q25quarterlyresult008.jpg)© 2025 Lumen Technologies. All Rights Reserved. 7 Great Brands are choosing Lumen for NaaS Capabilities

------

![](lumen2q25quarterlyresult009.jpg)© 2025 Lumen Technologies. All Rights Reserved. 8 'Cloudified' TelecomTraditional Telecom Capital and labor intensive economics: • Static, point to point • Analog CX, slow, and people heavy • Impeded growth often supporting 1 service per port • Linear cost and revenue growth Cloud economics: • Dynamic, 1-to-many • Digital CX enabled by platform • Frictionless growth enabled by 'Fabric Ports' (thousands of services per port) • Lumen's Control Center for remote management of entire customer lifecycle Disruption Cloudifying Telco to Scale Revenue, Decrease Cost

------

![](lumen2q25quarterlyresult010.jpg)

------

![](lumen2q25quarterlyresult011.jpg)

Highly Confidential / Distribution restricted to Lumen Employees and Contractors under NDA© 2025 Lumen Technologies. All Rights Reserved. 10 Physical Network Best backbone, unique routes, state of the art fiber Lumen Digital Platform Quick, secure, effortless CX with direct fiber access & NaaS Commercial & Public Sector Data Centers Technology Partnerships Hyperscalers Connected EcosystemThe Leveraging our physical and digital assets to drive seamless CX, commercial scale, and revenue growth • Integrating Lumen digital network solutions with technology cloud offerings, available in digital marketplaces. • Fully automated across the entire customer lifecycle. • Ecosystem scales Lumen's commercial reach: sell-with and sell-though motion. • Supports Lumen's commercial velocity and reach in the fast growing $15B multi-cloud networking market. Introducing: The Lumen Connected Ecosystem

------

![](lumen2q25quarterlyresult012.jpg)

CHRIS STANSBURY EVP & CFO

------

![](lumen2q25quarterlyresult013.jpg)© 2025 Lumen Technologies. All Rights Reserved. 12 Evolution of Lumen's Debt Maturity Profile ($ in millions) $373 $60 $230 $718 $7,183 $6,072 $568 $789 $0 $2,271 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Post-TSA: As of 12/31/2024 $264 $52 $119 $718 $5,150 $3,949 $568 $3,189 $2,000 $2,271 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Impact of Level 3 Refinancings: As of 6/30/2025 Note: Adjusted EBITDA excluding SI utilized for Leverage; Includes only funded long-term debt. $125 $1,826 $462 $9,366 $1,519 $3,131 $1,023 $116 $0 $0 $2,283 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Pre-TSA: As of 12/31/2023 $238 $1 $67 $385 $3,261 $1,947 $568 $2,750 $2,000 $2,271 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Pro Forma Lumen SP Debt Paydown(1): As of 6/30/2025 (1) Lumen SP paydown of $4.8 billion following closing of announced sale of our Mass Markets FTTH business and associated reduction in aEBITDA. Total Debt: $19.9B Gross Leverage: 4.3x Total Debt: $18.3B Gross Leverage: 4.9x Total Debt: $13.5B Gross Leverage: 3.9x Total Debt: $18.3B Gross Leverage: 4.6x1 2 3 4

------

![](lumen2q25quarterlyresult014.jpg)© 2025 Lumen Technologies. All Rights Reserved. 13 ($ in millions) 2Q25 Y/Y% Change Q/Q% Change Large Enterprise $732 (2.3%) (0.7%) Mid-Market Enterprise $500 (11.0%) (2.5%) Public Sector $486 8.2% 0.6% N.A. Enterprise $1,718 (2.4%) (0.9%) Wholesale $690 (5.0%) (2.1%) N.A. Total Business $2,408 (3.1%) (1.2%) International & Other $82 (10.9%) (4.7%) Total Business $2,490 (3.4%) (1.3%) Total Mass Markets $602 (12.8%) (8.5%) Total Revenue $3,092 (5.4%) (2.8%) ($ in millions) 2Q25 Y/Y% Change Q/Q% Change % Total Grow $827 8.5% (0.8%) 48% Nurture $429 (18.0%) (5.1%) 25% Harvest $289 2.1% 8.6% 17% Subtotal $1,545 (1.5%) (0.5%) 90% Other $173 (9.9%) (4.4%) 10% N.A. Enterprise $1,718 (2.4%) (0.9%) 100% 2Q25 Total Reported Revenue Maintained Growth in N.A. Enterprise Grow Products

------

![](lumen2q25quarterlyresult015.jpg)© 2025 Lumen Technologies. All Rights Reserved. 14 2Q25 Mass Markets Revenue 38% 40% 42% 45% 47% 2Q24 3Q24 4Q24 1Q25 2Q25 Fiber Revenue Contribution to Total Broadband Revenue ($ in millions) 2Q25 Y/Y% Change % Total Fiber Broadband $217 19.9% 36% Other Broadband(1) $245 (17.8%) 41% Voice & Other $140 (33.6%) 23% Total Mass Markets(2) $602 (12.8%) 100% (1) Other Broadband revenue primarily includes revenue from lower speed copper-based broadband services marketed under the CenturyLink brand. (2) Includes $46M one-time RDOF giveback Sustained Fiber Broadband Revenue Growth

------

![](lumen2q25quarterlyresult016.jpg)© 2025 Lumen Technologies. All Rights Reserved. 15 2Q25 Adjusted EBITDA excl. special items ($ in millions) 2Q25 Y/Y% Change Total Revenue $3,092 (5.4%) Adjusted EBITDA $877 (13.3%) Adjusted EBITDA Margin 28.4% (250 bps) Adjusted EBITDA $725 2Q25 Special Items: (+) Severance $3 (+) Consumer and other litigation $2 (+) Transaction and separation costs(1) $92 (+) Modernization and simplification(2) $41 (+) Other(3) $14 Adjusted EBITDA excl. Special Items $877 2Q25 EBITDA Special Items ($ in millions) (1) Transaction and separation costs associated with (i) the Q2 2025 expense of $49 million for fees related to the relinquishment of our funding received under the FCC's Rural Digital Opportunity Fund, (ii) our recently announced plan to sell our Mass Markets fiber-to-the-home business, (iii) our 2022 and 2023 divestitures, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions. (2) Includes costs incurred related to network infrastructure, product portfolio, IT systems, and workforce modernization designed to deliver $1 billion annualized in cost savings exiting 2027. (3) Includes primarily (i) the recognition of Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024 and (ii) the recognition of a loss on disposal of certain operating assets in Q2 2024 and Q1 2025. For definitions of non-GAAP metrics and reconciliations to GAAP figures, see Lumen's Investor Relations website.

------

![](lumen2q25quarterlyresult017.jpg)© 2025 Lumen Technologies. All Rights Reserved. 16 Consolidated Cash Flow Summary ($ in millions) 2Q25 Cash Flow from Operations $570 Capital Expenditures $891 Free Cash Flow ($209) Net Cash Interest $375 Key Metrics

------

![](lumen2q25quarterlyresult018.jpg)© 2025 Lumen Technologies. All Rights Reserved. 17 Revised 2025 Financial Outlook Metric(1)(2) Prior Outlook Current Outlook Notes Adjusted EBITDA $3.2 to $3.4 billion $3.2 to $3.4 billion Expect to come in near high end of range, driven primarily by better progress on M&S, improved cost controls and improved performance from legacy services Cash Income Taxes (Refunded) $100 to $200 million ($400) to ($300) million Expect to receive $400 million refund from recent tax legislation Capital Expenditures $4.1 to $4.3 billion $4.1 to $4.3 billion Expect to come in near low end of range, driven primarily by project timing Net Cash Interest $1.2 to $1.3 billion $1.2 to $1.3 billion Expect to come in near low end of the range, driven primarily from recent debt refinancings Free Cash Flow $700 to $900 million $1.2 to $1.4 billion Primarily driven by $400 million tax refund, lower capital expenditures, better aEBITDA performance, and lower interest expense (1) For definitions of non-GAAP metrics and reconciliations to GAAP figures, see Lumen's Investor Relations website. (2) Outlook measures in this presentation and the accompanying schedules (i) exclude the effects of Special Items or future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of July 31, 2025. See "Forward Looking Statements" at the beginning of this presentation.

------

![](lumen2q25quarterlyresult019.jpg)

------