Lumen Investor Day Presentation Deck
Mass Markets Segment Outlook
High margins in fiber unit economics as program scales
Revenue
2023 2024 2025 2026 2027
41
Financial Metric¹
Revenue
Adjusted EBITDA
Capital Expenditures
سا الاب اور اس
Quantum Enablement Capex
Adjusted EBITDA - Capex²
Adjusted EBITDA - Capex/Revenue²
Adj. EBITDA
2023 2024 2025 2026 2027
2023
$3.0B - $3.2B
Capex
$1.6B - $1.8B
$0.8B $1.0B
~$0.6B - $0.7B
~$0.8B
~24%
2024
$2.8B - $3.0B
$1.5B - $1.7B
$1.0B - $1.4B
~$0.8B - $1.1B
~$0.4B
~14%
2023 2024 2025 2026 2027
Note: All Mass Markets outlook projections exclude potential impacts of the Broadband Equity Access and Deployment (BEAD) program.
1. Projections exclude unallocated corporate/other costs of $3.9B - $4.3B and capital expenditures of ~$0.4B - $0.6B.
2. Assumes mid-point of outlook metrics.
2025
$2.8B - $3.0B
$1.5B - $1.7B
$1.2B - $1.7B
~$1.0B - $1.5B
~$0.2B
~5%
FINANCIAL OUTLOOK
Adj. EBITDA - Capex²
Mid-Point Outlook Range
2026
2023 2024 2025 2026 2027
$2.9B- $3.1B
$1.6B - $1.8B
$1.2B-$1.7B
~$1.0B - $1.5B
~$0.3B
~9%
2027
$2.9B - $3.2B
$1.7B - $2.0B
$1.2B $1.8B
$1.0B - $1.5B
~$0.4B
~14%
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