Lumen Investor Day Presentation Deck
Business Segment Outlook
Revenue and Adjusted EBITDA expected to stabilize in 2024 and grow thereafter
Adj. EBITDA
Revenue
2023 2024 2025 2026 2027
Financial Metric¹
Revenue
Adjusted EBITDA
Capital Expenditures
Adjusted EBITDA - Capex³
Adjusted EBITDA-Capex/Revenue³
40
II
2023 2024 2025 2026 2027
2023 incl. EMEA²
$11.5B- $11.8B
$7.4B - $7.6B
$1.3B - $1.5B
~$6.1B
~52%
2023
$10.9B $11.2B
$7.0B - $7.2B
$1.2B - $1.4B
~$5.8B
~52%
Capex
1
1
2024
$10.8B $11.1B
$6.9B - $7.1B
$1.1B - $1.3B
~$5.8B
~52%
I
2023 2024 2025 2026 2027
Note: All outlook periods not shown as "incl. EMEA" exclude financial impacts from the pending sale of Lumen's EMEA business.
1. Projections exclude unallocated corporate/other costs of $3.9B - $4.3B and capital expenditures of ~$0.4B - $0.6B.
2. Assumes a full-year financial contribution of Lumen's EMEA business.
3. Assumes mid-point of outlook metrics.
1
I
2025
$11.0B $11.3B
$6.9B - $7.1B
$1.2B - $1.4B
~$5.7B
~51%
FINANCIAL OUTLOOK
Mid-Point Outlook Range
Adj. EBITDA - Capex³
2026
III
2023 2024 2025 2026 2027
$11.1B $11.7B
$7.0B - $7.4B
$1.3B - $1.5B
~$5.8B
~51%
2027
$11.2B $12.2B
$7.0B - $7.8B
$1.3B - $1.5B
~$6.0B
~51%
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