Lumen Investor Day Presentation Deck

Change Initiatives Expected to Yield Better Financial Outcomes $ Note: All outlook periods not shown as "incl. EMEA" exclude financial impacts from the pending sale of Lumen's EMEA business. Midpoints of guidance ranges shown for revenue and EBITDA. 1. Net Leverage is a ratio of Net Debt to LTM Adjusted EBITDA. 10 Revenue Adjusted EBITDA Free Cash Flow Net Leverage¹ 2023 ~$14.2B ~$4.7B $0M - $200M ~4.2x 2027 ~$14.8B ~$5.3B $300M $500M - ~3.3x LUMENⓇ

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