Lumen Investor Day Presentation Deck

Lumen Consolidated Outlook Investing to return to growth while maintaining positive Free Cash Flow Revenue 2023 2024 2025 2026 2027 Financial Metric Revenue Adjusted EBITDA Capital Expenditures Free Cash Flow² 43 Adj. EBITDA ~33% ~36% 2023 2024 2025 2026 2027 2023 incl. EMEA³ $14.5B $15.0B $4.6B - $4.8B $2.9B- $3.1B $OM - $200M 2023 $13.9B - $14.4B $4.5B - $4.8B $2.7B - $3.0B $OM - $200M Capex 2023 2024 2025 2026 2027 2024 ■Mid-Point $13.6B $14.1B $4.3B - $4.6B $2.6B - $3.1B $0M - $200M 2025 $13.8B $14.3B $4.4B - $4.7B $2.8B - $3.4B $100M $300M FINANCIAL OUTLOOK Outlook Range Free Cash Flow² 2026 $14.0B $14.7B $4.6B - $5.1B $2.9B - $3.6B $100M $300M 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. Assumes mid-point of outlook metrics. 2. Assumes (a) $1.5bn of after-tax proceeds from the sale of Lumen's EMEA business are used to pay down debt, (b) includes discretionary pension payments through the forecast period, and (c) 2027 debt maturities are refinanced at approximately 11%. 3. Assumes a full-year financial contribution of Lumen's EMEA business. 1 I -Adj. EBITDA Margin 2027 $14.1B $15.5B $4.8B - $5.8B $2.9B - $3.7B $300M $500M LUMENⓇ 1

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