Lumen Results Presentation Deck

2Q23 Year-Over-Year Adjusted EBITDA Bridge -77% of Decline Due to Post-Closing Commercial Agreements and Divestitures 10 $1,811 2Q22 Reported ~77% (2) i -$51 -$398 Post-Closing Commercial Agreements/ Divestitures (1) -$133 Other Declines ($ in millions) (1) $1,229 2Q23 Reported ($ in millions) Total Revenue Adjusted EBITDA Adj. EBITDA Margin Y/Y Change $3,661 (20.6%) 2Q23 $1,229 (32.1%) 33.6% (570bps) (1) The Company believes that these figures will allow analysts and investors to understand (i) the amounts associated with the divestitures and the impact that it had on the Company's revenue generating activities in the second quarter of 2022 in relation to the Company's past, but not current or future, financial performance and (ii) the impact that the post-closing agreements have had on the Company's activities in the second quarter of 2023 and its current financial performance. (2) Calculated by combining the impacts from Post-Closing Commercial Agreements and Divestitures and showing them as a percent of the total dollar change from 2Q22 Adjusted EBITDA to 2Q23 Adjusted EBITDA. LUMEN

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