Lumen Investor Day Presentation Deck
Quantum Fiber Investment
Drives Long-Term Value
Quantum Economics
42
$3B
$2B
$1B
$OB
-$1B
-$2B
-$3B
[₂
(40%)
Revenue
Adj. EBITDA
(13%)
Capex
48%
52%
(84%)
(82%)
(87%)
2023 2024 2025 2026 2027 2028 2029 2030 2031
53%
Adj. EBITDA - Capex
54%
55%
2032
Adj. EBITDA - Capex % Rev
Note: All Mass Markets outlook projections exclude potential impacts of the Broadband Equity Access and Deployment
(BEAD) program. Projections exclude unallocated corporate/other costs.
FINANCIAL OUTLOOK
Once scale is achieved, cash flow generation expected to
be material
Anticipated Capex reduction of ~$1B per year after
investment phase
Growth in penetration coupled with tapering Capex drives
material change in cash trajectory
Quantum Fiber markets have high barriers to entry and
sustainable penetration opportunity
Creates long term enterprise value with substantial
operating leverage
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