Lumen Technologies, Inc.

General

Reconciliation of segment revenue to total operating revenue is below:

For additional information on our reportable segments and product and services categories, see Note 4—Revenue Recognition and Note 11—Segment Information to our consolidated financial statements in Item 1 of Part I of this report.

Business Segment

Three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024

Business segment revenue decreased $81 million and $236 million, respectively, for the three and nine months ended September 30, 2025, as compared to the comparable periods ended September 30, 2024. Within each product category for the three and nine months ended September 30, 2025 as compared to the comparable periods ended September 30, 2024:

•Grow increased by $83 million and $224 million, respectively, primarily due to an increase of revenue from dark fiber and conduit of $49 million and $137 million and growth in IP services of $20 million and $56 million, respectively;

•Nurture decreased by $118 million and $344 million, respectively, primarily due to declines in traditional VPN services of $85 million and $264 million and declines in Ethernet services of $30 million and $82 million, respectively;

•Harvest decreased by $53 million and $115 million, respectively, primarily due to a $44 million and $125 million decline in legacy voice services and a $12 million and $41 million decline in other legacy products and services, respectively, partially offset by an increase in private line revenue of $6 million and $64 million attributable primarily to temporary rate increases; and

•Other increased by $7 million and decreased by $1 million, respectively, primarily due to an increase in equipment sales revenue of approximately $15 million and $7 million, respectively.

Business segment expense decreased by $89 million and $230 million for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024, primarily driven by a decrease of $75 million and $145 million, respectively, in overall network expense and a decrease of $6 million and $74 million, respectively, in employee-related costs due to lower headcount.

Business segment adjusted EBITDA as a percentage of segment revenue was 45% and 46% for the three and nine months ended September 30, 2025 and 43% and 45% for the three and nine months ended September 30, 2024.

Mass Markets Segment

Three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024

Mass Markets segment revenue decreased $53 million and $182 million for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024. More specifically, within each product category:

•Fiber Broadband revenue increased $35 million and $110 million, respectively, primarily driven by growth in the number of fiber customers associated with our continued increase in enabled locations from our Quantum Fiber buildout;

•Other Broadband revenue decreased $53 million and $164 million, respectively, primarily due to fewer customers for our lower speed copper-based broadband services; and

•Voice and Other decreased $35 million and $128 million, respectively, principally due to the continued loss of copper-based voice customers and a decrease of $46 million due to the voluntary relinquishment of our funding received under the FCC's RDOF in the second quarter of 2025. See the "Liquidity and Capital Resources—Federal Broadband Support Programs" in Item 2 of Part I below for more information.

Mass Markets segment expense decreased $43 million and $111 million for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024, primarily driven by decreases of (i) $20 million and $50 million, respectively, in employee-related costs due to lower headcount, (ii) $10 million and $21 million, respectively, in marketing and advertising expense, (iii) $5 million and $11 million, respectively, in professional fees, and (iv) $3 million and $14 million, respectively, in overall network expense.

Mass Markets segment adjusted EBITDA as a percentage of segment revenue was 55% for both the three and nine months ended September 30, 2025 and 52% and 54% for the three and nine months ended September 30, 2024, respectively.