Lumen Technologies, Inc.

In this section we provide a reconciliation of segment revenue to total operating revenue and discuss the performance of our two reporting segments. Our segment performance measurement is segment adjusted earnings before interest, tax, depreciation and amortization ("EBITDA").

Results in this section include results of our EMEA business prior to its sale on November 1, 2023:

For additional information on our product and services categories and our reportable segments, see Note 4 — Revenue Recognition and Note 16 — Segment Information in Item 8.

Business Segment

Business Segment Revenue

Business segment revenue decreased $471 million in 2025 compared to 2024. Business segment revenue decreased $1.2 billion in 2024 compared to 2023 driven by a $547 million decrease from the sale of the EMEA business and the sale of select CDN contracts in the fourth quarter of 2023.

Business Segment Product Categories

For 2025 compared to 2024, and for 2024 compared to 2023, the following were the primary drivers within each product category:

•Grow increased $219 million in 2025. This was primarily as a result of:

◦an increase of $112 million in revenue from dark fiber and conduit; and

◦an increase of $74 million from growth in IP services.

•Grow decreased $115 million in 2024. This was primarily as a result of:

◦a decrease of $272 million from the sale of the divested business in 2023;

◦a decrease of $42 million in revenue from wavelength services;

◦an offsetting increase of $112 million in revenue from dark fiber and conduit; and

◦an offsetting increase of $107 million from growth in IP services.

•Nurture decreased $458 million in 2025. This was primarily as a result of:

◦a decrease of $344 million principally attributable to declines in traditional VPN services; and

◦a decrease of $116 million from declines in Ethernet services.

•Nurture decreased $528 million in 2024. This was primarily as a result of:

◦a decrease of $88 million from the sale of the divested business in 2023;

◦a decrease of $314 million principally attributable to declines in traditional VPN services; and

◦a decrease of $117 million from declines in Ethernet services.

•Harvest decreased $211 million in 2025. This was primarily as a result of:

◦a decrease of $162 million principally attributable to declines in legacy voice services;

◦a decrease of $67 million from declines in other legacy products and services; and

◦an offsetting increase of $17 million in private line revenue attributable primarily to temporary rate increases.

•Harvest decreased $408 million in 2024. This was primarily as a result of:

◦a decrease of $70 million from the sale of the divested business in 2023; and

◦a decrease of $252 million from declines in legacy voice services and private line services.

•Other decreased $21 million in 2025. This was primarily as a result of:

◦a decrease of $11 million in SAP solutions consulting services; and

◦a decrease of $7 million in equipment sales revenue.

•Other decreased $169 million in 2024. This was primarily as a result of:

◦a decrease of $93 million from the sale of select CDN contracts in 2023; and

◦a decrease of $29 million in equipment sales revenue.

Business Segment Expense

Business segment expense decreased $377 million in 2025 compared to 2024. This was primarily as a result of:

•a decrease of $277 million in overall network expense; and

•a decrease of $86 million in employee-related costs due to lower headcount.

Business segment expense decreased $580 million in 2024 compared to 2023. This was primarily as a result of:

•a decrease of $209 million from the sale of the EMEA business and select CDN contracts in 2023;

•a decrease of $166 million in overall network expense; and

•a decrease of $138 million in employee-related costs.

Business Segment Adjusted EBITDA

As a percentage of revenue, Business segment adjusted EBITDA was:

Mass Markets Segment

Mass Markets Segment Revenue

Mass Markets segment revenue decreased $235 million in 2025 compared to 2024 and decreased by $229 million in 2024 compared to 2023.

Mass Markets Product Categories

For 2025 compared to 2024, and for 2024 compared to 2023, the following were the primary drivers within each product category:

•Fiber Broadband increased $148 million in 2025 and increased $98 million in 2024. This was primarily as a result of growth in fiber customers, primarily driven by our increase in enabled locations from our Quantum Fiber buildout, prior to our divestiture of Mass Markets Fiber-to-the-Home, as discussed further in Note 2 — Divestitures in Item 8.

•Other Broadband decreased $218 million in 2025 and decreased $226 million in 2024. This was primarily as a result of fewer customers for lower speed copper-based broadband services.

•Voice and Other decreased $165 million in 2025 and decreased $101 million in 2024. This was primarily as a result of continued loss of copper-based voice customers. 2025 additionally decreased $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 Programsin this Part II Item 7 for more information.

Mass Markets Segment Expense

Mass Markets segment expense decreased $135 million in 2025 compared to 2024. This was primarily as a result of:

•a decrease of $62 million in employee-related costs due to lower headcount;

•a decrease of $20 million in overall network expense;

•a decrease of $18 million in marketing and advertising expense; and

•a decrease of $15 million decrease in professional fees.

Mass Markets segment expense decreased $169 million in 2024 compared to 2023. This was primarily as a result of:

•a decrease of $60 million in employee-related costs;

•a decrease of $36 million in other network related costs;

•a decrease of $33 million in professional fees; and

•a decrease of $10 million decrease in overall network expenses.

Mass Markets Segment Adjusted EBITDA

As a percentage of revenue, Mass Markets segment adjusted EBITDA was: