Lumen Technologies Inc 2025年度报告

2026ProxyStatement LUMEN OURPURPOSE OURPRIORITIES Unleashing the world'sdigital potential Physical Build the backbone forthe Al economy OURMISSION Ignitingbusinessgrowthby connecting people,data,and apps-quickly,securely,and effortlessly Digital Cloudify andagentify thetelecomindustry with LumenConnectivity Fabric OURCULTURE Weoperate withTeamwork,Trust,Transparency We infuse Clarity,CustomerObsession,Courage,Growth Mindset, Respectin everything we do Ecosystem Build the LumenConnectedEcosystem LetterfromOurCEO DearFellowLumenShareholders, 2o25 was a pivotal yearfor Lumen.Werepositioned the company tobe the trusted network for Al.Wetransformed our capital structure.We solidified our play-to-win culture and galvanized our leadership team.Andwe restored value to both our credit and equity investors. Nextup?Ourpathtorevenuegrowth. In this letter, I'll share a candid view of where we've been,where we're going,and how we're building long-termvalue for Lumen's investors. BecomingtheTrustedNetworkforAl In2025,weacceleratedourstrategyto transform Lumen froma legacytelecomintoadigital networkingplatform built for the Al era. We're doing this to help our enterprise customers who are being crushed bymulti-cloudenvironmentsthatslowinnovationandincreaserisk.Theyneedanetworkthatadaptsasfastas(orfasterthan!)theirbusinessdoes,ideallyinrealtime. securely,and effortlessly,while scaling bandwidth on demand and activating services in real time.This shift fromstatic,manuallyprovisionedinfrastructuretoanintelligent,software-definedfabricishowwecaneliminatedigitalplatform,andconnectedecosystem First, Lumen's physical network is a major strategic competitive advantage. Its coverage and unique routes givefiber optic solutions -translates to superior performance.We intendto further extend our lead through focusedcapitalinvestment inthemostcriticalassetsforAl. customerscanturnup1ooGbpsand4ooGbpsbandwidthfaster,aheadofdemand.MetRONmodernizesourmetronetworktodeliverhigherEthernetspeedsatlowercost,whilesimplifyingoperationsandimprovingscaleOurdatacenterexpansiondeepensconnectivityacrosskeyinterconnectionhubs,reducingthedistanceenhancingourcompetitiveadvantage,andreinforcingLumenasthetrustednetworkforAl. connectivityfabric("PCF")dealsthat weclosed withhyperscalers,neo clouds, social platforms,andAlcompanies. Second,ourdigitalplatformtransformshowcustomersconsumeourservices-makingthenetworkprogrammable, on-demand, and Al-ready. Lumen's flagship Network-as-a-Service (NaaS) platform now servesover2,o00enterprisecustomers.In2o25,weexpandeditsreachwithoff-netcapabilities,extendingaccesstomorethan tenmillionadditional locations in the U.S.alone.This innovationhas dramatically expanded ourandautomationtomakeourservicesmoreintelligent,adaptive,efficient,andintuitive. Third, we introduced the Lumen Connected Ecosystem tobring togetherenterprises, cloud providers,andnew business, and partners are actively referring clients to Lumen. We believe this ecosystem will be a forcemultiplierforgrowth intheyearsahead. LetterfromOurCEO Transformingour Capital Structure Inearly2o26,wecompletedthesaleofourconsumerfiber-to-the-homebusiness(QuantumFiber)in11statesto AT&T for $5.75 billion in cash. This transaction marked a strategic inflection point, allowing us to sharpen ourplus some cash on hand allowed us to reduce debt by $4.8 billion, bringing our total debt below $13 billion andimprovingournet debt-to-EBiTDA leveragetounder4x.This movealone isexpectedtoreduceannual interestexpensebyapproximately$300million.Combined withour2024debtrestructuring,subsequent refinancings,and major cash injection from the PCF deals, we've reduced total interest expense by s5o0 million. The markets have responded to this great work. Over the past two years, Lumen's total shareholder returnreached324%,far outpacing the S&P500's 45%.We also welcomed several high-quality,long-term investors todirect funds to accelerateplatformadoption.We will also consider acquisitions as theypresent an opportunitytoaccelerategrowth. Playing toWin Our transformation started with -and continues to be powered by-our people. Over the past few years, wehave deliberately shifted Lumen from a mindset of playing not to lose to onefocused on playing to win -driving8 behaviors and strengthened leadership capabilityacross the company.By grounding teams in values likeTeam, Trust, and Transparency,and empowering them to take smart risks,we aremaking decisions closer to thework and operating with greater discipline.The result is a culture that is no longer a work in progress, but acompete and win in a rapidly changing market. Looking Ahead transitionawayfromlegacybusinesses.Wehaveaclearpathtorevenuestabilizationandgrowthby2o28,butrightfully,our investors are impatient.We shareyour sense ofurgency and will continue to relentlessly pursueour digital future - the fast path to growth. As we enter 2026, we do so with momentum, clarity, and conviction.Thank you for joining us on