earningspresentationex99

Second Quarter 2021 Financial Results August 3, 2021

2 © 2021 Infinera. All rights reserved. Safe Harbor Forward-Looking Statements This presentation contains forward-looking statements, including those related to Infinera’s expectations regarding its business model, market opportunities and trends, competition, and customers; expectations regarding industry-wide supply chain challenges and ongoing COVID-19 pandemic impact; and Infinera's financial outlook for the third quarter of 2021. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements made about future market, financial and operating performance; statements regarding future products or technology, as well as the timing to market of any such products or technology; any statements about historical results that may suggest trends for Infinera’s business; and any statements of assumptions underlying any of the items mentioned. These statements are based on estimates and information available to Infinera at the time of this presentation and are not guarantees of future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include delays in the development, introduction or acceptance of new products or updates to existing products; Infinera's reliance on single and limited source suppliers and other supply chain risks; the effect of the COVID-19 pandemic on Infinera’s business, results of operations, financial condition, stock price and personnel; fluctuations in demand, sales cycles and prices for products and services, including discounts given in response to competitive pricing pressures, as well as the timing of purchases by Infinera's key customers; our ability to identify, attract and retain qualified personnel; aggressive business tactics by Infinera’s competitors; the effects of customer and supplier consolidation; Infinera’s ability to respond to rapid technological changes; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; risks and compliance obligations relating to our international operations as well as actions by the U.S. or foreign governments; the impacts of foreign currency fluctuations; Infinera's ability to service its debt obligations and pursue its strategic plan; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes their intellectual property; war, terrorism, public health issues, natural disasters and other circumstances that could disrupt the supply, delivery or demand of Infinera's products; and other risks and uncertainties detailed in Infinera’s SEC filings from time to time. More information on potential factors that may impact Infinera’s business are set forth in its Annual Report on Form 10-K for the year ended on December 26, 2020 as filed with the SEC on March 3, 2021, and its Quarterly Report on Form 10-Q for the quarter ended on March 27, 2021 as filed with the SEC on May 4, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements set forth in this presentation. This presentation includes certain non-GAAP financial measures such as non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non- GAAP diluted EPS and free cash flow. We present non-GAAP financial measures in addition to, and not as a substitute for, financial measures calculated in accordance with generally accepted accounting principles (“GAAP”). Non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. In addition, the non-GAAP measures we use, as presented, may not be comparable to similar measures used by other companies. See the slide in this presentation for reconciliations to the most comparable GAAP financial measures.

3 © 2021 Infinera. All rights reserved. GM* 37.7% GROWTH & PROFITABILITY OPERATIONAL EFFICIENCYADVANCING KEY SOLUTIONS *Revenue, Gross Margin and Operating Margin are non-GAAP measures. See reconciliation of GAAP to non-GAAP on the last page of this slide deck. STRONG YoY GROWTH IN COMPACT MODULAR, OPEN LINE SYSTEMS, 600G Q2’21 Key Highlights $339M REVENUE* OM* 0.8% GX XTM OPEN OP ICAL 600GMETRO CONTINUED MOMENTUM WITH GX, XTM PLATFORMS 19 POs, ROBUST PIPELINE, RAMPING PRODUCTION, START OF REVENUE 390 bps YoY 260bps YoY ICE6 (800G) CASH 233M $ & Restricted Cash CASH FLOW FROM OPERATIONS 21M $ CONTINUE TO NAVIGATE INDUSTRY- WIDE SUPPLY CHAIN CHALLENGES 2 % YoY

4 © 2021 Infinera. All rights reserved. Non-GAAP Q2’21 Comparison to Prior Periods * See reconciliation of GAAP to non-GAAP on the last page of this slide deck. ** Non-GAAP diluted EPS shown excluding the impact of foreign exchange (FX). Including the impact of FX, adjusted non-GAAP EPS would be ($0.09), ($0.08) and ($0.01), respectively, for Q2’20, Q1’21 and Q2’21. NON-GAAP* (in $ Millions except EPS) REVENUE Growth % GROSS MARGIN % OPEX OPERATING MARGIN % DILUTED EPS** $339.2 37.7% $125.2 0.8% ($0.03) Q2’21 $332.6 33.8% $118.3 -1.8% ($0.08) Q2’20 $331.9 37.6% $123.6 0.4% ($0.03) Q1’21 $6.6 2.0% 390 bps $6.9 260 bps $0.05 Q2’21 vs. Q2’20 $7.3 2.2% 10 bps $1.6 40 bps $0.00 Q2’21 vs. Q1’21 Growth % 5.8%1.3% REVENUE & BOOKINGS Strong bookings growth across customers & open optical portfolio GROSS MARGIN improved cost structure, higher Services margin OPERATING EXPENSES Prioritizing R&D on differentiated technologies & employee expenses CASH FLOW FROM OPERATIONS Improved profitability, working capital efficiencies KEY DRIVERS: YEAR-OVER-YEAR QoQ YoY

6 © 2021 Infinera. All rights reserved. 4 Key Market Drivers CREATING INSERTION OPPORTUNITIES COHERENT TO THE EDGE Source: Cisco VNI Ex ab yt es p er M o n th 400G 350G 300G 250G 200G 150G 100G 50G 0G 2017 2018 2019 2020 2021 2022 30% CAGR DRIVEN BY EDGE EVOLUTION 5G DAA CLOUD SERVICES EDGE COMPUTE RELENTLESS DEMAND FOR CAPACITY COHERENT TO THE EDGE COREEDGE COHERENT 5G INCREASING MARKET FOR COHERENT COHERENT TO THE EDGE FEWER CAPABLE SUPPLIERS GEOPOLITICAL DYNAMICS COMPETITIVE DISRUPTION SHIFT TO OPEN OPERATIONAL SIMPLICITY ACCELERATED INNOVATION COHERENT TO THE EDGE 5G OPEN LINE SYSTEMS XPONDERS Edge going to 100G Metro going to 400G Core going to 800G 1 2 3 4

7 © 2021 Infinera. All rights reserved. All metrics are non-GAAP and exclude acquisition-related deferred revenue adjustments, stock-based compensation, amortization of intangible assets, and restructuring charges. The Company is unable to provide a reconciliation to the most directly comparable GAAP measures, as it is unable, without unreasonable efforts, to calculate such excluded items, which could have a significant impact on the GAAP measures. Company Strategy EXECUTE FOR SHAREHOLDER VALUE ACHIEVE TARGET BUSINESS MODEL BY 2023 CAPITAL STRUCTURE IMPROVEMENT LEAD THE MARKET TO OPEN 800G CORE LEADING PERFORMANCE FEW SUPPLIERS 400G METRO VERTICALLY INTEGRATED MODULAR SOLUTIONS 100G EDGE DISRUPT WITH POINT-TO- MULTIPOINT PLUGGABLES OPEN OPTICAL PLATFORMS LONG-HAUL, SUBSEA, METRO CORE → 800G insertion w/ ICE6 METRO AND AGGREGATION → 400G w/ GX, XTM → Competitive Displacements CREATE NEW $1-2B MARKET → Point-to-Multipoint Optics (XR) INCREASE WALLET SHARE WITH TOP 50 NETWORK OPERATORS GAIN SHARE AND DRIVE SCALE 8-12% TOP-LINE GROWTH Mid-40s GROSS MARGIN ~60% VERTICAL INTEGRATION Double-digit OPERATING MARGIN 2023 TARGET BUSINESS MODEL

8 © 2021 Infinera. All rights reserved. Q3’21 Non-GAAP Outlook 7 LONG-TERM PRIORITIES INVESTING IN DIFFERENTIATED TECHNOLOGIES CONTINUING TO DRIVE OPERATIONAL EFFICIENCIES ENHANCING SHAREHOLDER VALUE THROUGH PROFITABILITY POSITIONING TO EXPAND MARKET SHARE YoY comparisons reference the midpoint of Q3’21 outlook compared to Q3’20 actuals. See reconciliation of GAAP to non-GAAP on the last page of this slide deck. REVENUE $355 Million +/- $15M +4% YoY OPERATING MARGIN % (-1%) +/- 200 bps (320) bps GROSS MARGIN % 35.5% +/- 150 bps +30bps OPEX $128 Million +/- $2M +14% YoY YoY YoY

9 © 2021 Infinera. All rights reserved. NOTES: 1. Totals may not add up due to rounding. 2. Q3’21 Outlook represents the midpoint of the expected ranges. 3. The foreign exchange (gains) losses adjustment commenced in Q1’21. In this table, Q1’20, Q2’20, Q3’20 and Q4’20 have also been adjusted for comparability. 4. Non-GAAP metrics are reconciled to the most directly comparable GAAP financial metric. 5. We define free cash flow as net cash provided by operating activities in the period minus the purchase of property and equipment, net made in the period. 6. For a complete reconciliation of other period results, see prior quarterly earnings releases. GAAP to Non-GAAP and Free Cash Flow Reconciliation

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