Lumen Technologies (LUMN) said Wednesday it has stabilized its business and is now targeting to improve margins, enhance free cash flow, and deliver business segment revenue growth in 2028.

The company said it expects to expand adjusted EBITDA margins to the mid-30% range by 2030 from 27.1% in 2025.

Lumen also said it intends to expand its intercity fiber infrastructure to roughly 58 million miles by 2031.

In addition, the company said it has been selected by artificial intelligence developer Anthropic to construct a dedicated high-capacity network in North America. The Anthropic contract is part of nearly $13 billion in private connectivity fabric contracts to date, Lumen said.

The company also said it finalized the $5.75 billion sale of its residential fiber operations to bring total debt below $13 billion.

Shares of the company were up more than 5% in recent Wednesday premarket activity.