8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 7, 2016

Lumos Networks Corp.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-35180	80-0697274
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Lumos Plaza, P.O. Box 1068, Waynesboro, Virginia 22980

(Address of Principal Executive Offices) (Zip Code)

(540) 946-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On March 7, 2016, Lumos Networks Corp. (the “Company”) issued a press release announcing its results of operations and financial condition for the year ended December 31, 2015. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

A copy of the materials that Lumos Networks Corp. will present in connection with upcoming presentations to investors is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. The information in this Report will not be deemed as an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release issued by Lumos Networks Corp. dated March 7, 2016
99.2	Company Presentation – Fourth Quarter 2015 Update

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 7, 2016

LUMOS NETWORKS CORP.
By:	/s/ Johan G. Broekhuysen
	Johan G. Broekhuysen Executive Vice President, Chief Financial Officer and Chief Accounting Officer

3

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by Lumos Networks Corp. dated March 7, 2016
99.2	Company Presentation – Fourth Quarter 2015 Update

4

EX-99.1

Exhibit 99.1

Contact:	Will Davis
	Chief of Staff and Vice President of Investor Relations
	Phone: 917-519-6994
	Email: davisw@lumosnet.com

Lumos Networks Corp. Reports Fourth Quarter 2015 Results

Delivers 4Q15 Revenue of $51.9 million and Adjusted EBITDA of $24.6 million

Achieves 2015 Revenue and Adjusted EBITDA of $204.3 million and $92 million, respectively

Provides 2016 Revenue and Adjusted EBITDA guidance of $206 to $210 million and $93 to $96

million, respectively

WAYNESBORO, VA – March 7, 2016 – Lumos Networks Corp. (“Lumos Networks”, “Lumos” or the “Company”) (Nasdaq: LMOS), a leading fiber-based service provider in the Mid-Atlantic region, today announced its fourth quarter and full year 2015 financial results and provided 2016 financial guidance.

Total revenue in the fourth quarter of 2015 was $51.9 million, an increase of more than 2% from the prior year period. Total Adjusted EBITDA reached approximately $24.6 million, up more than 9% from the prior year period. Total Data revenue grew over 9% year-over-year to approximately $29.8 million and constituted nearly 58% of total revenue, up from 54% in the prior year period.

In the fourth quarter, total FTTC and Enterprise revenue reached over $19.8 million, up more than 21% year-over-year and constituted 66% of total Data revenue versus 60% in the prior year period. In the aggregate, Ethernet and other advanced fiber technologies accounted for 90-95% of revenue within these two product groups. The Company’s Enterprise revenue grew over 10% on a year-over-year basis for the second consecutive quarter.

“For the full year 2015, I am pleased to announce that Lumos Networks achieved $204.3 million in revenue, up more than 1% from 2014,” said Timothy G. Biltz, President and CEO of Lumos Networks. “Additionally, we reached Adjusted EBITDA of $92 million, up over 2% from 2014.”

Mr. Biltz continued, “We achieved more than $114 million in total Data revenue in 2015, up more than 7% year-over-year. This included FTTC revenue of more than $28 million, up nearly 43% year-over-year, and Enterprise revenue of nearly $46 million, up more than 8%. Collectively, our FTTC and Enterprise revenue surpassed $74 million, up more than 19% year-over-year, which places the Company amongst the leaders in the US fiber industry.”

“In 2016, we expect to further accelerate our transformation into a fiber bandwidth infrastructure provider,” said Mr. Biltz. “We expect to grow our overall revenue and Adjusted EBITDA for the second year in a row and introduce guidance for 2016 revenue of $206-$210 million and Adjusted EBITDA of $93-$96 million. This guidance assumes increased costs from several major projects, including our network expansion into the Richmond and Hampton Roads/Norfolk markets and business separation planning initiatives during the course of the year. The Company targets acceleration of our Data revenue growth rate from 7% in 2015 to 8-10% in 2016, as we continue to see strong bandwidth demand trends, solid sales productivity, robust Enterprise renewal activity and improving installation trends.”

The Company generated operating income of $10.1 million and $36.5 million for the three and twelve months ended December 31, 2015, respectively. Net income attributable to Lumos Networks Corp. was $2.7 million, or 12 cents per diluted share, for the fourth quarter of 2015 and $10.0 million, or 43 cents per diluted share, for the year ended December 31, 2015.

Fourth Quarter 2015 Highlights

• The Company ended 4Q15 with 1,099 unique FTTC sites, up 69 sequentially and an increase of 28% from the prior year. Additionally, Lumos ended the quarter with 1,440 total FTTC connections up nearly 25% from the prior year period.

• In 2015, Lumos renewed Enterprise accounts totaling $726,000 in monthly recurring charges (“MRC”), up over 17% from the prior year. The total contract value (“TCV”) of renewed Enterprise contracts in 2015 was nearly $32 million, up over 19% from 2014.

• By the end of the first quarter, the Company expects to have completed the vast majority of its 822-mile network expansion into the Richmond and Hampton Roads/Norfolk metro markets. To date, the Company has already sold annualized Enterprise revenue of $500,000 in the Norfolk/Hampton Roads markets.

• In 2015, Lumos Networks added 785 organic route miles of fiber, nearly double the 408 miles added in 2014. Additionally, the Company added 255 Enterprise lit buildings in 2015, up over 90% from the 133 buildings added to the Lumos fiber network in 2014.

Business Outlook

For the full year 2016, the Company provides its financial guidance for revenue of $206 to $210 million, Adjusted EBITDA of $93 to $96 million and capital expenditures of $85 to $95 million.

Please see the schedules accompanying this release for additional financial guidance, including reconciliations of non-GAAP measures to GAAP results.

Statements made are based on management’s current expectations. These statements are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements.”

Conference Call

A conference call and simultaneous webcast, hosted by Timothy G. Biltz, CEO, Johan Broekhuysen, CFO, and Will Davis, Chief of Staff and Vice President of Investor Relations to discuss today’s announcement and to review these financial and operational results and financial guidance will be held at 10:00 A.M. (ET) on March 7, 2015.

The webcast may be accessed via the Internet at http://ir.lumosnetworks.com/ and the live call (“Lumos Networks Fourth Quarter Earnings Conference Call”) may be accessed with the following numbers:

Domestic: 1-877-510-3772

International: 1-412-902-4135

Canada: 1-855-669-9657

The conference call will be archived and available for replay through March 21, 2016 and may be accessed with the following numbers:

Domestic: 1-877-344-7529

International: 1-412-317-0088

Canada: 1-855-669-9658

Replay pass codes: Conference ID: 10081372

The webcast will also be archived and the replay may be accessed at http://ir.lumosnetworks.com/.

About Lumos Networks

Lumos Networks is a leading fiber-based service provider in the Mid-Atlantic region serving Carrier, Enterprise and Data Center customers, offering end-to-end connectivity in 24 markets in Virginia, Pennsylvania, West Virginia, Maryland, Ohio and Kentucky. With a fiber network of 8,607 fiber route miles and more than 384,000 total fiber strand miles, Lumos Networks connects 1,099 unique Fiber to the Cell sites, 1,440 total FTTC connections, 34 data centers, including 7 company owned co-location facilities, 1,732 on-net buildings and over 2,800 total on-net locations. In 2015, Lumos Networks generated over $114 million in Data revenue and over $51 million in Adjusted EBITDA over our fiber network. Detailed information about Lumos Networks is available at www.lumosnetworks.com.

Non-GAAP Measures

Adjusted EBITDA is net income attributable to Lumos Networks Corp. before interest, income taxes, depreciation and amortization and accretion of asset retirement obligations, net income attributable to noncontrolling interests, other (income) expenses, net, equity-based compensation, amortization of actuarial losses, employee separation charges, restructuring charges and gain (loss) on interest rate swap derivatives. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to operating revenues.

Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedules herein and our SEC filings for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: rapid development and intense competition in the telecommunications and high speed data transport industry; our ability to grow our data business on an organic or inorganic basis in order to offset expected revenue declines in legacy voice and access products; our ability to divest our legacy business on a timely basis; our ability to effectively allocate capital and implement our network expansion plans in a timely manner; our ability to complete customer installations in a timely manner; adverse economic conditions; operating and financial restrictions imposed by our senior credit facility and our unsecured debt obligations; our cash and capital requirements; our ability to maintain and enhance our network; the potential to experience a high rate of customer turnover; federal and state regulatory fees, requirements and developments; our reliance on certain suppliers and vendors; and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Report filed on Form 10-K.

Exhibits:

• Condensed Consolidated Balance Sheets

• Condensed Consolidated Statements of Income

• Condensed Consolidated Statements of Cash Flows

• Summary of Operating Results, Customer and Network Statistics

• Reconciliation of Net Income Attributable to Lumos Networks Corp. to Adjusted EBITDA

• Business Outlook

Lumos Networks Corp.

Condensed Consolidated Balance Sheets

	December 31, 2015		December 31, 2014
(In thousands)
ASSETS
Current Assets
Cash and cash equivalents	$	13,267	$	14,140
Marketable securities		88,811		16,870
Restricted cash 1		—		4,208
Accounts receivable, net		20,796		22,925
Other receivables		852		2,113
Income tax receivable		568		172
Prepaid expenses and other		7,215		4,321
Total Current Assets		131,509		64,749
Securities and investments		1,180		914
Property, plant and equipment, net		498,944		429,451
Other Assets
Goodwill		100,297		100,297
Other intangibles, net		11,078		15,884
Deferred charges and other assets		2,364		512
Total Other Assets		113,739		116,693
Total Assets	$	745,372	$	611,807
LIABILITIES AND EQUITY
Current Liabilities
Current portion of long-term debt	$	10,400	$	10,227
Accounts payable		14,182		20,257
Dividends payable		—		3,152
Advance billings and customer deposits		13,849		14,029
Accrued compensation		1,191		1,516
Accrued operating taxes		3,907		4,618
Other accrued liabilities		4,974		4,223
Total Current Liabilities		48,503		58,022
Long-Term Liabilities
Long-term debt, net of unamortized discount and debt issuance costs, excluding current portion		456,300		357,950
Retirement benefits		17,029		18,257
Deferred income taxes, net		89,193		82,263
Other long-term liabilities		1,923		1,746
Income tax payable		93		110
Total Long-term Liabilities		564,538		460,326
Stockholders’ Equity		131,392		92,677
Noncontrolling Interests		939		782
Total Equity		132,331		93,459
Total Liabilities and Equity	$	745,372	$	611,807

¹  During 2010, the Company received a Federal stimulus award providing 50% funding to bring broadband services and infrastructure to Alleghany County, Virginia. The Company was required to deposit 100% of its grant ($8.1 million) into pledged accounts in advance of any reimbursements, to be drawn down ratably following reimbursement approvals. The project was completed and the grant has ended as of December 31, 2015.

Lumos Networks Corp.

Condensed Consolidated Statements of Income

	Three months ended December 31,						Twelve months ended December 31,
(In thousands, except per share amounts)	2015			2014			2015			2014
Operating Revenues	$	51,852		$	50,685		$	204,269		$	201,456
Operating Expenses
Network access costs		9,754			9,714			39,310			40,868
Selling, general and administrative 1, 2		19,530			19,818			80,187			64,782
Depreciation and amortization		12,415			12,071			47,527			45,212
Accretion of asset retirement obligations		34			23			139			118
Restructuring charges		1			—			638			—
Total Operating Expenses		41,734			41,626			167,801			150,980
Operating Income		10,118			9,059			36,468			50,476
Other Income (Expenses)
Interest expense		(6,896	)		(3,820	)		(19,918	)		(15,575	)
Gain on interest rate swap derivatives		220			97			665			492
Other income, net		203			135			114			664
Income Before Income Tax Expense		3,645			5,471			17,329			36,057
Income Tax Expense		925			2,007			7,146			14,409
Net Income		2,720			3,464			10,183			21,648
Net Income Attributable to Noncontrolling Interests		(46	)		(51	)		(157	)		(120	)
Net Income Attributable to Lumos Networks Corp.	$	2,674		$	3,413		$	10,026		$	21,528
Basic and Diluted Earnings per Common Share Attributable to Lumos Networks Corp. Stockholders:
Earnings per share - basic	$	0.12		$	0.15		$	0.44		$	0.97
Earnings per share - diluted	$	0.12		$	0.15		$	0.43		$	0.95
Cash Dividends Declared per Share - Common Stock	$	—		$	0.14		$	—		$	0.56

¹  Includes equity-based compensation expense related to all of the Company’s share-based awards and the Company’s 401(k) matching contributions of $1.6 million and $1.2 million for the three months ended December 31, 2015 and 2014, respectively, and $5.9 million and $4.3 million for the twelve months ended December 31, 2015 and 2014, respectively.

²  Selling, general and administrative expenses for the three and twelve months ended December 31, 2014 includes $0.6 million and $10.8 million, respectively, of curtailment gains related to the elimination of certain medical benefits under the Company’s postretirement plan.

Lumos Networks Corp.

Condensed Consolidated Statements of Cash Flows

	Twelve Months Ended December 31,
(In thousands)	2015			2014
Cash Flows from Operating Activities:
Net income	$	10,183		$	21,648
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		42,721			36,025
Amortization		4,806			9,187
Accretion of asset retirement obligations		139			118
Deferred income taxes		6,767			14,477
Gain on interest rate swap derivatives		(665	)		(492	)
Equity-based compensation expense		5,881			4,340
Amortization of debt issuance costs		2,688			1,461
Retirement benefits, net of cash contributions and distributions		(314	)		(12,402	)
Excess tax benefits from share-based compensation		(165	)		—
Other		789			221
Changes in operating assets and liabilities, net		(6,085	)		5,226
Net Cash Provided by Operating Activities		66,745			79,809
Cash Flows from Investing Activities:
Purchases of property, plant and equipment		(115,675	)		(84,100	)
Broadband network expansion funded by stimulus grant		(2,578	)		(878	)
Purchases of available-for-sale marketable securities		(114,478	)		(19,516	)
Proceeds from sale or maturity of available-for-sale marketable securities		42,200			40,679
Change in restricted cash		4,208			116
Cash reimbursement received from broadband stimulus grant		3,838			116
Other		—			150
Net Cash Used in Investing Activities		(182,485	)		(63,433	)
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt		28,000			—
Proceeds from issuance of unsecured notes		148,500			—
Payment of financing costs		(8,192	)		—
Principal payments on senior secured term loans		(47,960	)		(5,250	)
Cash dividends paid on common stock		(3,152	)		(12,456	)
Principal payments under capital lease obligations		(2,471	)		(1,468	)
Proceeds from stock option exercises and employee stock purchase plan		356			2,892
Excess tax benefits from share-based compensation		165			—
Other		(379	)		(68	)
Net Cash Provided by (Used in) Financing Activities		114,867			(16,350	)
(Decrease) increase in cash and cash equivalents		(873	)		26
Cash and cash equivalents:
Beginning of Year		14,140			14,114
End of Year	$	13,267		$	14,140

Lumos Networks Corp.

Operating Results, Customer and Network Statistics

(Dollars in thousands)	Three months ended:															Twelve months ended:
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Revenue, Gross Margin and Adjusted EBITDA
Revenue
Enterprise Data		11,935			11,560			11,298			11,027			10,833			45,820			42,334
Transport		10,005			9,507			10,036			10,473			10,962			40,021			44,373
FTTC		7,892			7,556			6,755			6,267			5,515			28,470			19,935
Total Data		29,832			28,623			28,089			27,767			27,310			114,311			106,642
Residential and Small Business		16,379			16,560			17,010			17,265			17,423			67,214			72,028
RLEC Access		5,641			5,786			5,854			5,463			5,952			22,744			22,786
Total Revenue		51,852			50,969			50,953			50,495			50,685			204,269			201,456
Gross Margin
Data		85.0	%		84.2	%		85.5	%		86.9	%		85.5	%		85.4	%		85.0	%
Residential and Small Business		67.8	%		67.4	%		65.6	%		64.9	%		67.0	%		66.4	%		65.5	%
Adjusted EBITDA1
Data		14,221			12,395			12,492			12,367			12,629			51,475			51,725
Residential and Small Business		5,556			5,045			5,327			5,627			4,623			21,555			19,900
RLEC Access		4,774			4,834			4,848			4,517			4,621			18,973			18,239
Adjusted EBITDA before Curtailment Gain		24,551			22,274			22,667			22,511			21,873			92,003			89,864
Curtailment Gain2		—			—			—			—			567			—			10,774
Total Adjusted EBITDA		24,551			22,274			22,667			22,511			22,440			92,003			100,638
Adjusted EBITDA Margin1
Data		47.7	%		43.3	%		44.5	%		44.5	%		46.2	%		45.0	%		48.5	%
Residential and Small Business		33.9	%		30.5	%		31.3	%		32.6	%		26.5	%		32.1	%		27.6	%
RLEC Access		84.6	%		83.5	%		82.8	%		82.7	%		77.6	%		83.4	%		80.0	%
Total Adjusted EBITDA Margin		47.3	%		43.7	%		44.5	%		44.6	%		44.3	%		45.0	%		50.0	%
Capital Expenditures		35,557			24,769			26,125			29,224			19,949			115,675			84,100
Adjusted EBITDA less Capital Expenditures		(11,006	)		(2,495	)		(3,458	)		(6,713	)		2,491			(23,672	)		16,538
Fiber Network Statistics
Fiber Route-Miles		8,607			8,408			8,100			7,955			7,822			8,607			7,822
Fiber Miles3		384,094			378,581			369,238			363,189			354,118			384,094			354,118
Fiber Markets		24			24			24			23			23			24			23
FTTC Unique Towers		1,099			1,030			976			907			858			1,099			858
FTTC Total Connections		1,440			1,363			1,307			1,236			1,153			1,440			1,153
On-Network Buildings		1,732			1,642			1,574			1,530			1,477			1,732			1,477
Data Centers4		34			33			32			31			31			34			31
Mobile Switching Centers		14			14			14			14			14			14			14
R&SB Statistics
Competitive Voice Connections		73,705			76,380			79,022			81,456			83,406			73,705			83,406
Video Subscribers		5,904			5,760			5,516			5,472			5,352			5,904			5,352
Fiber-to-the-Premise Broadband Connections		8,815			8,007			6,807			6,602			6,358			8,815			6,358
Premises Passed by Fiber5		19,400			19,170			18,983			18,142			17,461			19,400			17,461
RLEC Access Lines		25,516			25,902			26,276			26,746			27,257			25,516			27,257

¹  Adjusted EBITDA is a non-GAAP measure. See definition on page 2 of this earnings release. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to Total Revenue.

²  The Company recorded a gain totaling $10.8 million in 2014 related to the curtailment of medical benefits under the Company’s postretirement plan, which gain was not allocated to the operating segments.

³  Fiber miles are calculated as the fiber route miles multiplied by the number of fiber strands within each cable (represents an average of 45 fibers per route as of December 31, 2015).

⁴  Data centers reported include both commercial and private data centers and Company-owned facilities offering commercial data center services.

⁵  Includes residential and small business locations passed by fiber and available for service. Approximately 95% of the premises passed by fiber and available for service as of December 31, 2015 were residential.

Lumos Networks Corp.

Reconciliation of Net Income Attributable to Lumos Networks Corp. to Adjusted EBITDA

(Dollars in thousands)	2015			2014
For The Three Months Ended December 31,
Net Income Attributable to Lumos Networks Corp.	$	2,674		$	3,413
Net Income Attributable to Noncontrolling Interests		46			51
Net Income		2,720			3,464
Income tax expense		925			2,007
Interest expense		6,896			3,820
Gain on interest rate swap derivatives		(220	)		(97	)
Other income, net		(203	)		(135	)
Operating Income		10,118			9,059
Depreciation and amortization and accretion of asset retirement obligations		12,449			12,094
Amortization of actuarial losses		338			56
Equity-based compensation		1,645			1,231
Restructuring charges		1			—
Adjusted EBITDA	$	24,551		$	22,440
Adjusted EBITDA Margin		47.3	%		44.3	%
For The Twelve Months Ended December 31,
Net Income Attributable to Lumos Networks Corp.	$	10,026		$	21,528
Net Income Attributable to Noncontrolling Interests		157			120
Net Income		10,183			21,648
Income tax expense		7,146			14,409
Interest expense		19,918			15,575
Gain on interest rate swap derivatives		(665	)		(492	)
Other income, net		(114	)		(664	)
Operating Income		36,468			50,476
Depreciation and amortization and accretion of asset retirement obligations		47,666			45,330
Amortization of actuarial losses		1,350			248
Equity-based compensation		5,881			4,340
Restructuring charges		638			—
Employee separation charges		—			244
Adjusted EBITDA	$	92,003		$	100,638
Adjusted EBITDA Margin		45.0	%		50.0	%

Lumos Networks Corp.

Business Outlook ¹ (as of March 7, 2016)

(In millions)	2016 Annual Guidance 1
Operating Revenues	$206 to $210
Adjusted EBITDA	$93 to $96
Capital Expenditures	$85 to $95
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
Net (Loss) Income	$(2) to $1
Income tax expense	approximately $2
Interest expense	approximately $30
Operating Income	$30 to $33
Depreciation and amortization	approximately $50
Equity-based compensation charges	approximately $12
Amortization of actuarial losses	approximately $1
Adjusted EBITDA	$93 to $96

¹  These estimates are based on management’s current expectations. These estimates are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements” in the Lumos Networks Corp. year end 2015 earnings release dated March 7, 2016.

EX-99.2

Exhibit 99.2

Company Presentation March 2016

Use of Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures that are not determined in accordance with US generally accepted accounting principles. These financial performance measures are not indicative of cash provided or used by operating activities and exclude the effects of certain operating, capital and financing costs and may differ from comparable information provided by other companies, and they should not be considered in isolation, as an alternative to, or more meaningful than measures of financial performance determined in accordance with US generally accepted accounting principles. These financial performance measures are commonly used in the industry and are presented because Lumos Networks Corp. believes they provide relevant and useful information to investors. The Company utilizes these financial performance measures to assess its ability to meet future capital expenditure and working capital requirements, to incur indebtedness if necessary, and to fund continued growth. Lumos Networks Corp. also uses these financial performance measures to evaluate the performance of its business, for budget planning purposes and as factors in its employee compensation programs.

Special Note Regarding Forward-Looking Statements

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,”

“targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: rapid development and intense competition in the telecommunications and high speed data transport industry; our ability to grow our data business on an organic or inorganic basis in order to offset expected revenue declines in legacy voice and access products; our ability to divest our legacy business on a timely basis; our ability to effectively allocate capital and implement our network expansion plans in a timely manner; our ability to complete customer installations in a timely manner; adverse economic conditions; operating and financial restrictions imposed by our senior credit facility and our unsecured debt obligations; our cash and capital requirements; our ability to maintain and enhance our network; the potential to experience a high rate of customer turnover; federal and state regulatory fees, requirements and developments; our reliance on certain suppliers and vendors; and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Report filed on Form 10-K.

1

Advanced Fiber Network Driving Value for Our Customers

2

Lumos at a Glance

8,607 Fiber Route Miles; 384,094 Total Fiber Strand Miles 44-45 Avg Strand Count; 65% of Strand Miles: Lumos-owned

Attractive Fundamentals

2016 Data Revenue tgt of ~$123-126m, up ~8-10% YoY

Total data contract value: ~$360m with avg. length: 4+ years.

Combined FTTC/Enterprise growth tgt of 20%+ in ‘16

Enterprise growth of ~13-15% expected in 2016

Targeted 15-20%+ ROI on fiber deals

FTTC/Enterprise revenue is ~93% non-TDM

4G Data growth driving wireless backhaul demand

On-net focus: 60% Data EBITDA margin target

Network Expansion to increase Addressable market by $135m or 60%

Revenue Opportunities

Current1 Opportunity2

FTTC Unique

1,099 ~7,400

Sites

On-Net Buildings 1,732 104,000

Total Connected

34 100+

Data Centers

1 As of 12/31/2015

2 Based on Lumos Networks’ internal research and analysis of data from research, surveys and studies conducted by third parties, such as Tower Source (for FTTC sites), Equifax Telecom and Stratsoft (for

On-Net buildings) and public records databases (for data centers). Market Opportunity denotes wireless cell sites within 3 miles and buildings within  ¹/₂ mile of the Lumos Networks fiber footprint and includes recently announced planned market expansion in Richmond and Norfolk

3

Strategic Financial Partnership with Pamplona Capital

On August 6, 2015, Lumos closed on a $150 million cash investment from Pamplona

Capital, a Private Equity Fund with over $8 billion in total capital commitments

Strategic Partnership to Accelerate the Transformation of Lumos Networks to a Pure-Play Fiber Bandwidth Infrastructure Company

Use of Proceeds

Approximately $50m used to pay down existing senior bank debt and related deal costs

Approximately $100m for general corporate purposes. Provides the company with additional capital to pursue organic and inorganic growth opportunities in the fiber and data center space.

Interest payable on the notes issued in connection with Pamplona’s investment accrues at an annual rate of 8%, paid quarterly either in cash or in kind. The warrants issued entitle Pamplona to purchase up to 5.5 million shares of common stock at an exercise price equal to $13.99, the closing price immediately prior to the closing of the transaction.

Pamplona designates two members of the Lumos Board of Directors

William Pruellage, Partner at Pamplona Capital (based in New York City)

Peter Aquino, former Executive Chairman of Primus Telecommunications Group and former President and CEO of RCN Corporation

4

Exponential Growth in Bandwidth Demand 1 EB

Bandwidth Demand Drivers

In 2019, U.S. Consumer – Video IP traffic will be

times what it was in 2014

By 2019, total U.S. traffic will be 3 times larger than 2014

Proliferation of network-connected devices and locations

2014 to 2019 tablets, smartphones, and M2M traffic growth rates of 65%, 62%, and 71%, respectively

Rapid growth in rich media applications

Annual global IP traffic will surpass the zettabyte (1,000 exabytes) threshold in 2016 and the 2 zettabyte threshold in 2019

Spectrum constraints require increased efficiency to manage mobile data traffic

Cloud adoption, increased outsourcing of IT infrastructure

U.S. Mobile IP Traffic

8.0 EB Web & Data Video File Sharing

5 EB

6.0 EB

Month 4 EB

per

4.0 EB

(“EB”) 3 EB

Exabytes 2.0 EB2 EB

0.0 EB1 EB

2015 2016 2017 2018 2019

U.S. Business IP Traffic

4.0 EB Web & Data Video File Sharing

Month 3.0 EB

per

(“EB”) 2.0 EB

Exabytes 1.0 EB

0.0 EB

2015 2016 2017 2018 2019

Source: Cisco Visual Networking Index 2015

5

Accelerating the Transformation

In 4Q15, ~93% of Total FTTC and Enterprise Revenue was non-TDM based

FTTC + Enterprise as % of Data Revenue

72.0%

66.8% 66.5%

64.3%

62.3%

59.9%

58.3% 58.0%

57.5%

55.4% 55.7%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 2016E

6

Improving Data Revenue Mix

% of Total Data Revenue/Segment

Transport FTTC Enterprise

43% 41% 40% 40% 42%

7% 14% 19%

25%

31%

49% 46%

42% 35%

27%

2012A 2013A 2014A 2015A 2016E

7

Continued Technology Mix Improvement (Ethernet v TDM)*

Ethernet vs TDM % of Total Data Revenue

TDM Ethernet

47%

56%

62%

69%

77%

53%

44%

38%

31%

23%

2012A 2013A 2014A 2015A 2016E

Note: Ethernet can include Ethernet and related technologies, co-location and dark fiber revenue*

8

822 Mile Fiber Network Expansion Project in Richmond and Norfolk

Underpinned by 257 unique FTTC site contract (269 total FTTC connections) with major wireless carrier

Expected 1Q16 completion vs initial target of 3Q16

15 signed Enterprise contracts in Norfolk: ~$500k in annualized revs

Significant expansion of Richmond, VA network with the addition of Norfolk, Petersburg and Hampton Roads markets

Increases total Enterprise addressable market by ~$135 million, up ~60% vs. existing markets

Increases tower addressable market to 7,400 within 3 miles of footprint

9

Richmond/Petersburg Metro Fiber Network

Green: Existing market launched 2H13 (144 miles);

Yellow: Expansion Footprint (Additional 314 miles)

10

Norfolk/Hampton Roads/Tidewater Metro Market Expansion

All New Footprint: ~270 Fiber Route Miles. Portions of Network “Lit” in August ‘15 as 24th Metro Market

11

First Significant Enterprise Dark Fiber Win

Targeting a Growing Number of RFPs in our Footprint:

Macro Fiber to the Cell Backhaul/Small Cell Fronthaul

Large Enterprises: Healthcare, Education/Gov’t, Financial

Data Centers

Relatively limited dark fiber deployments in our footprint (by any fiber provider), but industry dark fiber network activity is expected to increase in 2016 and beyond

Lumos Dark Fiber Product has standardized Monthly Recurring Charge (MRC) and Non-Recurring Charge (NRC) pricing

Lumos provides dark fiber cable and customers supply equipment and resources to manage their bandwidth service

Lumos has $1m+ in annual Dark Fiber revenue, mostly derived from Allegheny Energy assets purchased in 2009

12

Dark Fiber Solutions for FTTC Small Cell Deployments

C-RAN Architecture

Architecture is designed for FTTC Customers who are:

1) Using Small Cell Strategy to supplement macro sites for cell coverage and capacity

2) Leveraging a centralized Base Band Unit (“BBU”) design

Note: One large wireless operator leading the way

13

Key FTTC Statistics

4Q15 Revenue: $7.9m, up 43% YoY

2016 Revenue Target: $39m, up 38% YoY

Unique FTTC Towers: 1,099, up 28% YoY

1,440 FTTC Connections: up 25% YoY (added 77 in 4Q15)

FTTC Tenants (connections) per tower: 1.3-1.4x

Avg Monthly Revenue/Connection: ~$1,800

Average contracted bandwidth/connection: ~100Mbs

~98% of total booked revenue is Carrier Ethernet

0% microwave sites

Total FTTC Revenue under contract: ~225 m

Average Contract length: 6-7 years

Gross Margin: ~85%

# of Active Mobile Operator Customers: 5

14

FTTC Opportunities Accelerate

Dramatic Growth in Mobile Data Traffic Driving Increased Backhaul Bandwidth Requirements

1999—2003 2004—2007 2015+

Devices

Backhaul Technology T1 T1 / SONET Moving to Carrier Ethernet

Use Case Voice / Text Voice / Text / Email Voice / Text / Email /

Rich Media / Streaming Video

Compelling Tower-Like Economics

Scalable bandwidth capability drives margin expansion

Increased tenants per unique site combined with higher bandwidth per site magnifies leverage.

FTTC bandwidth upgrade activity accelerated in 2015.

Long-term contracts (ranging from 5 to 13 years). Avg of 6-7 years.

Attractive return on investments

15

Project Ark: 100G Core—Premier FTTC Network in Footprint

New MEF-certified Carrier Ethernet MPLS/IP fiber network

Fully Redundant/Fast Re-route

A key selling point for a series of contract wins (total of 500+ FTTC sites) with a major US wireless carrier

100G: Entire Ark Core and and 1/3 of distribution rings

Core network completed in Sept ’14 using Cisco routers

One year of operation without incident

FTTC traffic already routed onto Ark

Expect 100% of FTTC traffic routed onto Ark during 2016 to coincide with completion of Richmond/Norfolk market expansion

Cisco provides new testing tools, thousands of hours of training, and 2 R&D centers

Ark planned to provide total bandwidth throughput up to ~1 Terabit (equivalent to 2,500 circuits at 400 Mbps each)

Allows for cost effective scalability for upgraded FTTC connection target of 3,100

16

Long-Term Fiber to the Cell Targets

FTTC Targets

Targets

Annual Revenue1 ~$85 million

Gross Margin1 ~$72 million

Total Unique Towers 1 1,875

Total FTTC Connections 2 3,100

Tenants (Connections/Tower)2 1.65

Monthly Revenue/Connection2 ~$2,300

FTTC Growth Drivers

Expansion of 4G/LTE coverage and capacity in

Lumos’ footprint by multiple wireless carriers

Mobile Data growth of 55% (cisco VNI)

Continued migration of copper, microwave and SONET FTTC sites to Carrier Ethernet

822 route-mile market expansion underway, underpinned by 257 FTTC unique tower contract

Pro forma tower addressable market increase to 7,400 (within 3 miles) from 5,400

In 2015: Added 785 fiber route miles (up 10%)

Increased RFP activity for small cell and dark fiber FTTC contracts in our footprint

Expectation for increased tenants per site and higher bandwidth per site over time

1 Goals highlighted herein are long-term in nature and are subject to various risks and uncertainties, one or more of which could cause goals to be unattainable. You should not regard the inclusion of a goal in this presentation as a representation by any person that the results will be achieved

2 Represents management’s long-term estimates prepared using data from industry publications and its market knowledge and experience. Management’s estimates have not been verified by any independent source and are subject to various risks and uncertainties, which could cause actual results to materially deviate from estimates. You should not regard the inclusion of an estimate in this presentation as a representation by any person of future results

17

Strong FTTC Growth Opportunity in Our Footprint

~7,400 towers within 3 miles of

Lumos Network fiber footprint

Early stages of 4G LTE rollout

Conversion from T-1, microwave and SONET to

Carrier Ethernet

Significant new LTE site builds/network densification

Continued FTTC share gains expected

Carrier Ethernet more scalable than SONET of other providers

FTTC operating leverage drives margin expansion opportunity

Anticipated FTTC Trends

4Q15 Estimate1

FTTC Unique Towers 1,099 1,875

Tenants/Unique Tower ~1.3-1.4 1.65x

Monthly Revenue/Connection ~$ 1,800 ~$ 2,300

Monthly Revenue/Unique Tower ~$ 2,300 ~$ 3,800

Contracted Bandwidth Per Site ~100MBs 400MBs+

FTTC Opportunity

1,875 2

1,099

858 +241

+250

608

370 +238

4Q12 4Q13 4Q14 4Q15 Long-Term Goal

1 Represents management’s long-term estimates prepared using data from industry publications and its market knowledge and experience. Management’s estimates have not been verified by any independent source and are subject to various risks and uncertainties, which could cause actual results to materially deviate from estimates. You should not regard the inclusion of an estimate in this presentation as a representation by any person of future results 2 Goals highlighted herein are long-term in nature and are subject to various risks and uncertainties, one or more of which could cause goals to be unattainable. You should not regard the inclusion of a goal in this presentation as a representation by any person that the results will be achieved

18

FTTC Revenue Growth

FTTC as a percentage of total Lumos Data revenue

2012A: ~8%

2013A: ~14%

2014A: ~19%

2015A: ~25%

2016E: ~31%

Long-term goal of $85 million 1

Annual FTTC Revenue

($ in Millions)

$39.0

$28.5

$19.9

$14.3

$6.8

2012A 2013A 2014A 2015A 2016E

1 Goals highlighted herein are long-term in nature and are subject to various risks and uncertainties, one or more of which could cause goals to be unattainable. You should not regard the inclusion of a goal in this presentation as a representation by any person that the results will be achieved

19

Key Enterprise Accounts

20

Key Enterprise Statistics

4Q15 Revenue: $11.94m, up 10% YoY (2nd consecutive quarter up 10%)

2015 Revenue: $45.8m, up 8.2%

2016 Revenue Target of ~$52-53m, up ~13%-15% yoy

Enterprise Churn Trends continue to improve

Estimated Enterprise market share in core markets: 17%

Renewal Program Gaining Momentum: MRC of renewed accounts up 17% YoY in 2016

Network Expansion into Richmond/Norfolk/Hampton Roads Metro Markets Increases Addressable Market for Enterprise data spend by an estimated $135m or ~60%. Target share in these expansion markets: 17%1

Target: 80% of revenue on-net

Focus: “Large Locals” with multiple sites in footprint: Healthcare, Gov’t/Education, Banks, Professional Services

Achieved target of 80% Enterprise MRC under contract by YE15

Target: Carrier End User Partnership Program to reach 50% of long-term total Enterprise sales

Key Metro Markets (‘14 stats) Market Status Population MSA Rank(out of 381)

Norfolk/Hampton Roads, VA Expansion Market2 1.7m 37

Richmond, VA Expansion Market3 1.26m 44

Huntington, WVA Core Market 363k 144

Roanoke, VA Core Market 315k 159

Hagerstown, MD Core Market 260k 181

Lynchburg, VA Core Market 257k 184

Charlottesville, VA Core Market 296k 196

Charleston, WVA Core Market 223k 198

Total Core Market ~3m

Total Expansion Markets ~3m

1 Goals highlighted herein are long-term in nature and are subject to various risks and uncertainties, one or more of which could cause goals to be unattainable. You should not regard the inclusion of a goal in this presentation as a representation by any person that the results will be achieved.

2 Launched August 2015

3 Launched 2H13, 2015 expansion 3x miles, see slide 9

21

4Q15 On-Net Building Growth Accelerated

100% fiber fed portfolio of lit buildings (ALL success-based)

Added 90 buildings in 4Q15. Averaged 21 buildings/month in 2015 vs 11 historically

Increases on-net revenue and opens up opportunity for additional FTTC builds

Connected to 34 total data centers (including 7 company owned co-lo facilities)

On-Net Buildings

1,732

1,477

1,344

1,196

4Q12 4Q13 4Q14 4Q15

22

Enterprise Renewal Program Results Accelerating

Renewal program locks-in revenue on increasingly longer term deals, reducing churn

~33% of current Enterprise revenue has been renewed in last 8 quarters at average contract length of 3+ years

Total Contract Value renewed in last 2 years: $58.6 million

New Enterprise Contract Amounts (MRC)

($ in Thousands)

$726

$619

2014A 2015A

Total Enterprise Contract Value Renewed

($ in Thousands)

$31,900

$26,700

2014A 2015A

23

Carrier End User Pipeline Building with Growing MSA Partners

Solid Pipeline in Place for 2016

New Distribution Channel for Enterprise Data

Leverage Lumos Networks’ 8,607 mile fiber footprint to target incremental Enterprise customers with thousands of sales people from leading national service providers

79 MSAs signed/pending with major U.S. operators, MSOs and fiber companies operating in our footprint

Pro forma “near-net” list buildings within ? mile of our footprint of 104,000 (67,000 pre- expansion), including 822 fiber route-mile expansion in the Norfolk, Richmond, Petersburg and

Hampton Roads, VA metro markets

Carrier End User Sales up 7x from 2013-2016E

2013: $77,000

2014: $294,000

2015: $316,000

2016 (target): ~$500,000

24

Data Center Fiber Connection Strategy

34 Total Data Center Connections

34 total data center connections as of 4Q15

Includes 21 commercial, 6 private and 7 Lumos operated data centers

Lumos Co-los: Washington PA, Waynesboro VA, Charlottesville VA, Covington VA, Harrisonburg VA, Lynchburg VA, Charleston WV

Key data center relationships: Peak 10, Iron Mountain, QTS, DC Corp, Alpha Technologies Increasingly, Enterprise traffic moving to data centers with customers requesting secure, fiber bandwidth access to those locations

~100+ data center market opportunity within existing footprint

Lumos is under-penetrated in data center connections relative to fiber peers. Data center andwidth revenue upside

25

Key Residential/Small Business (“RSB”) Highlights

RSB EBITDA margins improved to 32.1% in 2015 from 27.6% in 2014

High Speed Internet Connections up 39% YoY

Total Premises Passed by Fiber reaches 19,400, up 11% YoY

Completed RUS build in 2Q15 (~5,300 sites passed with fiber)

CLEC Rate Increases instituted in 2Q15

1G Broadband Service launched 2Q15 for residential and SMB customers

Expect ubiquitous 1G deployment across full ILEC footprint by early Q2 ‘16

Improving YoY Revenue Growth Trends in RSB

-5%

-6%

-7%

-8%

-9%

-10%

-11%

-12%

-13%

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

26

Selected Financial Highlights

Data Revenue

($ in Millions)

$29.8

$28.6

$27.3 $27.8 $28.1

4Q14 1Q15 2Q15 3Q15 4Q15

Data as a % of Total Revenue

53.9% 55.0% 55.1% 56.2% 57.5%

4Q14 1Q15 2Q15 3Q15 4Q15

Data Gross Margin 1

86.9%

85.5% 85.5% 84.2% 85.0%

4Q14 1Q15 2Q15 3Q15 4Q15

Overall Adjusted EBITDA Margin 2

47.3%

43.2% 44.6% 44.5% 43.7%

4Q14 1Q15 2Q15 3Q15 4Q15

1 Defined as operating revenues less network access costs divided by operating revenues for Data segment

2 Defined as Adjusted EBITDA divided by operating revenues on a consolidated basis, excluding the impact of one-time curtailment gain on benefit plans in Q414

27

Liquidity and Debt Maturities

Liquidity to support growth capital requirements

~$102 million in cash

$50 million undrawn revolver capacity

Cash investment from Pamplona Capital on August 6, 2015 for gross proceeds of $150 million, net proceeds of ~$100 million after $40 million repayment on Credit Facility and payment of closing costs

Capitalization

($ in Millions) As of

12/31/2015

Cash and Marketable Securities $ 102.0

Revolving Credit Facility ($50MM) -

Term Loan A 82.8

Term Loan B 240.7

Term Loan C 24.9

Pamplona Note 150.0

Capital Leases 2.6

Total Debt $ 501.0

Debt Maturity Profile

( in Millions) $264

$150

$73

$8 $13 $0 $0

2016 2017 2018 2019 2020 2021 2022

Note: Excludes capital leases

28

4Q15 Snapshot

4Q15 Metrics

($ in Millions)

1Q15 2Q15 3Q15 4Q15

Revenue $50.5 $51.0 $51.0 $51.9

Adjusted EBITDA $22.5 $22.7 $22.3 $24.6

% Margin 44.6% 44.5% 43.7% 47.3%

Capital Expenditures $29.2 $26.1 $24.8 $35.6

% of Revenue 57.9% 51.3% 48.6% 68.6%

4Q15 Balance Sheet & Valuation

($ in Millions)

Cash and Marketable Securities $ 102.0

Total Long-Term Debt $ 501.0

Net Long-Term Debt $ 399.0

Market Capitalization1 $283.5

Enterprise Value $682.5

Key 4Q15 Accomplishments

Data revenue up 9%+ YoY and comprises

56% of total revenue

FTTC and Enterprise revenue grew 43% and 10% YoY, respectively

Completed installation of 69 FTTC sites and 77 total FTTC Connections

Exceeded 75% target ratio for success- based/growth capital projects. Target of

~90% for 2016

Connected 90 on-net buildings

Added 199 miles of fiber route miles

1 Based on closing share price of $11.82 as of 3/3/2016 and 22,992,780 shares outstanding as of 12/31/2015

29

Historical Financial Metrics by Segment

( $ in T ho usands) FYE 2013 FYE 2014 FYE 2015 % of 4Q15

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Total

Revenue

Data $25,369 $25,706 $26,094 $26,943 $26,137 $26,707 $26,488 $27,310 $27,767 $28,089 $28,623 $29,832 57.5%

Residential and Small Business 21,057 20,453 20,055 19,094 18,647 18,290 17,668 17,423 17,265 17,010 16,560 16,379 31.6%

RLEC Access 6,108 6,152 5,478 4,966 5,306 5,168 6,360 5,952 5,463 5,854 5,786 5,641 10.9%

Total Revenue $52,534 $52,311 $51,627 $51,003 $50,090 $50,165 $50,516 $50,685 $50,495 $50,953 $50,969 $51,852 100.0%

% Sequential Growth (0.3%) (0.4%) (1.3%) (1.2%) (1.8%) 0.1% 0.7% 1.0% (0.4%) 0.9% 0.0% 1.7%

% YoY Growth by Segment

Data 19.0% 17.5% 15.1% 10.3% 3.0% 3.9% 1.5% 1.4% 6.2% 5.2% 8.1% 9.2%

Residential and Small Business (12.3%) (12.5%) (13.5%) (12.8%) (11.4%) (10.6%) (11.9%) (8.8%) (7.4%) (7.0%) (6.3%) (6.0%)

RLEC Access 0.4% 11.0% (10.8%) (21.8%) (13.1%) (16.0%) 16.1% 19.9% 3.0% 13.3% (9.0%) (5.2%)

Gross Profit1

Data $21,338 $21,827 $22,206 $22,940 $21,963 $22,788 $22,551 $23,350 $24,122 $24,025 $24,090 $25,346 60.2%

Residential and Small Business 13,934 13,831 13,601 12,677 12,107 12,019 11,355 11,670 11,198 11,162 11,161 11,112 26.4%

RLEC Access 6,108 6,152 5,478 4,966 5,306 5,168 6,360 5,952 5,463 5,854 5,786 5,641 13.4%

Total Gross Profit1 $41,380 $41,810 $41,285 $40,583 $39,376 $39,975 $40,266 $40,972 $40,783 $41,041 $41,037 $42,099 100.0%

Adjusted EBITDA2

Data $13,124 $13,355 $13,012 $14,011 $12,717 $13,395 $12,984 $12,629 $12,367 $12,492 $12,395 $14,221 57.9%

Residential and Small Business 6,697 6,356 5,691 5,917 5,544 5,230 4,503 4,623 5,627 5,327 5,045 5,556 22.6%

RLEC Access 4,874 4,840 4,343 4,104 4,306 4,098 5,214 4,621 4,517 4,848 4,834 4,774 19.4%

Adjusted EBITDA, Before Curtailment Gain $24,695 $24,551 $23,046 $24,032 $22,567 $22,723 $22,701 $21,873 $22,511 $22,667 $22,274 $24,551 100.0%

Curtailment Gain3 10,207 567

Total Adjusted EBITDA $24,695 $24,551 $23,046 $24,032 $22,567 $22,723 $32,908 $22,440 $22,511 $22,667 $22,274 $24,551

% Sequential Growth, Normalized 6.4% (0.6%) (6.1%) 4.3% (6.1%) 0.7% (0.1%) (3.6%) 2.9% 0.7% (1.7%) 10.2%

% Margin, Normalized 47.0% 46.9% 44.6% 47.1% 45.1% 45.3% 44.9% 43.2% 44.6% 44.5% 43.7% 47.3%

1 Defined as operating revenues less network access costs

2 Defined as net income or loss attributable to Lumos Networks before interest, income taxes, depreciation and amortization and accretion of asset retirement obligations, net income or loss attributable to noncontrolling interests, other income or expenses, equity-based compensation, acquisition-related charges, amortization of actuarial losses, employee separation charges, restructuring-related charges, and (gain) loss on interest rate swap derivatives. See note from the Company on “Use of Non-GAAP Measures” on Slide 1

3 The Company recorded a $10.8 million curtailment gain in the second half of 2014 related to the elimination of certain medical benefits under the postretirement plan, which was not allocated to the operating segments

30

Financial Guidance

2015 FY 2016

($ in Millions) Actual Guidance¹

Revenue

Data $114.3 ~$123-126

% of Total 56% ~$59-60%

Residential & Small Business $67.2 ~$63-64

% of Total 33% ~30-31%

Access $22.7 ~$20

% of Total 11% ~10%

Total $204.3 ~$206-210

Adjusted EBITDA $92.0 $93-96

% Margin 45% ~44-45%

Total Capex $115.7 $85-95

% Success-Based/Growth Capex 89% ~90%

1 Guidance as of date of 4Q15 earnings release dated March 7, 2016

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Annual Reconciliation of Net Income Attributable to Lumos Networks Corp. to Adjusted EBITDA

( $ in M illio ns)

FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY20161

Net Income (Loss) Attributable to Lumos

$ 20.8 ($43.9) $ 16.3 $ 17.8 $21.5 $ 10.0

Networks Corp.

Net Income Attributable to

0.1 0.1 0.1 0.1 0.1 0.2

Noncontrolling Interests

Net Income (Loss) 20.9 (43.9) 16.4 17.9 21.6 10.2

Interest Expense 5.8 12.0 11.9 14.2 15.6 19.9

Loss (Gain) on Interest Rate Derivatives —— 1.9 0.1 (0.5) (0.7)

Income Tax Expense (Benefit) 14.5 (4.4) 11.0 12.0 14.4 7.1

Other (Income) Expense, net (0.0) (0.1) (0.1) 1.6 (0.7) (0.1)

Operating Income (Loss) $ 41.1 ($36.4) $ 41.2 $ 45.8 $50.5 $ 36.5

Depreciation and Amortization 31.4 43.2 39.0 42.4 45.3 47.6

Equity Based Compensation 1.5 2.4 3.9 6.8 4.3 5.9

Asset Impairment Charge — 86.3 — —— -

Amortization of Actuarial Losses —— 1.8 1.2 0.2 1.4

Business Separation Charges — 1.4 — —— -

Acquisition Related Charges 3.0 0.1 — —— -

Employee Separation Charges —— 2.3 — 0.2 -

Restructuring Charges —— 3.0 0.1 — 0.6

Gain on Settlements, net —— (2.3) —— -

Adjusted EBITDA $ 77.1 $96.9 $ 88.9 $ 96.3 $100.6 $ 92.0

$ (2) to 1 0 (2) to 1 30.0 — 2.0 — $30-33 50.0 12.0 — 1.0 ————— $93-96

1 Guidance as of date of 4Q15 earnings release dated March 7, 2016

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Quarterly Reconciliation of Net Income Attributable to Lumos Networks Corp. to Adjusted EBITDA

($ in millions)

9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015

Net Income Attributable to Lumos Networks Corp $ 2.5 $ 4.1 $ 4.1 $ 3.8 $ 10.2 $ 3.4 $ 2.7 $ 3.3 $ 1.3 $ 2.7

Net Income Attributable to Noncontrolling

Interests ————— 0.1 ——— -

Net Income 2.5 4.1 4.1 3.8 10.2 3.5 2.7 3.3 1.3 2.7

Interest expense 3.8 3.8 4.0 3.8 4.0 3.8 3.5 3.7 5.8 6.9

(Gain) loss on interest rate swap derivatives 0.6 0.0 (0.1) 0.0 (0.3) (0.1) (0.1) (0.2) (0.2) (0.2)

Income Tax Expense 1.5 3.0 3.0 2.7 6.7 2.0 2.0 2.4 1.8 0.9

Other expenses (income), net (0.1) 0.8 (0.2) (0.2) (0.2) (0.1) 0.2 (0.1) (0.1) (0.2)

Operating Income $ 8.3 $ 11.7 $ 10.8 $ 10.2 $ 20.4 $ 9.1 $ 8.4 $ 9.3 $ 8.6 $ 10.1

Depreciation, amortization and accretion of asset

retirement obligations 11.2 10.8 10.7 11.2 11.3 12.1 11.9 11.5 11.8 12.4

Equity-based compensation 3.2 1.2 0.8 1.2 1.1 1.2 1.2 1.6 1.5 1.6

Amortization of actuarial losses 0.3 0.3 0.1 0.1 0.1 — 0.3 0.3 0.3 0.3

Employee separation charges —— 0.2 —————— -

Restructuring charges —————— 0.6 —— -

Adjusted EBITDA $ 23.0 $ 24.0 $ 22.6 $ 22.7 $ 32.9 $ 22.4 $ 22.5 $ 22.7 $ 22.3 $ 24.4

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