Lincoln Educational Services Corporation · NASDAQ:LINC
Lincoln Educational Services — Q4 2025 Earnings Presentation
31 slides from Lincoln Educational Services's earnings presentation, Feb 23, 2026
Slide 1: Q4 2025 Investor Presentation
Q4 2025 Investor Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements” as that term is defined in the federal securities law. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estima
Slide 3: Investment Opportunity
Investment Opportunity Increasing Skills Gap Leader Growth Profitability Balance sheet Efficiency Employers cannot Lincoln is a leading, Proven ability to Continuing our Strong balance Continuing efforts find enough technical, hands- grow population strong track record sheet with to streamline and t
Slide 4: Finished Strong Year with Continued Growth
Finished Strong Year with Continued Growth EPS 3: $0.40 Revenue 1 Starts 1 $29.1M vs $0.22 PY +21.4% +15.7% Adj EBITDA 2 Q4 2025 NI: $12.7M ~3,900 +51.2% Adj. EPS 3: $0.50 Q4 2025: $142.9M Q4 2025 Starts vs prior year vs $0.31 PY Q4 2025 Adj NI: $15.8M 2025 Full Year Guidance Exceeded guidance for
Slide 5: Company Outlook
Company Outlook Full Year 2026 Outlook Year-Over-Year FY25 Actual 2026 Guidance Growth 2 Revenue $518.2M $580M to $590M +13% Adjusted EBITDA 1 $57.1M $72M to $76M +30% Net Income $20.0M $20M to $23M +8% Diluted EPS $0.64 $0.64 to $0.74 +8% Capital Expenditures 3 $88.0M $70M to $75M -18% Starts 20,90
Slide 6: Well-Positioned to Exceed Long-Term Goals
Well-Positioned to Exceed Long-Term Goals • Projected to exceed original 2027 targets of $550M revenue and $90M adjusted EBITDA • Successful implementation of growth initiatives including new campuses and program replications & expansions driving revenue expectations of over $600M by 2027 • 24 campu
Slide 7: New Campus Pro-Forma Hybrid Learning Model
New Campus Pro-Forma Hybrid Learning Model Revenue ($M) $40 • State-of-the-art facilities Facilities $30 • ~60k – 80k square feet $20 The Campus will offer a mix of $10 Blended Automotive and Skilled Trade Programs Programs in the Hybrid Learning $0 Year 1 Year 2 Year 1 Year 2 Year 3 Year 4 Model. 0
Slide 8: Lincoln Graduates are Essential Workers
Lincoln Graduates are Essential Workers Over 95% of our students are pursuing careers that the U.S Department of Homeland Security considers Essential Critical Infrastructure Workers.
Slide 9: Company Overview
Company Overview (i) LINCOLN TECH
Slide 10: Campuses Across the Country
Campuses Across the Country Opportunity for expansion Active Campuses: 22 New Campuses: 2
Slide 11: Demand for “Middle Skills Training”
Demand for “Middle Skills Training” Middle-skill jobs, which require education beyond high school but not a four-year degree, make up the largest part of America’s labor market. Low Skill (Source: U.S. Bureau of Labor Statistics) 24% Lincoln connects employers with entry level trained professionals
Slide 12: Drivers of Organic Demand for Training
Drivers of Organic Demand for Training Supply Demand Declining societal pressure to attend New appreciation for skills-trade traditional college training Elimination of Vo-Tec programs GAP Silver Tsunami – aging baby- boomers retiring from the workplace Growing skepticism of the value of c
Slide 13: Significant Opportunity for Organic Growth
Significant Opportunity for Organic Growth BLS data for Lincoln’s top programs Annual New Hires Electrical 81,000 Automotive Technology 70,000 Welding 45,600 HVAC 40,100 Diesel Technology 26,500 Medical Assisting 112,300 Practical Nursing 54,400 Dental Assisting 52,900 Lincoln’s Market Share ~2.3% S
Slide 14: Our Superior Educational Approach
Our Superior Educational Approach Develop training programs with feedback from employers and Feedback key industry associations to understand gaps and needs Integration Integrate industry preferred licensing and certifications into the curriculum Student Support Provide robust student support
Slide 15: Lincoln Tech
Lincoln Tech Largest Provider of Automotive and Skilled Trade Graduates in the East Source: IPEDS completions survey 2023-24
Slide 16: Strong Industry Partner Relationships
Strong Industry Partner Relationships Positions Lincoln as long-term solutions provider for both entry level technicians and advanced workforce training Employers appreciate the technical and soft skills of our students Partners provide validation of the quality of our education Co-branding
Slide 17: Compliance Stats
Compliance Stats 90/10 Rule : This rule caps the percentage of revenue that a proprietary institution can receive from federal financial aid sources at 90%; the other 10% of revenue must come from alternative sources. Starting in 2023, the Veteran Affairs benefits are counted as federal financial ai
Slide 18: Financial Review
Financial Review Q4 Results from Operations Three Months Ended December 31, 2025 compared to Three Months Ended December 31, 2024 Starts 1 Revenue 1 Adj. EBITDA 2 Net Income 3,930 +15.7% $142.9M +$25.2M $29.1M +$9.9M $12.7M +$5.9M Balance Sheet Strength Nearly $29M cash at year-end Strong liquid
Slide 19: Revenue, EBITDA & Margin
Revenue, EBITDA & Margin ($ in millions) Q4 Adj. Revenue & Margin FY Adj. Revenue & Margin $142.9 $518.2 $117.7 $433.0 $100.4 $367.2 $87.5 $330.9 13.0% 17.9% 20.4% 9.7% 15.7% 16.3% 8.6% 7.2% Q4 2022 Q4 2023 Q4 2024 Q4 2025 2022 2023 2024 2025 Adj. Revenue Adj. EBITDA Margin Adj. Revenue Adj. EBITDA
Slide 20: Starts & Average Population
Starts & Average Population Q4 Starts FY Starts 15.7% 15.0% 15.2% 11.1% 16.9% 18.4% 20.5% 13.3% 11.6% 16,976 3,930 20,906 14,756 3,397 18,153 3,058 12,468 11,171 15,526 2,538 13,709 Q4 2022 Q4 2023 Q4 2024 Q4 2025 YTD 2022 Q3 2022 YTD 2023 Q3 2023 YTD 2024 Q3 2024 YTD 2025 Q3 2025 Q4 Avg Pop FY Avg
Slide 21: Seasonality
Seasonality Operations continue to demonstrate consistent seasonality, with the strongest performance in the 2nd half of the year Adjusted EBITDA Seasonality 1 ($ in 000's) Q1 Q2 Q3 Q4 TY 2021 $ 8,499 $ 6,079 $ 8,378 $ 14,413 $ 37,370 2022 $ 2,757 $ 2,499 $ 7,429 $ 15,660 $ 28,345 2023 $ 2,196 $ 2
Slide 22: Investment Merits
Investment Merits ` A national leader in hands-on transportation, skilled trades, and healthcare training Organic revenue growth with increasing profitability The skills gap will drive growth for the next decade In a down economy, Lincoln’s growth and profitability can increase substantially Opportu
Slide 23: Appendix
Appendix (i) LINCOLN TECH
Slide 24: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information This presentation contains non-GAAP (Generally Accepted Accounting Principles) financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Management chooses to disclose to investors these non-GAAP fi
Slide 25: Population
Population Q1 2025 Q2 2025* Q3 2025* Q4 2025 FY 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Starts Auto/Skilled Trades 3,551 4,802 5,253 2,920 16,526 2,682 3,648 4,700 2,366 13,396 Healthcare & Other 1,059 1,119 1,192 1,010 4,380 1,130 1,215 1,381 1,031 4,757 Total Company 4,610 5,921 6,445 3,930 2
Slide 26: Financial Statements
Financial Statements Our financial statements reflect the following operational results: 1. Adjusted EBITDA - We define Adjusted EBITDA as EBITDA plus stock compensation expense and adjustments for items not considered part of the company’s normal recurring operations 2. Adjusted Revenue - We define
Slide 27: Quarterly Starts Reconciliation
Quarterly Starts Reconciliation For the Three Months Ended For the Year March 31, June 30, Sept 30, Dec 31, Ended 2025 2025 2025 2025 2025 Starts Total Company 4,610 3,157 9,209 3,930 20,906 Adjustments to Starts July 1, 2025 Starts - 2,764 (2,764) - - Adjusted Starts 4,610 5,921 6,445 3,930 20,906
Slide 28: Quarterly Avg Pop Reconciliation
Quarterly Avg Pop Reconciliation For the Three Months Ended For the Year March 31, June 30, Sept 30, Dec 31, Ended 2025 2025 2025 2025 2025 Average Pop Total Company 15,469 15,554 16,303 18,243 16,392 Adjustments to Avg Pop Impact of July 1, 2025 Starts - 460 460 - 230 Adjusted Average Pop 15,469 16
Slide 29: Quarterly Revenue Reconciliation
Quarterly Revenue Reconciliation For the Three Months Ended For the For the Three Months Ended For the Year Year March 31, June 30, Sept 30, Dec 31, Ended March 31, June 30, Sept 30, Dec 31, Ended 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 Revenue Total Company $ 87,284 $ 88,646 $ 99,618 $ 10
Slide 30: Quarterly & FY Guidance EBITDA Reconciliation
Quarterly & FY Guidance EBITDA Reconciliation For the Three Months Ended For the FY 2026 New Adjusted EBITDA March 31, June 30, Sept 30, Dec 31, Year Ended FY 2025 Guidance 2025 2025 2025 2025 2025 Methodology * Midpoint Net Income Net Income Total Company $ 1,944 $ 1,554 $ 3,799 $ 12,700 $ 19,998 T
Slide 31: Quarterly EBITDA Reconciliation
Quarterly EBITDA Reconciliation For the Three Months Ended For the For the Three Months Ended For the March 31, June 30, Sept 30, Dec 31, Year Ended March 31, June 30, Sept 30, Dec 31, Year Ended 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 Net Income Total Company $ 4,489 $ 2,426 $ 3,839 $ 23,
Lincoln Educational Services — Q4 2025 Earnings Presentation on 6ix