American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q4 2025 Earnings Presentation
18 slides from American Public Education's earnings presentation, Mar 12, 2026
Slide 1: 4Q and Full Year 2025 Earnings Presentation
1 1 4Q and Full Year 2025 Earnings Presentation 1Q and 2026 Guidance Introduced March 12, 2026 American Public Education Inc. Do Not Distribute.
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 Statements made in this presentation regarding American Public Education, Inc. or its subsidiary institutions ("APEI" or the "Company") that are not historical facts are forward-looking statements based on current expectations, assumptions, estimates and projections abou
Slide 3: 4Q & FY 2025 Executive Summary
3 4Q & FY 2025 Executive Summary 3 Exceeded guidance ranges across all key metrics — Revenue, Adjusted EBITDA, Net Income & EPS 22 Q4 2025 Highlights $158.3M $28.7M $12.6M $0.67 Net Income Available to Revenue Adj. EBITDA* Diluted EPS Common Stockholders Q4 2025 18.1% margin +9.6% YoY +6.3% YoY Full
Slide 4: Registration & Enrollment Growth Across All Institutions
4 4 Registration & Enrollment Growth Across All Institutions ~82,200 ~15,900 ~4,000 Q4 Net Course Registrations Q4 Enrollment +9% YoY Q4 Enrollment +9% YoY Down 15% YoY due to a ~20,600 6th consecutive quarter of Continued strong demand TA registration decline during YoY enrollment growth for pre-li
Slide 5: Registration & Enrollment Growth - 1Q26
5 4 Registration & Enrollment Growth - 1Q26 ~106,600 ~19,400 +4% YoY +8% YoY Net Course Registrations Enrollment Sequential registrations 7th consecutive quarter of YoY enrollment up ~30% from Q4 2025 (82,200) — growth across Rasmussen University and shutdown impact now mostly behind Hondros Col
Slide 6: Financial Update
25 25 Financial Update American Public Education Inc. Do Not Distribute.
Slide 7: 4Q'25 Revenue: Segment Performance
4Q’25 Revenue: Segment Performance 7 ($ in millions) 4Q'25 4Q'24 Variance Key Takeaways APUS Revenue $71.0 $82.4 -13.8% APUS: Revenue impacted by Oct-Nov federal Rasmussen Revenue $66.6 $57.5 +15.9% government shutdown; underlying business fundamentals remain strong HCN Revenue $20.7 $18.9 +9.5% Ras
Slide 8: FY'25 Performance Summary
FY’25 Performance Summary 8 ($ in millions) FY 2025 FY 2024 Variance Rasmussen Momentum Segment income from operations: APUS Revenue $319.8 $317.0 +0.9% $4.1M vs ($21.8M) in 2024 Rasmussen Revenue $246.2 $216.3 +13.9% ~$26M swing in profitability HCN Revenue $75.0 $67.3 +11.4% Total Consolidated Rev
Slide 9: 2026 Guidance
99 2026 Guidance Q1 2026 Guidance ($ in millions, except per share data) 1Q'26 1Q’25 Revenue $173.0 - $175.0 $164.6 Includes $3.7 of GSUSA Revenue Net Income Available to Common Stockholders $11.1 - $12.2 $7.5 Adjusted EBITDA* $25.5 - $27.0 $21.2 Diluted Earnings per Share $0.58 per - $0.64 per shar
Slide 10: Capital Structure Optimization
Capital Structure Optimization 10 New Debt Refinancing & New Share Repurchase Authorization New $130M Senior Secured Credit Facility Refinancing — Key Highlights $3.7M $40M 2031 Interest Savings From ~375 bps Revolving Credit Maturity Borrowing Spread Facility Extension Reduction New Share Repurchas
Slide 11: Investor Day Multi-Year Framework: Path to ~$1B by 2029
Investor Day Multi-Year Framework: Path to ~$1B by 2029 11 11 Presented at Investor Day, November 2025 Consolidated 2029 Targets $890M-$925M ~$1.0B 20-21% $300M-$400M Organic Revenue w/ Strategic Inv. Adj. EBITDA* Margin Incremental Net Cash 9-10% CAGR 11-12% CAGR Organic 2026-2029 APUS Global — 202
Slide 12: APEI Earnings Highlights
APEI Earnings Highlights 12 24 Exceeded All Guidance Metrics Revenue, Net Income, EPS and Adj. EBITDA* all beat FY2025 guidance despite federal government shutdown Diversified & Resilient Nursing & healthcare institutions offset APUS federal government shutdown impact — portfolio working as designed
Slide 13: Appendix
25 25 Appendix American Public Education Inc. Do Not Distribute.
Slide 14: Education Unit Profile
Education Unit Profile 14 26 Note: See note 16 to the financial statements included in the 2024 10-K. Reflects income (loss) from operations before interest, income taxes, gain (loss) from acquisitions, + depreciation & amortization. Please refer to appendix for GAAP to non-GAAP reconciliation. 1. A
Slide 15: Education Unit Profile – Segment Summary
Education Unit Profile – Segment Summary 15 26 American Public Education is presenting EBITDA and urges investors to review the reconciliation of operating income to the comparable GAAP financial measure that is included in the table below (under the caption “Education Unit Profile – Segment Summary
Slide 16: APEI Non-GAAP Disclosures
16 APEI Non-GAAP Disclosures The following table sets forth the reconciliation of the Company’s outlook GAAP net income to the calculation of outlook adjusted EBITDA for the three months ended 26 March 31, 2026 and twelve months ending December 31, 2026: Three Months Ending Twelve Months Ending Marc
Slide 17: APEI Non-GAAP Disclosures
17 APEI Non-GAAP Disclosures 8 The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted EBITDA for the three and twelve months 26 ended December 31, 2025 and 2024: Three Months Ended Twelve Months Ended December 31, December 31, (in t
Slide 18: Thank You
28 28 Thank You Company Investor Relations Gary Janson Shannon Devine Chief Strategy & Growth Officer MZ Group investorrelations@apei.com 203-741-8811 APEI@mzgroup.us American Public Education Inc. Do Not Distribute.
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