American Public Education, Inc. · NASDAQ:APEI
American Public Education — Q2 2026 Earnings Presentation
26 slides from American Public Education's earnings presentation, Aug 10, 2026
Slide 1: Investor Presentation
Investor Presentation Investor Presentation June 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 Forward-Looking Statements 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, est
Slide 3: APEI Investment Highlights
33 APEI Investment Highlights APEI Investment Highlights We Have Simplified and Strengthened APEI. Our Next Chapter Will Accelerate Growth and Expand Margins. Our Purpose Remains Clear. We Educate Those in Service to Others: Active-Duty Military, Veterans, Military Families, and Nurses and Other Hea
Slide 4: Experienced Management Team
4 Experienced Management Team Experienced Management Team Angela Selden was appointed President, Chief Executive Edward H. Codispoti joined APEI as Executive Vice Officer and board director of APEI in September 2019, where President and Chief Financial Officer, effective October she has led a multi-
Slide 5: Company Overview & Strategy
5 Company Overview Strategy Company Overview & Strategy APEI and its two divisions Transform lives, advance careers, and improve communities. Nasdaq: APEI We provide purpose-built, accessible, and affordable Share Price1 $52.01 post-secondary education to approximately 109,000 students Market Cap1 $
Slide 6: APEI Offers a Compelling Investment Thesis
6 APEI Offers a Compelling Investment Thesis APEI Offers a Compelling Investment Thesis Competitive Moat: Streamlined Business: Our platforms are purpose-built for We are strengthening our business active-duty military and new nurses by simplifying operations through consolidation Operational Excell
Slide 7: 1Q26 Revenue – Growth Across Both Segments
7 1Q26 Revenue – Growth Across Both Segments 7 YoY Revenue Growth ($M) YoY Revenue Growth ($M) $89.4 $87.3 $83.1 $82.4 $83.9 $85.4 $81.7 $79.2 $77.0 $77.0 $77.6 $76.4 $76.9 $71.0* $69.4 $68.1 2Q24 2Q25 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26 2Q24 2Q25 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26 +6.5% YoY 1Q26 vs 1Q25 +11.0
Slide 8: Market Opportunity – Military+
8 Market Opportunity – Military+ Market Opportunity – Military+ Military+ supports the U.S. military’s promise to educate active-duty personnel through affordable degree opportunities ▪ Approximately 2.1 million U.S. active-duty military and reserves1 serve each year o 230,000 take advantage of tuit
Slide 9: Market Opportunity – Veterans and Families are 3x and 10x Active Duty
9 Market Opportunity – Veterans and Families are 3x and 10x Active Duty Market Opportunity – Veterans and Families are 3x and 10x Active Duty Why Students Choose Military+ 2.1M active-duty plus reserves • ~72% of students graduate without Military+- incurred federal student loan debt.1 • ~30% of act
Slide 10: Military+ Solid Growth and Profitability
10 Military+ Solid Growth and Profitability Military+ Solid Growth and Profitability TTM Quarterly Course Registrations ▪ ~30% margins providing accretive engine for consolidated growth. 395,900 388,400 ✓ Variable cost structure provides further 385,100 381,900 381,000 expansion potential 378,400 37
Slide 11: Market Opportunity – Nursing & Healthcare
Market Opportunity – Nursing Healthcare 11 Market Opportunity – Nursing & Healthcare Health+ is well positioned in a high demand and low economic sensitivity industry Health+ is well positioned in a high demand and low economic sensitivity industry ▪ A leader in prelicensure nursing in a fragmented
Slide 12: Purpose Built for Healthcare Education
Purpose Built for Healthcare Education 12 Purpose Built for Healthcare Education 2023-2025 Average Annual Active Enrollment Accelerated to 9% Growth +9% +2% 19.0K 17.2K 17.5K +6% +2% 5.4K 5.0K 5.1K +15% ▪ Growth strategy includes organic and inorganic +8% 3.1K initiatives: 2.5K 2.7K ✓ Organic: Fill
Slide 13: Market Opportunity – Nursing & Healthcare
13 Market Opportunity – Nursing Healthcare Market Opportunity – Nursing & Healthcare Significant Job Market Health+ Revenue and Margin Tailwinds Differentiators Expansion Opportunities Market demand for nursing Strong education ROI with Add more students to existing is large and growing LPN and RN s
Slide 14: Filling the Back Row
14 Filling the Back Row Filling the Back Row Grow Enrollments with Minimal Incremental Overhead Major Markets 6,964 3,146 Super School Clusters 2,271 2,154 Available incremental capacity at existing Small Markets 1,171 629 campuses: ~5,900 students Existing Enrollment * Available Capacity * Actual A
Slide 15: Trail Blazer Expansion
Trail Blazer Expansion 15 Trail Blazer Expansion Strategic Achievable New Campus Growth Strategic & Achievable New Campus Growth Expansion Capital Expected Pace Requirements Returns ➢ 2 campuses annually starting ➢ ~$3.5M per campus ➢ Break-even: ~18 months 2026 ➢ Funded from operating cash flow ➢ F
Slide 16: APEI Investment Highlights Recap
16 16 APEI Investment Highlights Recap APEI Investment Highlights Recap We Have Simplified and Strengthened APEI. Our Next Chapter Will Accelerate Growth and Expand Margins. Our Purpose Remains Clear. We Educate Those in Service to Others: Active-Duty Military, Veterans, Military Families, and Nurse
Slide 17: Financial Highlights
Financial Highlights Financial Highlights
Slide 18: 1Q 2026 Executive Summary
3 18 1Q 2026 Executive Summary Record Results, Strong Performance Across All Key Metrics 22 Q1 2026 Highlights $174.7M $29.2M $17.7M $0.94 Net Income Available to Revenue Adj. EBITDA* Diluted EPS Common Stockholders +6.2% YoY 16.7% margin * +137.6% YoY vs $0.41 in 1Q25 1Q26 vs 1Q25 YoY Improvement E
Slide 19: Registration & Enrollment Growth - 1Q26
19 Registration & Enrollment Growth - 1Q26 ~106,600 ~19,400 Net Course Registrations Enrollment ➢ Up 4% YoY from approx. 102,500, ➢ Up 8% YoY from 18,000, supporting our supporting revenue growth of 6.5% low double-digit revenue growth of 11% ➢ Sequential registrations up approx. ➢ New Rasmussen Orl
Slide 20: Liquidity and Cash Flows Remain Strong
20 Liquidity and Cash Flows Remain Strong 9 As of March 31, 2026 Cash, Cash Equivalents, and Restricted Cash $221.0M Total Debt $90.0M Excess Cash Over Debt $131.0M Q1'26 Cash Flows From Operations $63.3M (+71% YoY) Available Working Line of Credit Capacity $40.0M
Slide 21: Path to ~$1B by 2029: Investor Day Framework Summary
Path to ~$1B by 2029: Investor Day Framework Summary 21 Pathto ~$1Bby2029: InvestorDayFrameworkSummary 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 8-10% CAGR* 11-1
Slide 22: 2026-2029 Capital Allocation Overview
2026-2029 Capital Allocation Overview 22 2026-2029 Capital Allocation Overview Disciplined, Balanced, and Aligned with Long-Term Value Creation $300 - $400 million of expected incremental cash generation from 2026 through 2029 Fund the Business Growth Initiatives Tuck in Acquisitions Return to Share
Slide 23: Appendix
Appendix Appendix
Slide 24: Education Unit Profile
24 Education Unit Profile Education Unit Profile American Public Education Inc. Do Not Distribute.
Slide 25: APEI Non-GAAP Disclosures
25 APEI Non-GAAP Disclosures APEI Non-GAAP Disclosures The following table sets forth the reconciliation of the Company’s reported GAAP net income to the calculation of adjusted EBITDA for the three months ended March 31, 2026 and 2025, and year ended December 31, 2025. American Public Education Inc
Slide 26: Thank You
Thank You Thank You Company Investor Relations Gary Janson Shannon Devine Chief Growth & Strategy Officer MZ Group investorrelations@apei.com 203-741-8811 APEI@mzgroup.us
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